S Funding Rate — live across 13 venues
Compared across 13 supported venues · net of estimated fees · updated every few minutes
Live annualized S perpetual funding across all 13 venues Perpia tracks. Right now S funding is positive on 8 and negative on 5, ranging from +11.4% on Extended to -96.5% on Variational — a spread of 107.9%. The widest delta-neutral trade is long Variational / short MEXC at 104.6% net APR.
S funding trend & liquidity
168h 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.
S funding rate by venue
49 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| Extended↗ | +11.4% | 1h |
| MEXC↗ | +10.9% | 4h |
| Binance↗ | +10.9% | 4h |
| Gate.io↗ | +10.9% | 4h |
| KuCoin↗ | +10.9% | 4h |
| Bybit↗ | +10.9% | 4h |
| BingX↗ | +10.9% | 4h |
| OKX↗ | +8.9% | 4h |
| Hyperliquid↗ | -36.7% | 1h |
| Lighter↗ | -43.8% | 8h |
| Bitget↗ | -55.8% | 4h |
| BackPack↗ | -88.5% | 1h |
| Variational↗ | -96.5% | 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 MEXC page.
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S funding — FAQ
Is S funding positive right now?
S perpetual funding is positive on 8 of 13 venues Perpia tracks and negative on 5. The highest is +11.4% on Extended; the lowest is -96.5% on Variational.
What is the best S funding arbitrage right now?
Go long Variational and short MEXC for about 104.6% net APR after fees — the widest delta-neutral S spread Perpia currently sees.
Which exchange has the highest S funding rate?
Extended, at +11.4% annualized. Funding shifts continuously, so check the live table above before trading.
How S 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 S
Markets also quoted on both MEXC and Variational — the same two exchanges you would already have funded for the S trade.
See every spread between them on the MEXC vs Variational page.