A perpetual future never expires, so exchanges tether it to spot with a funding payment: a positive rate means longs pay shorts, a negative one means shorts pay longs. Every venue sets its own rate, on its own schedule, from its own order book — so the same contract can pay on one exchange and charge on another at the very same minute.

Hold both legs in equal size and the price risk cancels: whatever S does, one leg gains what the other loses. What is left is the funding difference — an annualized 240.04% here, 231.18% once the round-trip fee of $1.70 per $1,000 is paid. Close before roughly 6 hours and it loses money however wide the spread looks — which is why break-even sits next to every number.

See the same maths applied across every coin on the strategy board and the markets table.

What is the S funding rate right now?

Variational is paying -0.0436% per 4h, while N1 charges 0.0165% per 1h. The table above lists the current rate on all 12 venues that quote S perpetuals.

Which exchange has the best S funding rate?

It depends on your side. A long pays least on Variational; a short earns most on N1. Running both at once captures the gap between them without taking a directional bet on S.

How is the annualized S funding APR calculated?

Each venue pays funding on its own schedule — hourly, four-hourly or eight-hourly. We normalize every rate to a common period and compound it over a year, so venues on different schedules can be compared on one axis. Fees are then subtracted over the intended hold to give the net APR.

Is S funding arbitrage risk-free?

No. The price risk is hedged, but fees, a rate that flips mid-hold, liquidation on one leg through margin imbalance, withdrawal delays and exchange risk all remain. Net APR and break-even tell you whether the trade survives its own costs — not whether the venues survive.