Work out what a funding rate arbitrage actually earns: pick a coin and the two markets (long where funding is lower, short where it is higher), your size per leg, how long you'll hold, the taker fee and leverage. The calculator uses the live funding rates and shows gross and net APR, fees and the days it takes to break even, plus how the spread has held over the last 7 days.
Long BONK on Binance and short it on Hyperliquid with $10,000 per leg: at the live spread of 0.0534% per 8h the trade earns about $460.80 after fees over 30 days, a net APR of 56.1% on $10,000 of margin.
Live funding, 8h equivalentFees: 4 taker tradesRates assumed constantAs of 23:20 UTC
Not enough recorded history for these two markets yet (at least 12 shared hours are needed).
How it works. You hold the same size long on one perp and short on another, so price moves roughly cancel and you collect the funding difference. Spread = short-leg funding − long-leg funding, per 8 hours (hourly and 4-hourly rates are converted). Funding over the period = size × spread × 3 × days. Fees = size × taker fee × 4 (open and close both legs). Margin = 2 × size ÷ leverage. Net APR = (funding − fees) ÷ margin, scaled to a year. Rates are assumed to stay where they are now, which they rarely do: see the 7-day history above.
The spread is the short leg's funding minus the long leg's, per 8 hours. Gross APR is spread × 3 × 365. Funding per day is size × spread × 3. Fees are the taker fee on four trades: opening and closing both legs. Net return is funding over the holding period minus fees, divided by the margin you post (2 × size ÷ leverage), and net APR scales that to a year.
What is the break-even time?
How many days of funding at the current spread it takes to pay back the four trading fees. A spread that is wide today but likely to close within the break-even time loses money.
What does spread persistence tell me?
How the same two markets' funding compared hour by hour over the last 7 days: the share of hours the short leg paid more than the long leg, the 7-day average spread and how long it has held without flipping. A spread that has held for days is more likely to last than a one-hour spike.
What are the risks?
Funding changes every interval and can flip, so the return is never locked in. The two perps' prices can drift apart, each leg can be liquidated on its own if price moves hard, fees and slippage can be higher than assumed, and you carry the risk of both exchanges. Nothing here is financial advice.