BTC Funding Rate — live across 28 venues
Perpetual funding · compared across 28 venues · net of estimated fees · updated every few minutesLive annualized BTC perpetual funding across all 28 venues Perpia tracks. Right now BTC funding is positive on 23 and negative on 4, ranging from +10.9% on Variational to -32.8% on Vest — a spread of 43.8%. The widest delta-neutral trade is long Vest / short Variational at 42.6% net APR.
BTC funding trend & liquidity
168h of historyAverages 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.
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Build a route
any two of the 28 venuesThis is the widest route right now. The number is gross: fees, the entry spread and slippage are not in it, and both legs must be tradeable for you. The scanner carries the same pairs net of costs.
Venues: pick the two legs
sorted by rate · 28 venues| Venue | Funding APR ↓ | Interval | Use as |
|---|---|---|---|
| Variational↗short | +10.9% | every 8h | |
| Hyperliquid↗ | +10.9% | every 1h | |
| BingX↗ | +10.9% | every 8h | |
| BackPack↗ | +10.9% | every 1h | |
| Pacifica↗ | +10.9% | every 1h | |
| Bybit↗ | +10.9% | every 8h | |
| Lighter↗ | +10.5% | every 8h | |
| 01↗ | +9.6% | every 1h | |
| Paradex↗ | +9.4% | every 8h | |
| Ondo Perps | +8.9% | every 1h | |
| Nado↗ | +8.7% | every 24h | |
| Binance↗ | +8.5% | every 8h | |
| MEXC↗ | +8.4% | every 8h | |
| OKX↗ | +7.0% | every 8h | |
| Arcus↗ | +6.6% | every 1h | |
| Aster↗ | +6.5% | every 8h | |
| Gate.io↗ | +5.1% | every 8h | |
| HTX↗ | +4.6% | every 8h | |
| KuCoin↗ | +3.7% | every 8h | |
| Bitget↗ | +2.5% | every 8h | |
| Sodex↗ | +1.1% | every 1h | |
| GMTrade↗ | +0.4% | every 1h | |
| dYdX↗ | +0.0% | every 1h | |
| Ostium↗ | +0.0% | every 1h | |
| below — these venues pay the longs: this is the leg you buy | |||
| ApeX↗ | −2.5% | every 1h | |
| Extended↗ | −2.6% | every 1h | |
| Risex↗ | −19.4% | every 1h | |
| Vest↗long | −32.8% | every 1h | |
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 Vest vs Variational page. 246 pairs scanned for BTC.
BTC arbitrage — 30-day backtest
long Vest · short VariationalOver the last 30 days, holding long Vest / short Variational would have produced 3.8% APR — versus the 42.6% the live spread implies right now (equity $10,000 → $10,032). 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 →BTC — FAQ
Is BTC funding positive right now?
BTC perpetual funding is positive on 23 of 28 venues Perpia tracks and negative on 4. The highest is +10.9% on Variational; the lowest is -32.8% on Vest.
What is the best BTC funding arbitrage right now?
Go long Vest and short Variational for about 42.6% net APR after fees — the widest delta-neutral BTC spread Perpia currently sees.
Which exchange has the highest BTC funding rate?
Variational, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.
How BTC 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 BTC
also quoted on both Variational and VestThe same two exchanges you would already have funded for the BTC trade. Every spread between them is on the Variational vs Vest page.