PAYP Funding Rate — perpetuals across 3 venues

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

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

Live annualized PAYP perpetual funding across all 3 venues Perpia tracks. Right now PAYP funding is positive on 0 and negative on 1, ranging from +0.0% on Variational to -72.6% on KuCoin — a spread of 72.6%. The widest delta-neutral trade is long KuCoin / short Variational at 64.5% net APR.

venues

paying positive

72.6%

funding spread

Best PAYP spread now

64.5%

net APR after fees

Long KuCoin→Short Variational

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

PAYP funding trend & liquidity

168h of history

72.6%

current gross APR

11.1%

24h average

6.3%

7-day average

$27K

pair OI · lower leg

$276K

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.

PAYP funding rate history

30d · 6h buckets · 4 venues

316%0-310.4%

9 Aug8 Sep

PAYP — average across 4 venuesAsterKuCoinGate.ioVariational

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: +3.3%. A break in a line means no data was recorded for that stretch, not a zero rate.

PAYP funding rate by venue

2 pairs scanned

Venue	Funding APR	Interval
Variational ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
KuCoin ↗	-72.6%	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 KuCoin vs Variational page.

PAYP arbitrage — 30-day backtest

long KuCoin · short Variational

-8.0%

backtested APR

−$65

historical net P&L on $10,000

0.87%

max drawdown

$10,000$9,935

30 days agostarting capital $10,000today

Over the last 30 days, holding long KuCoin / short Variational would have produced -8.0% APR — versus the 64.5% the live spread implies right now (equity $10,000 → $9,935). 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 →

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PAYP funding — FAQ

Is PAYP funding positive right now?

PAYP perpetual funding is positive on 0 of 3 venues Perpia tracks and negative on 1. The highest is +0.0% on Variational; the lowest is -72.6% on KuCoin.

What is the best PAYP funding arbitrage right now?

Go long KuCoin and short Variational for about 64.5% net APR after fees — the widest delta-neutral PAYP spread Perpia currently sees.

Which exchange has the highest PAYP funding rate?

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

How PAYP 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 PAYP

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

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

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