FLY Funding Rate — perpetuals across 3 venues

TradFi perpetual · compared across 3 venues · net of estimated fees · updated every few minutes

FLY is an equity-linked perpetual referencing FLY, traded on-chain (not a tokenized xStock). Perpia compares its annualized funding across venues and the best delta-neutral spread.

Live annualized FLY perpetual funding across all 3 venues Perpia tracks. Right now FLY funding is positive on 2 and negative on 0, ranging from +23.7% on OKX to +0.0% on Bitget — a spread of 23.7%. The widest delta-neutral trade is long Bitget / short OKX at 16.9% net APR.

venues

paying positive

23.7%

funding spread

Best FLY spread now

16.9%

net APR after fees

Long Bitget→Short OKX

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

FLY funding trend & liquidity

168h of history

23.7%

current gross APR

1.8%

24h average

-1.9%

7-day average

$35K

pair OI · lower leg

$83K

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.

FLY funding rate history

30d · 6h buckets · 3 venues

551%0-320.0%

9 Aug8 Sep

FLY — average across 3 venuesBitgetOKXBybit

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: +4.8%. A break in a line means no data was recorded for that stretch, not a zero rate.

FLY funding rate by venue

2 pairs scanned

Venue	Funding APR	Interval
OKX ↗	+23.7%	8h
Bybit ↗	+3.9%	8h
Bitget ↗	+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 Bitget vs OKX page.

FLY arbitrage — 30-day backtest

long Bitget · short OKX

-4.8%

backtested APR

−$40

historical net P&L on $10,000

0.54%

max drawdown

$10,000$9,960

30 days agostarting capital $10,000today

Over the last 30 days, holding long Bitget / short OKX would have produced -4.8% APR — versus the 16.9% the live spread implies right now (equity $10,000 → $9,960). 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 FLY backtest…

FLY funding — FAQ

Is FLY funding positive right now?

FLY perpetual funding is positive on 2 of 3 venues Perpia tracks. The highest is +23.7% on OKX; the lowest is +0.0% on Bitget.

What is the best FLY funding arbitrage right now?

Go long Bitget and short OKX for about 16.9% net APR after fees — the widest delta-neutral FLY spread Perpia currently sees.

Which exchange has the highest FLY funding rate?

OKX, at +23.7% annualized. Funding shifts continuously, so check the live table above before trading.

How FLY 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 FLY

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

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

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