CBRS Funding Rate — live across 11 venues

Compared across 11 supported venues · net of estimated fees · updated every few minutes

Live annualized CBRS perpetual funding across all 11 venues Perpia tracks. Right now CBRS funding is positive on 5 and negative on 0, ranging from +13.8% on Ondo Perps to +0.0% on Bybit — a spread of 13.8%. The widest delta-neutral trade is long Variational / short Ondo Perps at 11.3% net APR.

venues

paying positive

13.8%

funding spread

Best CBRS spread now

11.3%

net APR after fees

Long Variational→Short Ondo Perps

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

CBRS funding trend & liquidity

168h of history

13.8%

current gross APR

6.2%

24h average

-1.9%

7-day average

$198K

pair OI · lower leg

$108K

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.

CBRS funding rate history

30d · 6h buckets · 12 venues

118%0-61.1%

4 Aug3 Sep

CBRS — average across 12 venuesAsterBitgetKuCoinOKX

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: +6.8%. A break in a line means no data was recorded for that stretch, not a zero rate.

CBRS funding rate by venue

33 pairs scanned

Venue	Funding APR	Interval
Ondo Perps	+13.8%	1h
KuCoin ↗	+10.9%	8h
Hyperliquid ↗	+5.5%	1h
trade.xyz ↗	+5.5%	1h
Lighter ↗	+3.5%	8h
Variational ↗	+0.0%	8h
OKX ↗	+0.0%	8h
Aster ↗	+0.0%	8h
Bitget ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
Bybit ↗	+0.0%	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 Ondo Perps page.

CBRS arbitrage — 30-day backtest

long Variational · short Ondo Perps

-0.5%

backtested APR

−$4

historical net P&L on $10,000

0.24%

max drawdown

$10,000$9,996

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short Ondo Perps would have produced -0.5% APR — versus the 11.3% the live spread implies right now (equity $10,000 → $9,996). 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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CBRS funding — FAQ

Is CBRS funding positive right now?

CBRS perpetual funding is positive on 5 of 11 venues Perpia tracks. The highest is +13.8% on Ondo Perps; the lowest is +0.0% on Bybit.

What is the best CBRS funding arbitrage right now?

Go long Variational and short Ondo Perps for about 11.3% net APR after fees — the widest delta-neutral CBRS spread Perpia currently sees.

Which exchange has the highest CBRS funding rate?

Ondo Perps, at +13.8% annualized. Funding shifts continuously, so check the live table above before trading.

How CBRS 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 CBRS

Markets with the widest spreads on Ondo Perps — the same two exchanges you would already have funded for the CBRS trade.

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