HTX and Nado both quote 28 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 ETH — long Nado / short HTX at 11.9% net APR — but the median across all shared markets is 15.6%, 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 4 markets go long on HTX and 24 on Nado. 22 markets clear 5% net APR, 16 clear 10%.

HTX pays funding every 8h on 69 markets and every 4h on 60 markets; Nado pays every 24h on 62 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. HTX quotes 132 perpetual markets in total and Nado quotes 62; the 28 they share are what this page ranks. Across its own book HTX runs a median funding rate of 10.9% and Nado 4.9%, 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.