Funding Rate Arbitrage Calculator: APR After Fees

Funding Rate Arbitrage Calculator

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 ORCL on Hyperliquid and short it on Bybit with $10,000 per leg: at the live spread of -0.0050% per 8h the trade loses about $65.00 after fees over 30 days, a net APR of -7.9% on $10,000 of margin.

Live funding, 8h equivalentFees: 4 taker tradesRates assumed constantAs of 20:10 UTC

Long Hyperliquid, short Bybit: ORCL

At the live spread

Spread per 8h

-0.0050%

gross ≈ -5.5% APR

Funding over 30 days

-$45

-$2 per day

Fees 4 trades

−$20

never breaks even at this spread

Net APR on margin

-7.9%

net -$65 on $10K margin

Leg	Market	Funding / 8h	Interval	Open interest	Vol 24h	Over 30 days
Long	Hyperliquid xyz:ORCL	0.0050%	1h	$24.18M	$1.13M	pays $45	Long ↗
Short	Bybit ORCLUSDT	0.0000%	8h	$2.51M	$383K	gets $0	Short ↗

This is the wrong way round: the long leg pays more funding than the short leg, so the trade pays funding instead of collecting it. Swap the legs.

Has this spread lasted?

Same two markets, hourly, last 7 days

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.

Find spreads on the funding arbitrage scanner or Hyperliquid vs CEX, and check a single leg's cost with the funding fee calculator. Not financial advice.

Arbitrage calculator FAQ

How is the arbitrage APR calculated?

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.