NET Funding Rate — live across 6 venues

Compared across 6 supported venues · net of estimated fees · updated every few minutes

Live annualized NET perpetual funding across all 6 venues Perpia tracks. Right now NET funding is positive on 0 and negative on 2, ranging from +0.0% on Bybit to -97.0% on Hyperliquid — a spread of 97.0%. The widest delta-neutral trade is long Hyperliquid / short Bybit at 87.7% net APR.

venues

paying positive

97.0%

funding spread

Best NET spread now

87.7%

net APR after fees

Long Hyperliquid→Short Bybit

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

NET funding trend & liquidity

168h of history

97.0%

current gross APR

-39.5%

24h average

-42.8%

7-day average

$97K

pair OI · lower leg

$115K

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.

NET funding rate history

30d · 6h buckets · 7 venues

173%0-542.4%

5 Aug4 Sep

NET — average across 7 venuesVestBybitOKXGate.io

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: -2.5%. A break in a line means no data was recorded for that stretch, not a zero rate.

NET funding rate by venue

8 pairs scanned

Venue	Funding APR	Interval
Bybit ↗	+0.0%	8h
Bitget ↗	+0.0%	8h
OKX ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
trade.xyz ↗	-85.0%	1h
Hyperliquid ↗	-97.0%	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 Hyperliquid vs Bybit page.

NET arbitrage — 22-day backtest

long Hyperliquid · short Bybit

-42.4%

backtested APR

−$255

historical net P&L on $10,000

2.68%

max drawdown

$10,000$9,745

22 days agostarting capital $10,000today

Over the last 22 days, holding long Hyperliquid / short Bybit would have produced -42.4% APR — versus the 87.7% the live spread implies right now (equity $10,000 → $9,745). 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 NET backtest…

NET funding — FAQ

Is NET funding positive right now?

NET perpetual funding is positive on 0 of 6 venues Perpia tracks and negative on 2. The highest is +0.0% on Bybit; the lowest is -97.0% on Hyperliquid.

What is the best NET funding arbitrage right now?

Go long Hyperliquid and short Bybit for about 87.7% net APR after fees — the widest delta-neutral NET spread Perpia currently sees.

Which exchange has the highest NET funding rate?

Bybit, at +0.0% annualized. Funding shifts continuously, so check the live table above before trading.

How NET 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 NET

Markets also quoted on both Bybit and Hyperliquid — the same two exchanges you would already have funded for the NET trade.

See every spread between them on the Bybit vs Hyperliquid page.

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