Bybit and Risex both quote 21 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 DRAM — long Risex / short Bybit at 176.1% net APR — but the median across all shared markets is 12.1%, 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 11 markets go long on Bybit and 10 on Risex. 15 markets clear 5% net APR, 13 clear 10%.

Bybit pays funding every 8h on 245 markets and every 4h on 201 markets; Risex pays every 1h on 43 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. Bybit quotes 448 perpetual markets in total and Risex quotes 43; the 21 they share are what this page ranks. Across its own book Bybit runs a median funding rate of 10.6% and Risex 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.

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.