XCN Funding Rate — live across 5 venues

Perpetual funding · compared across 5 venues · net of estimated fees · updated every few minutes

Live annualized XCN perpetual funding across all 5 venues Perpia tracks. Right now XCN funding is positive on 1 and negative on 4, ranging from +10.9% on Variational to -225.1% on Gate.io — a spread of 236.1%. The widest delta-neutral trade is long BingX / short Variational at 152.6% net APR.

5venues

1paying positive

236.1%funding spread

Best XCN spread now

152.6%

net APR after fees

LongBingX↗→ShortVariational↗

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

XCN funding trend & liquidity

168h of history

157.7%current gross APR

112.3%24h average

-11.8%7-day average

$7Kpair OI · lower leg

$11K24h 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.

XCN · BingX → Variational — no history

Loading XCN rate history…

Build a route

any two of the 5 venues

Long (pays you)every 4hShort (you collect)every 4h

Gross spread+157.7%+$43.20 / day on $10,000

Widest routes

This route is 78 pp below the widest one right now (Gate.io → Variational). 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 · 5 venues

Venue	Funding APR ↓	Interval
Variational↗short	+10.9%	every 4h
below — these venues pay the longs: this is the leg you buy
BingX↗long	−146.7%	every 4h
MEXC↗	−205.9%	every 4h
Bybit↗	−206.1%	every 4h
Gate.io↗	−225.1%	every 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 BingX vs Variational page. 6 pairs scanned for XCN.

XCN arbitrage — 30-day backtest

long BingX · short Variational

-13.7%backtested APR

−$112historical net P&L on $10,000

1.50%max drawdown

$10,000$9,888

30 days agostarting capital $10,000today

Over the last 30 days, holding long BingX / short Variational would have produced -13.7% APR — versus the 152.6% the live spread implies right now (equity $10,000 → $9,888). 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 XCN backtest…

XCN — FAQ

Is XCN funding positive right now?

XCN perpetual funding is positive on 1 of 5 venues Perpia tracks and negative on 4. The highest is +10.9% on Variational; the lowest is -225.1% on Gate.io.

What is the best XCN funding arbitrage right now?

Go long BingX and short Variational for about 152.6% net APR after fees — the widest delta-neutral XCN spread Perpia currently sees.

Which exchange has the highest XCN funding rate?

Variational, at +10.9% annualized. Funding shifts continuously, so check the live table above before trading.

How XCN 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 XCN

also quoted on both BingX and Variational

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

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