BTC and ETH are free to explore. Every coin we read, sortable and searchable, refreshed every hour, comes with a plan.
See the plansMembers: open the full versionWhere are you paid to hold a coin, and which carry trades still pay once both sides' fees are in? Every hour we read the funding rate of every coin on the big exchanges, put them all on one clock, and price the trade: long the perp where funding is lowest, short it where funding is highest, on two different exchanges.
What's funding? Perpetual futures never expire, so each exchange keeps its price near spot with a payment between longs and shorts. When the rate is positive, longs pay shorts. Every exchange pays on its own clock, every 8 hours, every 4 hours or every hour, so raw rates can't be compared until they are on the same clock. We show each one per 8 hours and per year.
Why two exchanges? Long one perp and short the other, and the price moves cancel out. What is left is the gap in funding. With the legs on different exchanges, one exchange can't close both sides of your trade at once.
Each exchange's rate as it pays it, then on one clock: per 8 hours and per year. Positive means longs pay shorts.
| Exchange | Pays | Per payment | Per 8 hours | A year | Open interest |
|---|
Long where funding is lowest, short where it is highest, same size on each side. Fees are taker fees in and out on both legs.
The classic version: buy the coin on one exchange and short its perp where funding is highest. It only works while funding is positive.
Each coin's best two-exchange carry, side by side. Click a heading to sort, or a coin to open its rates.
| Coin | Long on | Short on | Gap a year | Fees in and out | Break-even | Net a year |
|---|
These are the rates each exchange shows right now. A rate can shrink, or flip sign, before the trade pays off. Break-even is how long today's gap has to last just to cover the fees. If it lasts less than that, the trade loses money.
Two perps on two exchanges don't move tick for tick. The gap between their prices can be against you when you open or close, and that cost is not in the net. Neither is slippage on a big order, or the cost of moving money between exchanges.
Each leg has its own margin on its own exchange. A sharp move can liquidate the losing leg, and in a crash an exchange can auto-deleverage the winning one, leaving you with one side open. Keep leverage low and margin on both sides.
Taker fees at each exchange's base tier, taken from its own fee page, in and out on both legs. Returns are per dollar on each side, simple, not compounded. At 1x on both sides you need twice that in capital, so the return on your capital is half.