PUFFER Funding Rate — live across 3 venues

Perpetual funding · compared across 3 venues · net of estimated fees · updated every few minutes

Live annualized PUFFER perpetual funding across all 3 venues Perpia tracks. Right now PUFFER funding is positive on 0 and negative on 3, ranging from -1284.6% on Variational to -1556.0% on Bybit — a spread of 271.4%. The widest delta-neutral trade is long MEXC / short Variational at 265.2% net APR.

3venues

0paying positive

271.4%funding spread

Best PUFFER spread now

265.2%

net APR after fees

LongMEXC↗→ShortVariational↗

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

PUFFER funding trend & liquidity

168h of history

271.3%current gross APR

-36.6%24h average

-2.7%7-day average

$13Kpair OI · lower leg

$49K24h 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.

PUFFER · MEXC → Variational — no history

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Build a route

any two of the 3 venues

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

Gross spread+271.3%+$74.32 / 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 · 3 venues

Venue	Funding APR ↓	Interval
Variational↗short	−1284.6%	every 8h
MEXC↗long	−1555.9%	every 8h
Bybit↗	−1556.0%	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 MEXC vs Variational page. 2 pairs scanned for PUFFER.

PUFFER arbitrage — 30-day backtest

long MEXC · short Variational

12.3%backtested APR

+$101historical net P&L on $10,000

0.24%max drawdown

$10,000$10,101

30 days agostarting capital $10,000today

Over the last 30 days, holding long MEXC / short Variational would have produced 12.3% APR — versus the 265.2% the live spread implies right now (equity $10,000 → $10,101). 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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PUFFER — FAQ

Is PUFFER funding positive right now?

PUFFER perpetual funding is positive on 0 of 3 venues Perpia tracks and negative on 3. The highest is -1284.6% on Variational; the lowest is -1556.0% on Bybit.

What is the best PUFFER funding arbitrage right now?

Go long MEXC and short Variational for about 265.2% net APR after fees — the widest delta-neutral PUFFER spread Perpia currently sees.

Which exchange has the highest PUFFER funding rate?

Variational, at -1284.6% annualized. Funding shifts continuously, so check the live table above before trading.

How PUFFER 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 PUFFER

also quoted on both MEXC and Variational

The same two exchanges you would already have funded for the PUFFER trade. Every spread between them is on the MEXC vs Variational page.

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