Live market
Funding rate arbitrage, live
Funding rate arbitrage takes the gap between what one venue pays to hold a perpetual and what another charges for the same market, and the table on this page is read from both venues each time the page is served.
Each row was read from both venues as this page rendered. A spread that looks large is usually large for a reason, and the sections below are about finding the reason before the trade.
Run it instead of reading it
Delta Neutral - Multi Dex
scans perpetual venues for exactly these funding mispricings and opens both legs of the trade.
Open the template
Neither venue answered just now, so there are no spreads on this page. Showing you the last set we happened to have would be worse than showing you none.
What the trade actually is
You hold the same market on two venues at once, long where funding pays you and short where funding costs less than that, so the price stops mattering. A move up gains on one leg and loses on the other, and what you are left with is the difference between the two funding rates. That is why it is described as market neutral: the position has no view, only a carry.
Why a spread exists at all
Funding is set by each venue independently, from its own book and its own crowd. When one venue fills with leveraged longs its funding climbs, while the same market somewhere quieter stays flat. Nothing forces the two to agree, and the gap persists as long as it is too small, too awkward or too risky for enough people to close it.
The intervals are not the same length, and the table says so
One venue here settles funding every eight hours and the other every hour. A rate quoted per interval is therefore not comparable between them, so every figure in the table is shown as an annual percentage rate instead. Comparing two raw interval rates is the most common way to believe in a spread that is not there.
What eats a spread that looked good
Fees on both legs, paid on the way in and again on the way out. Slippage, which is worst in exactly the thin markets where the spread is widest. Margin on two venues at once, so the capital is doubled and the return on it halved. And the risk that one leg is liquidated while the other is not, which turns a neutral position into a directional one at the worst possible moment.
Run it instead of reading it
Open, change it, publish your own
HyperBoard: Crypto Market Dashboard
prices, funding rates, open interest and liquidity across crypto perpetual markets, live.
Open the template
Three working apps that read this kind of market. Open one, change it, and publish your own.
- Delta Neutral - Multi Dex
scans perpetual venues for exactly these funding mispricings and opens both legs of the trade.
- Stocks Delta-Neutral
the same funding spread trade on stock perps, long one venue and short the other.
- HyperBoard: Crypto Market Dashboard
prices, funding rates, open interest and liquidity across crypto perpetual markets, live.
Every live market page · Make Mithril a preferred source in Google