O Funding Rate — live across 10 venues

Compared across 10 supported venues · net of estimated fees · updated every few minutes

Live annualized O perpetual funding across all 10 venues Perpia tracks. Right now O funding is positive on 10 and negative on 0, ranging from +189.0% on BingX to +10.9% on Variational — a spread of 178.0%. The widest delta-neutral trade is long Variational / short BingX at 172.6% net APR.

venues

paying positive

178.0%

funding spread

Best O spread now

172.6%

net APR after fees

Long Variational→Short BingX

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

O funding trend & liquidity

168h of history

178.0%

current gross APR

67.5%

24h average

25.8%

7-day average

$6K

pair OI · lower leg

$18K

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.

O funding rate history

30d · 6h buckets · 10 venues

190%0-27.0%

4 Aug3 Sep

O — average across 10 venuesAsterBinanceBitgetKuCoin

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: +28.6%. A break in a line means no data was recorded for that stretch, not a zero rate.

O funding rate by venue

35 pairs scanned

Venue	Funding APR	Interval
BingX ↗	+189.0%	4h
Bybit ↗	+181.6%	4h
Aster ↗	+169.4%	1h
MEXC ↗	+161.6%	4h
OKX ↗	+157.7%	4h
Gate.io ↗	+122.6%	4h
Binance ↗	+117.3%	4h
KuCoin ↗	+105.3%	4h
Bitget ↗	+29.6%	4h
Variational ↗	+10.9%	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 Variational vs BingX page.

O arbitrage — 30-day backtest

long Variational · short BingX

7.9%

backtested APR

+$65

historical net P&L on $10,000

0.19%

max drawdown

$10,000$10,065

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short BingX would have produced 7.9% APR — versus the 172.6% the live spread implies right now (equity $10,000 → $10,065). 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 O backtest…

O funding — FAQ

Is O funding positive right now?

O perpetual funding is positive on 10 of 10 venues Perpia tracks. The highest is +189.0% on BingX; the lowest is +10.9% on Variational.

What is the best O funding arbitrage right now?

Go long Variational and short BingX for about 172.6% net APR after fees — the widest delta-neutral O spread Perpia currently sees.

Which exchange has the highest O funding rate?

BingX, at +189.0% annualized. Funding shifts continuously, so check the live table above before trading.

How O 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 O

Markets also quoted on both BingX and Variational — the same two exchanges you would already have funded for the O trade.

See every spread between them on the BingX vs Variational page.

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