Tools › Funding arbitrage
Funding arbitrage calculator
Short the venue paying the most, long the venue paying the least, hold both and collect the difference. Showing PONS at 6.02% a year, Binance against Hyperliquid. The widest live spread right now is LIT at 52.62%.
Not investment advice — modelled figures from stated assumptions. Terms and disclaimer
The trade is the gap between the top bar and the bottom one: you are short the venue paying the most and long the venue paying the least, so the two price exposures cancel and the difference is what you keep. Each rate is annualised on its own settlement interval first — subtracting the quoted numbers instead would read this spread as 13.65%.
The two legs
| Leg | Venue | Quoted rate, per settlement | Interval | Annualised | You pay or receive |
|---|---|---|---|---|---|
| Short | Binance | 0.00015701 | 4h | 34.39% | receive |
| Long | Hyperliquid | 0.000032384 | 1h | 28.37% | pay |
| unused | Bybit | 0.00012987 | 4h | 28.44% | — |
amber = longs pay shorts · cyan = shorts pay longs.
What this number is not
Both dollar figures are modelled, not measured: they are today's spread projected forward under assumptions you can read here and disagree with. Nothing on this page is a figure anybody was actually paid.
It is a gross carry at the current rate. It does not deduct taker fees on four fills (two to open, two to close), borrowing or margin costs, or slippage — on a spread of a few per cent a year, fees alone can exceed the entire edge.
It also assumes the spread persists. Funding is reset every settlement and the two venues can converge, invert, or gap apart within hours; the position is delta-neutral on price but emphatically not on funding. And both legs must stay solvent — a move against the short leg can liquidate it while the long leg is fine, leaving you directional at the worst moment. See where the levels sit for PONS →
Capital is split evenly across the legs here. Anything else changes the delta and this stops being an arbitrage.
PONS funding detail → · All coins by spread →
Who produced this, and what they hold
Produced and published by Yury Fokin as Coinliqui, an independent project with no legal entity. No payment, sponsorship, affiliate or referral arrangement exists with any venue named here, and nothing paid influences which coins or venues appear — coverage is decided by the open-interest floor stated on Data sources. The operator may hold positions in coins covered here; nothing published is timed, ordered or selected around one.