The trade behind the numbers
S funding rates, explained
Every venue prices S funding on its own book and its own clock. The gap between the cheapest and the richest is the whole trade — here is where it sits today, and what is left of it after fees.
The spread
How the S spread is traded
Why the gap exists
The venues disagree, and that is the trade
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 692.04% here, 683.18% once the round-trip fee of $1.70 per $1,000 is paid. Close before roughly 2 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.
FAQ
Questions about S funding
What is the S funding rate right now?
N1 is paying -0.0777% per 1h, while Extended charges 0.0013% per 1h. The table above lists the current rate on all 11 venues that quote S perpetuals.
Which exchange has the best S funding rate?
It depends on your side. A long pays least on N1; a short earns most on Extended. 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.
More markets
Funding rates for other coins
The widest spreads on the board right now, net of both venues' taker fees — long the first venue, short the second.
