XPT Funding Rate — perpetuals across 11 venues

TradFi perpetual · compared across 11 venues · net of estimated fees · updated every few minutes

XPT is a commodity-linked perpetual referencing XPT. Its price tracks the commodity, not an equity.

Live annualized XPT perpetual funding across all 11 venues Perpia tracks. Right now XPT funding is positive on 5 and negative on 0, ranging from +10.9% on KuCoin to +0.0% on Aster — a spread of 10.9%. The widest delta-neutral trade is long Variational / short KuCoin at 7.6% net APR.

venues

paying positive

10.9%

funding spread

Best XPT spread now

7.6%

net APR after fees

Long Variational→Short KuCoin

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

XPT funding trend & liquidity

168h of history

10.9%

current gross APR

10.9%

24h average

5.1%

7-day average

$127K

pair OI · lower leg

$183K

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.

XPT funding rate history

30d · 6h buckets · 12 venues

99.6%0-61.8%

6 Aug5 Sep

XPT — average across 12 venuesAsterExtendedBitgetKuCoin

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: +9.5%. A break in a line means no data was recorded for that stretch, not a zero rate.

XPT funding rate by venue

20 pairs scanned

Venue	Funding APR	Interval
KuCoin ↗	+10.9%	4h
Hyperliquid ↗	+3.7%	1h
Extended ↗	+3.5%	1h
trade.xyz ↗	+3.3%	1h
GMTrade ↗	+0.1%	1h
Variational ↗	+0.0%	4h
OKX ↗	+0.0%	8h
Gate.io ↗	+0.0%	4h
Bitget ↗	+0.0%	4h
MEXC ↗	+0.0%	4h
Aster ↗	+0.0%	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 KuCoin page.

XPT arbitrage — 30-day backtest

long Variational · short KuCoin

4.7%

backtested APR

+$39

historical net P&L on $10,000

0.06%

max drawdown

$10,000$10,039

30 days agostarting capital $10,000today

Over the last 30 days, holding long Variational / short KuCoin would have produced 4.7% APR — versus the 7.6% the live spread implies right now (equity $10,000 → $10,039). 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 XPT backtest…

XPT funding — FAQ

Is XPT funding positive right now?

XPT perpetual funding is positive on 5 of 11 venues Perpia tracks. The highest is +10.9% on KuCoin; the lowest is +0.0% on Aster.

What is the best XPT funding arbitrage right now?

Go long Variational and short KuCoin for about 7.6% net APR after fees — the widest delta-neutral XPT spread Perpia currently sees.

Which exchange has the highest XPT funding rate?

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

How XPT 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 XPT

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

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

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