KuCoin and Nado both quote 42 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 SPCX — long KuCoin / short Nado at 12.7% net APR — but the median across all shared markets is 19.2%, 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 KuCoin and 31 on Nado. 39 markets clear 5% net APR, 33 clear 10%.

KuCoin pays funding every 4h on 233 markets and every 8h on 183 markets; Nado pays every 24h on 71 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. KuCoin quotes 417 perpetual markets in total and Nado quotes 71; the 42 they share are what this page ranks. Across its own book KuCoin runs a median funding rate of 10.9% and Nado -1.8% — 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.

Coverage note: KuCoin and Nado share 42 markets, 4 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.