OP Funding Rate — live across 17 venues
Perpetual funding · compared across 17 venues · net of estimated fees · updated every few minutesLive annualized OP perpetual funding across all 17 venues Perpia tracks. Right now OP funding is positive on 11 and negative on 5, ranging from +10.9% on BingX to -10.4% on Variational — a spread of 21.3%. The widest delta-neutral trade is long Variational / short BingX at 17.5% net APR.
OP funding trend & liquidity
169h of historyAverages 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.
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Build a route
any two of the 17 venuesThis 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 · 17 venues| Venue | Funding APR ↓ | Interval | Use as |
|---|---|---|---|
| BingX↗short | +10.9% | every 8h | |
| BackPack↗ | +10.9% | every 1h | |
| Aster↗ | +10.9% | every 8h | |
| KuCoin↗ | +10.9% | every 8h | |
| Bitget↗ | +10.9% | every 8h | |
| Hyperliquid↗ | +10.9% | every 1h | |
| HTX↗ | +10.9% | every 8h | |
| ApeX↗ | +10.9% | every 1h | |
| Lighter↗ | +10.5% | every 8h | |
| Gate.io↗ | +7.3% | every 8h | |
| OKX↗ | +3.8% | every 8h | |
| dYdX↗ | +0.0% | every 1h | |
| below — these venues pay the longs: this is the leg you buy | |||
| Bybit↗ | −3.5% | every 8h | |
| Extended↗ | −5.3% | every 1h | |
| MEXC↗ | −5.6% | every 8h | |
| Binance↗ | −5.6% | every 8h | |
| Variational↗long | −10.4% | every 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 BingX page. 80 pairs scanned for OP.
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OP — FAQ
Is OP funding positive right now?
OP perpetual funding is positive on 11 of 17 venues Perpia tracks and negative on 5. The highest is +10.9% on BingX; the lowest is -10.4% on Variational.
What is the best OP funding arbitrage right now?
Go long Variational and short BingX for about 17.5% net APR after fees — the widest delta-neutral OP spread Perpia currently sees.
Which exchange has the highest OP funding rate?
BingX, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.
How OP 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 OP
also quoted on both BingX and VariationalThe same two exchanges you would already have funded for the OP trade. Every spread between them is on the BingX vs Variational page.