W Funding Rate — live across 11 venues
25 DEX + 8 CEX · net of fees · updated continuously
Live annualized W perpetual funding across all 11 venues Perpia tracks. Right now W funding is positive on 3 and negative on 8, ranging from +21.9% on BingX to -341.8% on BackPack — a spread of 363.7%. The widest delta-neutral trade is long BackPack / short BingX at 354.0% net APR.
W funding rate by venue
51 pairs scanned| Venue | Funding APR | Interval |
|---|---|---|
| BingX | +21.9% | 4h |
| KuCoin | +10.9% | 4h |
| Bybit | +3.0% | 4h |
| MEXC | -3.4% | 8h |
| Binance | -3.5% | 8h |
| Bitget | -20.4% | 4h |
| Gate.io | -26.5% | 4h |
| OKX | -41.0% | 4h |
| Hyperliquid | -81.1% | 1h |
| Variational | -222.6% | 4h |
| BackPack | -341.8% | 1h |
Rates annualized; updated ~every few minutes from live venue data.
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W funding — FAQ
Is W funding positive right now?
W perpetual funding is positive on 3 of 11 venues Perpia tracks and negative on 8. The highest is +21.9% on BingX; the lowest is -341.8% on BackPack.
What is the best W funding arbitrage right now?
Go long BackPack and short BingX for about 354.0% net APR after fees — the widest delta-neutral W spread Perpia currently sees.
Which exchange has the highest W funding rate?
BingX, at +21.9% annualized. Funding shifts continuously, so check the live table above before trading.
How W funding arbitrage works
Funding-rate arbitrage is delta-neutral: you go long the venue paying the most negative funding and short the one paying the most positive, so price moves cancel and you collect the spread. The catch is liquidity — a huge APR on a thin book caps at a few thousand dollars and often flips within hours. Perpia shows the max size after slippage and tracks whether a spread holds, so you filter instead of chasing the number.