Top Movers & Funding Arbitrage — Live Cross-Exchange Snapshot

Top Movers (24h)

The contracts below showed the largest absolute price change in the last 24 hours, regardless of direction. Sorted by |change%|. Use this to spot momentum and mean-reversion candidates.

Funding Rate Arbitrage Opportunities

When the same coin trades with different funding rates on two exchanges, a delta-neutral position can capture the spread: SHORT the high-funding exchange, LONG the low-funding exchange, hold, and collect the spread every 8 hours. APR shown assumes the spread persists for a year (it usually compresses as arb traders enter). The strategy is market-neutral if the two venues are properly hedged.

How the arb calculation works

For each coin that trades on at least two of the three major exchanges (Binance, Bybit, OKX), we take the current funding rate on each venue and find the spread between the highest and lowest. We only surface opportunities with at least 0.5 basis points (0.005%) of spread per 8h — anything tighter is usually eaten by trading fees and slippage.

Net APR is the headline figure because it subtracts real trading costs. Opening and closing a delta-neutral position means four taker executions (two legs, entry and exit). We use the public standard taker fees below, applied per side:

Liquidity is half the trade, so we show it. Every opportunity is crossed against the real 24-hour volume of both venues. A delta-neutral position needs both legs to fill, so the binding constraint is the weaker leg — the lower of the two venues’ 24h volume (minVol), not the average. The table colours that figure: red below $250K (thin — expect slippage and trouble exiting), amber from $250K to under $2M (workable in small size), and green at $2M or more (deep enough for a real position). Contracts that are not spot crypto pairs — tokenised equities, ETFs, commodities and index baskets — are excluded entirely, so every row is a crypto perpetual you can hedge.

Round-trip cost is therefore about 0.21% for a Binance/Bybit pair. Net APR = (spread × 90 periods − round-trip fees) ÷ 90 × 3 × 365, assuming a 30-day hold with fees paid once. Gross APR is shown alongside for comparison, and is the simple annualised spread with no cost deduction.

Break-even answers a different question: how many 8-hour funding cycles does the spread need to run before the position has paid back its entry and exit costs? Under 1 cycle means the first payout already covers everything. Above 3 cycles means you are relying on the rate holding for days — and rates rarely do.

We also exclude contracts that are not spot crypto pairs (tokenised metals and leveraged ETFs), and we never treat a missing funding rate as zero.

Real-world execution is rarely this clean: spreads compress as arb traders pile in, withdrawal times between venues can take hours, and one side of the trade is usually smaller or less liquid than the other. Use this list as a starting point for further research, not as a money machine.

Funding rate basics

Funding is the periodic payment exchanged between long and short traders in a perpetual futures contract. When funding is positive, longs pay shorts. When it is negative, shorts pay longs. The rate is set by the difference between the mark price and the index price, dampened by an interest rate component. For more detail, see the methodology page, the Funding 101 guide, or the funding calculator.

Related pages

• Funding Rate Screener — per-exchange sortable table
• Funding Dashboard — heatmap of all rates
• Funding Heatmap — visual map of crowded positioning
• Intelligence — funding rate intelligence & alerts