NMR Funding Rate — live across 9 venues

Perpetual funding · compared across 9 venues · net of estimated fees · updated every few minutes

Live annualized NMR perpetual funding across all 9 venues Perpia tracks. Right now NMR funding is positive on 1 and negative on 8, ranging from +10.5% on Lighter to -46.8% on OKX — a spread of 57.3%. The widest delta-neutral trade is long OKX / short Lighter at 51.7% net APR.

9venues

1paying positive

57.3%funding spread

Best NMR spread now

51.7%

net APR after fees

LongOKX↗→ShortLighter↗

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

NMR funding trend & liquidity

168h of history

57.3%current gross APR

28.3%24h average

31.5%7-day average

$33Kpair OI · lower leg

$25K24h 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.

NMR · OKX → Lighter — no history

Loading NMR rate history…

Build a route

any two of the 9 venues

Long (pays you)every 4hShort (you collect)every 8h

Gross spread+57.3%+$15.69 / day on $10,000

Widest routes

This 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 · 9 venues

Venue	Funding APR ↓	Interval
Lighter↗short	+10.5%	every 8h
below — these venues pay the longs: this is the leg you buy
Binance↗	−3.7%	every 4h
MEXC↗	−3.9%	every 4h
Gate.io↗	−4.6%	every 4h
Bitget↗	−7.0%	every 4h
Bybit↗	−10.6%	every 4h
KuCoin↗	−32.6%	every 4h
BingX↗	−42.9%	every 4h
OKX↗long	−46.8%	every 4h

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 OKX vs Lighter page. 27 pairs scanned for NMR.

NMR arbitrage — 30-day backtest

long OKX · short Lighter

37.2%backtested APR

+$306historical net P&L on $10,000

0.08%max drawdown

$10,000$10,306

30 days agostarting capital $10,000today

Over the last 30 days, holding long OKX / short Lighter would have produced 37.2% APR — versus the 51.7% the live spread implies right now (equity $10,000 → $10,306). 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 NMR backtest…

NMR — FAQ

Is NMR funding positive right now?

NMR perpetual funding is positive on 1 of 9 venues Perpia tracks and negative on 8. The highest is +10.5% on Lighter; the lowest is -46.8% on OKX.

What is the best NMR funding arbitrage right now?

Go long OKX and short Lighter for about 51.7% net APR after fees — the widest delta-neutral NMR spread Perpia currently sees.

Which exchange has the highest NMR funding rate?

Lighter, at +10.5% annualized. Funding shifts continuously, so check the live table above before trading.

How NMR 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 NMR

also quoted on both Lighter and OKX

The same two exchanges you would already have funded for the NMR trade. Every spread between them is on the Lighter vs OKX page.

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