BNC Funding Rate — live across 3 venues

Compared across 3 supported venues · net of estimated fees · updated every few minutes

Live annualized BNC perpetual funding across all 3 venues Perpia tracks. Right now BNC funding is positive on 3 and negative on 0, ranging from +492.6% on Variational to +4.4% on Bitget — a spread of 488.3%. The widest delta-neutral trade is long Bitget / short Variational at 481.7% net APR.

venues

paying positive

488.3%

funding spread

Best BNC spread now

481.7%

net APR after fees

Long Bitget→Short Variational

size depends on live venue depth — see the real cap in the scanner

BNC funding trend & liquidity

168h of history

488.3%

current gross APR

19.3%

24h average

98.1%

7-day average

$23K

pair OI · lower leg

$53K

24h volume · lower leg

Averages are historical funding over the window shown. A current rate near the 7-day average may indicate the spread has persisted; a rate far above it is usually a short-lived spike. OI and volume are the smaller (binding) leg of the best pair — the ceiling on tradeable size.

BNC funding rate history

30d · 6h buckets · 4 venues

574%0-501.5%

6 Aug5 Sep

BNC — average across 4 venuesBitgetBybitVariationalVest

Annualized funding, averaged into 6-hour buckets. The bold line is the mean across venues quoting in that bucket; the faint lines are individual venues. Mean over the window: +28.0%. A break in a line means no data was recorded for that stretch, not a zero rate.

BNC funding rate by venue

3 pairs scanned

Venue	Funding APR	Interval
Variational ↗	+492.6%	8h
Bybit ↗	+390.6%	8h
Bitget ↗	+4.4%	8h

Rates annualized; updated ~every few minutes from live venue data. Venue names link to that exchange's full funding table; ↗ opens the market on the exchange itself. Every spread between these two venues is on the Bitget vs Variational page.

BNC arbitrage — 30-day backtest

long Bitget · short Variational

47.2%

backtested APR

+$388

historical net P&L on $10,000

1.02%

max drawdown

$10,000$10,388

30 days agostarting capital $10,000today

Over the last 30 days, holding long Bitget / short Variational would have produced 47.2% APR — versus the 481.7% the live spread implies right now (equity $10,000 → $10,388). This is a backtest on historical funding, not a live result: funding drifts and decays, so backtested results rarely match the current headline rate — which is why size and holding window matter more than the top-line number.

Open full interactive backtest →

Loading BNC backtest…

BNC funding — FAQ

Is BNC funding positive right now?

BNC perpetual funding is positive on 3 of 3 venues Perpia tracks. The highest is +492.6% on Variational; the lowest is +4.4% on Bitget.

What is the best BNC funding arbitrage right now?

Go long Bitget and short Variational for about 481.7% net APR after fees — the widest delta-neutral BNC spread Perpia currently sees.

Which exchange has the highest BNC funding rate?

Variational, at +492.6% annualized. Funding shifts continuously, so check the live table above before trading.

How BNC funding arbitrage works

Funding arbitrage combines opposing positions on two venues — long the one paying the most negative funding, short the one paying the most positive — to reduce directional exposure and capture the difference between their funding payments. Fees, slippage, basis divergence and liquidation risk can reduce the result. See the methodology for how it is measured and the guide for the full walkthrough.

Markets related to BNC

Markets also quoted on both Bitget and Variational — the same two exchanges you would already have funded for the BNC trade.

See every spread between them on the Bitget vs Variational page.

Open the live scanner →All funding rates Funding by exchange How we calculate this