SNOW Funding Rate — perpetuals across 5 venues

TradFi perpetual · compared across 5 venues · net of estimated fees · updated every few minutes

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

Live annualized SNOW perpetual funding across all 5 venues Perpia tracks. Right now SNOW funding is positive on 1 and negative on 0, ranging from +15.1% on Bybit to +0.0% on OKX — a spread of 15.1%. The widest delta-neutral trade is long Bitget / short Bybit at 11.6% net APR.

venues

paying positive

15.1%

funding spread

Best SNOW spread now

11.6%

net APR after fees

Long Bitget→Short Bybit

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

SNOW funding trend & liquidity

168h of history

15.1%

current gross APR

20.6%

24h average

-4.0%

7-day average

$874K

pair OI · lower leg

$496K

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.

SNOW funding rate history

30d · 6h buckets · 5 venues

218%0-423.2%

6 Aug5 Sep

SNOW — average across 5 venuesBitgetOKXBybitGate.io

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: +1.0%. A break in a line means no data was recorded for that stretch, not a zero rate.

SNOW funding rate by venue

4 pairs scanned

Venue	Funding APR	Interval
Bybit ↗	+15.1%	8h
Bitget ↗	+0.0%	8h
Variational ↗	+0.0%	8h
Gate.io ↗	+0.0%	8h
OKX ↗	+0.0%	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 Bitget vs Bybit page.

SNOW arbitrage — 30-day backtest

long Bitget · short Bybit

3.6%

backtested APR

+$30

historical net P&L on $10,000

0.27%

max drawdown

$10,000$10,030

30 days agostarting capital $10,000today

Over the last 30 days, holding long Bitget / short Bybit would have produced 3.6% APR — versus the 11.6% the live spread implies right now (equity $10,000 → $10,030). 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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SNOW funding — FAQ

Is SNOW funding positive right now?

SNOW perpetual funding is positive on 1 of 5 venues Perpia tracks. The highest is +15.1% on Bybit; the lowest is +0.0% on OKX.

What is the best SNOW funding arbitrage right now?

Go long Bitget and short Bybit for about 11.6% net APR after fees — the widest delta-neutral SNOW spread Perpia currently sees.

Which exchange has the highest SNOW funding rate?

Bybit, at +15.1% annualized. Funding shifts continuously, so check the live table above before trading.

How SNOW 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 SNOW

Markets also quoted on both Bitget and Bybit — the same two exchanges you would already have funded for the SNOW trade.

See every spread between them on the Bitget vs Bybit page.

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