SMCI Funding Rate — Super Micro Computer perpetuals across 7 venues

TradFi perpetual · compared across 7 venues · net of estimated fees · updated every few minutes

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

Live annualized SMCI perpetual funding across all 7 venues Perpia tracks. Right now SMCI funding is positive on 0 and negative on 1, ranging from +0.0% on OKX to -8.4% on KuCoin — a spread of 8.4%. The widest delta-neutral trade is long KuCoin / short OKX at 5.5% net APR.

venues

paying positive

8.4%

funding spread

Best SMCI spread now

5.5%

net APR after fees

Long KuCoin→Short OKX

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

SMCI funding trend & liquidity

168h of history

8.4%

current gross APR

-8.2%

24h average

-5.3%

7-day average

$357K

pair OI · lower leg

$534K

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.

SMCI funding rate history

30d · 6h buckets · 10 venues

98.1%0-89.8%

6 Aug5 Sep

SMCI — average across 10 venuesBitgetKuCoinOKXBybit

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: +1.9%. A break in a line means no data was recorded for that stretch, not a zero rate.

SMCI funding rate by venue

6 pairs scanned

Venue	Funding APR	Interval
OKX ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
Variational ↗	+0.0%	8h
Bitget ↗	+0.0%	8h
Bybit ↗	+0.0%	8h
Ostium ↗	+0.0%	1h
KuCoin ↗	-8.4%	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 OKX page.

SMCI arbitrage — 30-day backtest

long KuCoin · short OKX

-8.1%

backtested APR

−$67

historical net P&L on $10,000

0.67%

max drawdown

$10,000$9,933

30 days agostarting capital $10,000today

Over the last 30 days, holding long KuCoin / short OKX would have produced -8.1% APR — versus the 5.5% the live spread implies right now (equity $10,000 → $9,933). 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 SMCI backtest…

SMCI funding — FAQ

Is SMCI funding positive right now?

SMCI perpetual funding is positive on 0 of 7 venues Perpia tracks and negative on 1. The highest is +0.0% on OKX; the lowest is -8.4% on KuCoin.

What is the best SMCI funding arbitrage right now?

Go long KuCoin and short OKX for about 5.5% net APR after fees — the widest delta-neutral SMCI spread Perpia currently sees.

Which exchange has the highest SMCI funding rate?

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

How SMCI 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 SMCI

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

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

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