Exchanges
Every perp venue, ranked as a leg
The 22 perpetual exchanges behind DeltaPulse, ranked by what each is worth in a funding trade — how many of its markets have a counterparty deep enough to trade against, and what the best of them pays after both venues' fees. Volume and open interest are the evidence here, not the score.
The ranking
What each venue is worth as a leg — not how big it is.
A funding trade has two sides, so a venue is only useful if something on it can be traded against something else. Tradable pairs counts the markets on a venue that have a counterparty on another venue where both books clear $1.00M of daily volume — a wide spread across two thin books is arithmetic, not a trade. Best pair is the widest of them right now, and the APR beside it is what is left after both venues' taker fees. Across all 22 venues the strongest is short SKHYNIX on Binance against Pacifica.
| # | Exchange | Tradable pairs | Best pair | Funding | 24h volume | Open interest | Taker / maker | Interval | Trade |
|---|---|---|---|---|---|---|---|---|---|
| 1 |  BitgetCEX | 23 / 121 | ShortSKHYNIX Pacifica+428.40% | +19.89% | $6.09B | $5.19B | 0.060% / 0.020% | 4–8h | Trade on Bitget — referral link, DeltaPulse may earn a commission at no cost to you |
| 2 |  BybitCEX | 18 / 121 | ShortSKHYNIXPacifica+365.52% | +18.45% | $9.56B | $7.62B | 0.055% / 0.020% | 4–8h | Trade on Bybit — referral link, DeltaPulse may earn a commission at no cost to you |
| 3 |  BinanceCEX | 17 / 122 | ShortSKHYNIXPacifica+429.44% | +19.35% | $34.30B | $16.10B | 0.050% / 0.020% | 4–8h | Trade on Binance — referral link, DeltaPulse may earn a commission at no cost to you |
| 4 |  OKXCEX | 14 / 85 | LongPIPPINBinance+97.46% | +10.47% | $15.90B | $4.19B | 0.050% / 0.020% | 4–8h | Trade on OKX — referral link, DeltaPulse may earn a commission at no cost to you |
| 5 |  HyperliquidDEX | 11 / 88 | ShortETHPacifica+37.25% | +15.12% | $4.44B | $6.97B | 0.035% / 0.020% | 1h | Trade on Hyperliquid |
| 6 |  AsterDEX | 9 / 123 | ShortSKHYNIXPacifica+429.44% | +24.01% | $1.51B | $852.34M | 0.050% / 0.020% | 1–8h | Trade on Aster — referral link, DeltaPulse may earn a commission at no cost to you |
| 7 |  LighterDEX | 9 / 129 | LongSNDKAster+42.34% | +11.69% | $1.08B | $7336.72B | 0.040% / 0.010% | 1h | Trade on Lighter — referral link, DeltaPulse may earn a commission at no cost to you |
| 8 |  OndoDEX | 9 / 19 | LongCRCLLighter+60.43% | +6.45% | $162.60M | $16.70M | 0.050% / 0.020% | 1h | Trade on Ondo — referral link, DeltaPulse may earn a commission at no cost to you |
| 9 |  VariationalDEX | 7 / 106 | ShortSNDKBybit+39.58% | +15.63% | $828.53M | $507.27M | 0.050% / 0.020% | 4–8h | Trade on Variational |
| 10 | PacificaDEX | 5 / 57 | LongSKHYNIXAster+429.44% | +12.22% | $878.81M | $88.34M | 0.050% / 0.020% | 1h | Trade on Pacifica |
| 11 |  ExtendedDEX | 5 / 67 | ShortETHPacifica+36.12% | +12.53% | $452.59M | $170.57M | 0.050% / 0.020% | 1h | Trade on Extended |
| 12 |  BackpackCEX | 5 / 63 | ShortHYPE Kalshi+37.61% | +29.47% | $168.57M | $88.58M | 0.080% / 0.020% | 1h | Trade on Backpack — referral link, DeltaPulse may earn a commission at no cost to you |
| 13 | KalshiCEX | 4 / 12 | ShortETHPacifica+6.00% | +0.95% | $630.55M | $11.85M | 0.120% / 0.050% | 8h | Trade on Kalshi |
| 14 |  OrderlyDEX | 3 / 67 | ShortETHPacifica+35.68% | +11.51% | $124.70M | $35.77M | 0.050% / 0.020% | 4–8h | Trade on Orderly — referral link, DeltaPulse may earn a commission at no cost to you |
| 15 |  RiseXDEX | 3 / 15 | ShortETHPacifica+36.06% | +14.86% | $109.06M | $15.57M | 0.050% / 0.020% | 1h | Trade on RiseX |
| 16 |  VestDEX | 3 / 24 | LongSNDKAster+39.80% | +6.68% | $18.30M | — | 0.050% / 0.020% | 1h | Trade on Vest — referral link, DeltaPulse may earn a commission at no cost to you |
| 17 |  HibachiDEX | 2 / 9 | LongETHExtended+21.11% | +51.29% | $12.94M | $2.51M | 0.050% / 0.020% | 1h | Trade on Hibachi — referral link, DeltaPulse may earn a commission at no cost to you |
| 18 |  ParadexDEX | 2 / 69 | ShortETHPacifica+34.32% | +9.37% | $6.56M | $9.18M | 0.050% / 0.020% | 8h | Trade on Paradex — referral link, DeltaPulse may earn a commission at no cost to you |
| 19 |  EtherealDEX | 2 / 18 | ShortETHPacifica+34.73% | +10.05% | $6.48M | $35.18M | 0.050% / 0.020% | 1h | Trade on Ethereal |
| 20 |  N1DEX | 2 / 25 | ShortETHPacifica+30.68% | +18.89% | $5.53M | $1.89M | 0.035% / 0.010% | 1h | Trade on N1 — referral link, DeltaPulse may earn a commission at no cost to you |
| 21 |  NadoDEX | — / 52 | no counterparty | +12.96% | — | $62.14M | 0.050% / 0.020% | 1h | Trade on Nado — referral link, DeltaPulse may earn a commission at no cost to you |
| 22 |  PolymarketDEX | — / 8 | no counterparty | +6.42% | — | $17.07M | 0.020% / -0.005% | 1h | Trade on Polymarket — referral link, DeltaPulse may earn a commission at no cost to you |
Funding is the average absolute annualized rate across a venue's markets — how much it pays to be on the right side of that venue, regardless of which side that is. Rates are 8h-normalized, so an hourly venue and an 8-hour one are comparable. A dash means the venue does not publish that figure and it is not zero: Polymarket reports no volume, Vest no open interest, and both sort to the bottom of those columns rather than to the floor of them. “Partial” marks a volume total that only some of the venue's markets contributed to. Trade opens the venue in a new tab; most of those are referral links, and DeltaPulse may earn a commission from them at no cost to you. They do not buy a place in this ranking — the order is the data above and nothing else.
The finding
The best counterparties are not the biggest venues
Every venue in the table above names the venue on the other side of its best pair. Count how often each one gets named and the directory stops being a list and becomes a network — one that does not look like the volume ranking at all. Pacifica is the best other side for 12 of the 22 venues we track, while ranking eighth by volume. Binance, OKX and Bybit — the three largest venues here — are named by just 2 between them. A counterparty is not chosen for its size: it is chosen for sitting far from you on the funding axis while still holding a book you can size into.
- Pacifica12venuesbest other side for Binance, Bybit, Bitget, Hyperliquid, Aster, Kalshi, Extended, Orderly, RiseX, Paradex, Ethereal, N1
- Aster3venuesbest other side for Lighter, Pacifica, Vest
- Binance1venuebest other side for OKX
- Bybit1venuebest other side for Variational
- Extended1venuebest other side for Hibachi
- Kalshi1venuebest other side for Backpack
- Lighter1venuebest other side for Ondo
Counted from the best pair of each venue in the ranking above, which moves as funding moves — this is a snapshot of where the market's gaps are right now, not a permanent league table. Venues that are nobody's best counterparty do not appear.
FAQ
Perp exchanges, answered
Which perpetual exchange is best for funding arbitrage?
It depends on what you want the venue to DO. As one leg of a pair, Bitget currently offers the most: 23 of its 121 markets have a counterparty on another venue where both books clear $1.00M of daily volume. But the leg is only half the trade — the venue on the other side matters just as much, and Pacifica is the best other side for 12 of the 22 venues we track. The ranking on this page is by tradable pairs for exactly that reason: a huge venue with nothing to pair against is not a trade.
Which perpetual exchange has the lowest fees?
Polymarket charges the lowest taker fee of the 22 venues we track, at 0.020%. Its maker fee is -0.005%, which is a rebate — the venue pays you to post the order. Fees decide whether a spread is a trade at all: opening and closing two legs costs four taker fees before funding has paid you anything, so every APR on this site is quoted after both venues' fees, never before.
How often do perpetual exchanges pay funding?
Each venue keeps its own clock, and the difference is large: 14 of the 22 venues we track settle funding hourly, while the big centralised exchanges — Binance, OKX, Bybit and Bitget — settle every 4 to 8 hours. That is why every rate here is normalized to a common 8-hour basis before it is compared: an hourly 0.0010% and an eight-hourly 0.0080% are the same rate, and ranking them raw just ranks whoever funds most often. The exact interval of each venue is in the table above, and on its own page.
Which exchange pays the most funding right now?
Averaged across its own markets and normalized to an 8-hour basis, N1 currently has the most negative funding at -9.64% annualized — meaning it pays longs to hold — while Hibachi has the most positive at +42.92%, meaning it charges them. Those are venue averages, not a trade: an individual coin's gap between two venues is usually far wider, which is what the best-pair column in the table above shows. This page is rebuilt every few minutes and the ordering changes with it.
Which perpetual exchange offers the highest leverage?
Of the venues that publish a maximum, Bitget is the highest at 150×, ahead of Binance (125×), OKX (100×), Bybit (100×). Only 4 of the 22 venues we track publish a figure at all, so this is not a full ranking — the rest are left blank rather than guessed. Leverage matters less to a funding trade than it looks: the two legs hedge each other's price risk, and what actually constrains you is having margin on both venues at once.
What counts as a tradable pair?
A market on this venue that also trades on another venue we track, where BOTH books did more than $1.00M of volume in the last 24 hours. The floor is the point of it: a funding spread between two books of $10,000 each is a number you can compute and not a position you can open, and counting it would flatter every small venue on this page. Pairs that fail the floor are still shown on each venue's page — marked as thin, so the reason they are excluded is visible rather than implied.
Do I need an account to see this data?
No. The whole directory, every venue page, the live board and all coin pages are open with no account and no delay. DeltaPulse is analytics, not a broker — we never hold your funds and never place an order. An account only adds the things that are yours: alerts, and a read-only portfolio across the exchange accounts you connect.