KuCoin and MEXC both quote 195 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 DOOD — long KuCoin / short MEXC at 82.9% net APR — but the median across all shared markets is 14.8%, 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 69 markets go long on KuCoin and 126 on MEXC. 163 markets clear 5% net APR, 124 clear 10%.

KuCoin pays funding every 4h on 233 markets and every 8h on 183 markets; MEXC pays every 4h on 273 markets and every 8h on 126 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. KuCoin quotes 417 perpetual markets in total and MEXC quotes 400; the 195 they share are what this page ranks. Across its own book KuCoin runs a median funding rate of 10.9% and MEXC 7.4%, 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.