N1 funding rates and fees
N1 lists 24 perpetual markets and settles funding hourly, at 0.035% taker / 0.010% maker. 2 of those markets have a counterparty on another venue with a book deep enough to trade against. The widest right now is long BTC here against Hibachi, paying +8.66% annualized after both venues' taker fees.
N1 is a purpose-built L1 for trading, and the perps venue on it is 01 — an on-chain order book running inside the chain's own execution environment, with settlement and custody on-chain. Mainnet trading opened in February 2026, which makes it one of the newest venues we track. The trade-off is exactly that: a new chain and a new exchange, both carrying their own operational risk, and a market list that is still short.
The pairs
Where N1 is worth trading — and against whom.
Every market here, matched against the venue that opens the widest funding gap against it. The axis draws both rates on one scale, and the lit bar between them is the spread — the money. Net APR is what that spread pays after both venues' taker fees, held a week.
| Market | Your side here | On N1 | -14% · 0 · +21% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| BBTC | Long | +3.50% |  Hibachi+21.02% | +8.66%+17.52% gross · 3.5d to break evenbooks $3.52M · $10.35M | |
| EETH | Short | +2.63% | Hibachi-14.02% | +7.78%+16.64% gross · 3.7d to break evenbooks $2.15M · $2.47M |
Show the 22 pairs on books too thin to trade
| Market | Your side here | On N1 | -148% · 0 · +74% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| SS | Short | +73.58% |  Variational-148.30% | +213.03%+221.89% gross · 6.7h to break evenbooks $27 · $23.59K | |
| JJUP | Short | +38.54% | Variational-39.14% | +68.82%+77.68% gross · 19h to break evenbooks $4.92K · $276.14K | |
| SSUI | Long | -5.26% | Hibachi+66.58% | +62.97%+71.83% gross · 21h to break evenbooks $5.35K · $118.92K | |
| AKAITO | Long | -49.93% |  Extended+11.39% | +52.46%+61.32% gross · 24h to break evenbooks $6.23K · $701.56K | |
| LLIT | Short | -5.26% |  Orderly-64.97% | +50.85%+59.71% gross · 25h to break evenbooks $84.36K · $69.62K |
Show the 17 other thin pairs
| Market | Your side here | On N1 | -148% · 0 · +74% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| VVIRTUAL | Long | -46.43% | Extended+11.39% | +48.96%+57.82% gross · 26h to break evenbooks $517 · $751.51K | |
| EEIGEN | Long | -33.29% | Extended+11.39% | +35.82%+44.68% gross · 33h to break evenbooks $241 · $7.12K | |
| PPAXG | Short | +42.05% |  Pacifica-0.97% | +34.16%+43.02% gross · 35h to break evenbooks $19.11K · $1.34M | |
| XXRP | Long | +7.88% | Hibachi+46.43% | +29.68%+38.54% gross · 39h to break evenbooks $21.20K · $65.68K | |
| SSOL | Short | +7.01% | Hibachi-28.03% | +26.18%+35.04% gross · 43h to break evenbooks $382.21K · $633.56K | |
| PPUMP | Long | +0.88% |  Backpack+38.62% | +25.76%+37.75% gross · 2.2d to break evenbooks $8.28K · $1.43M | |
| WWLFI | Long | -21.90% | Extended+11.39% | +24.43%+33.29% gross · 45h to break evenbooks $192 · $287.36K | |
| XXPL | Long | -21.90% |  Aster+10.95% | +23.99%+32.85% gross · 45h to break evenbooks $361 · $133.05K | |
| WWLD | Long | -20.15% | Aster+10.95% | +22.24%+31.10% gross · 48h to break evenbooks $976 · $542.78K | |
| AAAVE | Long | -18.40% | Extended+11.39% | +20.92%+29.78% gross · 2.1d to break evenbooks $3.08K · $2.19M | |
| HHYPE | Short | +28.91% |  Kalshi+0.00% | +12.75%+28.91% gross · 3.9d to break evenbooks $199.94K · $6.64M | |
| BBERA | Long | -8.76% |  Paradex+11.15% | +11.05%+19.91% gross · 3.1d to break evenbooks $88.30K · — | |
| AARB | Long | -7.88% | Extended+11.39% | +10.41%+19.27% gross · 3.2d to break evenbooks $11.74K · $188.81K | |
| AASTER | Long | -7.01% | Extended+11.39% | +9.54%+18.40% gross · 3.4d to break evenbooks $5.66K · $512.41K | |
| EENA | Short | -1.75% | Backpack-22.40% | +8.66%+20.65% gross · 4.1d to break evenbooks $498 · $83.90K | |
| NNEAR | Long | -0.88% | Aster+10.95% | +2.97%+11.83% gross · 5.2d to break evenbooks $897 · $1.20M | |
| ZZEC | Short | +15.77% | Kalshi+0.00% | -0.39%+15.77% gross · 7.2d to break evenbooks $5.08K · $11.67M |
A pair counts as tradable when both legs did more than $1.00Mof volume in the last 24 hours: a wide spread across two thin books is arithmetic, not a trade. Rates are annualized and 8h-normalized, so an hourly venue and an 8-hour one are directly comparable. Net APR can be negative — the fees have eaten the spread — and those pairs are shown greyed rather than hidden, because “not worth it” is an answer. Funding is a floating rate: it can flip before it has paid you back.
The book
Every market on N1
All 24 perpetuals N1 quotes, with the funding rate each one is paying right now.
| BBTC | $64,511.8 | +3.50% | 1h | $3.52M | $713.82K |
| EETH | $1,866.3 | +2.63% | 1h | $2.15M | $448.24K |
| SSOL | $77.14 | +7.01% | 1h | $382.21K | $93.06K |
| HHYPE | $65.55 | +28.91% | 1h | $199.94K | $85.09K |
| BBERA | $0.1863 | -8.76% | 1h | $88.30K | $9.92K |
| LLIT | $2.63 | -5.26% | 1h | $84.36K | $86.45K |
| XXRP | $1.10 | +7.88% | 1h | $21.20K | $48.43K |
| PPAXG | $4,033.2 | +42.05% | 1h | $19.11K | $50.53K |
| AARB | $0.0916 | -7.88% | 1h | $11.74K | $31.94K |
| PPUMP | $0.001607 | +0.88% | 1h | $8.28K | $1.97K |
| AKAITO | $0.7862 | -49.93% | 1h | $6.23K | $17.66K |
| AASTER | $0.6266 | -7.01% | 1h | $5.66K | $39.21K |
| SSUI | $0.7539 | -5.26% | 1h | $5.35K | $25.36K |
| ZZEC | $552.77 | +15.77% | 1h | $5.08K | $8.06K |
| JJUP | $0.2112 | +38.54% | 1h | $4.92K | $35.08K |
| AAAVE | $98.22 | -18.40% | 1h | $3.08K | $50.74K |
| WWLD | $0.4101 | -20.15% | 1h | $976 | $5.36K |
| NNEAR | $2.02 | -0.88% | 1h | $897 | $13.18K |
| VVIRTUAL | $0.5824 | -46.43% | 1h | $517 | $16.60K |
| EENA | $0.0834 | -1.75% | 1h | $498 | $13.92K |
| XXPL | $0.0933 | -21.90% | 1h | $361 | $17.56K |
| EEIGEN | $0.2369 | -33.29% | 1h | $241 | $31.06K |
| WWLFI | $0.0571 | -21.90% | 1h | $192 | $2.50K |
| SS | $0.0255 | +73.58% | 1h | $27 | $62.43K |
The evidence
How much size N1 can absorb
Volume says how much trades here; open interest says how much is actually held. Neither is the reason to put a leg on this venue — the pairs above are — but both decide whether the leg you want will fill.
Each point is the rolling 24-hour figure as of that hour.
FAQ
N1, answered
What is the funding rate on N1?
There is no single rate — every market has its own, and it moves every funding period. Across all 24 perpetual markets on N1 right now, the average annualized funding is -1.17%, which means the venue as a whole is currently paying longs to hold. Ignoring the direction, the average market pays or charges 19.56% annualized, and that is roughly what being on the right side of it is worth. The live rate for every individual market is in the table on this page.
How often does N1 pay funding?
N1 settles funding hourly. The interval matters more than it looks: a rate quoted per hour and a rate quoted per eight hours are not comparable until they are put on the same basis, so every figure on this site is normalized to an 8-hour basis before it is compared or ranked.
What are N1's trading fees?
N1 charges 0.035% to take liquidity and 0.010% to make it. These are the fees used in every net-APR figure on this page: a funding trade pays the taker fee four times (in and out of both legs), which is exactly why a wide spread held briefly can still lose money.
How many markets does N1 list?
We collect 24 perpetual markets from N1. All of them report 24-hour volume. Every one is listed with its mark price, funding rate and funding interval in the book on this page.
Which exchange pairs best with N1 for funding arbitrage?
Right now, Hibachi: going long on BTC on N1 against the opposite leg on Hibachi opens a gross funding spread of +17.52% annualized, which is +8.66% after both venues' taker fees. That is one snapshot of a rate that floats — 2 of N1's markets currently have a counterparty on a book deep enough to trade, and all of them are ranked on this page.
Is N1 good for funding arbitrage?
As one leg, yes: 2 of N1's 24 markets have a counterparty on another venue where both books cleared $1.00M in the last 24 hours, and its 0.035% taker fee is charged twice in a round trip on this leg. What decides the trade is the OTHER venue — the spread is the distance between two funding rates, so a venue is never good or bad on its own. The pairs above name the counterparty for each market.