BOBA Funding Rate — live across 3 venues

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

Live annualized BOBA perpetual funding across all 3 venues Perpia tracks. Right now BOBA funding is positive on 3 and negative on 0, ranging from +56.2% on MEXC to +37.7% on Variational — a spread of 18.4%. The widest delta-neutral trade is long Variational / short MEXC at 14.2% net APR.

venues

paying positive

18.4%

funding spread

Best BOBA spread now

14.2%

net APR after fees

Long Variational→Short MEXC

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

BOBA funding trend & liquidity

168h of history

18.4%

current gross APR

19.8%

24h average

12.9%

7-day average

$11K

pair OI · lower leg

$11K

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.

BOBA funding rate history

30d · 6h buckets · 3 venues

302%0-155.0%

7 Aug6 Sep

BOBA — average across 3 venuesMEXCBybitVariational

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: +34.4%. A break in a line means no data was recorded for that stretch, not a zero rate.

BOBA funding rate by venue

2 pairs scanned

Venue	Funding APR	Interval
MEXC ↗	+56.2%	8h
Bybit ↗	+55.5%	8h
Variational ↗	+37.7%	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 Variational vs MEXC page.

BOBA arbitrage — 30-day backtest

long Variational · short MEXC

4.2%

backtested APR

+$35

historical net P&L on $10,000

0.09%

max drawdown

$10,000$10,035

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short MEXC would have produced 4.2% APR — versus the 14.2% the live spread implies right now (equity $10,000 → $10,035). 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 →

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BOBA funding — FAQ

Is BOBA funding positive right now?

BOBA perpetual funding is positive on 3 of 3 venues Perpia tracks. The highest is +56.2% on MEXC; the lowest is +37.7% on Variational.

What is the best BOBA funding arbitrage right now?

Go long Variational and short MEXC for about 14.2% net APR after fees — the widest delta-neutral BOBA spread Perpia currently sees.

Which exchange has the highest BOBA funding rate?

MEXC, at +56.2% annualized. Funding shifts continuously, so check the live table above before trading.

How BOBA 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 BOBA

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

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

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