Bybit and Gate.io both quote 182 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is ERA — long Gate.io / short Bybit at 452.4% net APR — but the median across all shared markets is 23.1%, which is the number worth planning around.

The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 84 markets go long on Bybit and 98 on Gate.io. 149 markets clear 5% net APR, 121 clear 10%.

Bybit pays funding every 8h on 245 markets and every 4h on 201 markets; Gate.io pays every 8h on 231 markets and every 4h on 201 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Bybit quotes 448 perpetual markets in total and Gate.io quotes 434; the 182 they share are what this page ranks. Across its own book Bybit runs a median funding rate of 10.6% and Gate.io 6.1%, so the edge here comes from individual markets rather than from a standing gap between the venues.

Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.