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Funding Rate Arbitrage Scanner
Live perp funding across Hyperliquid, Binance and Bybit, ranked by the best delta-neutral spread. Size your return on any bankroll.
How funding rate arbitrage works
Perpetual futures use a funding rate to keep their price near spot: longs and shorts pay each other every funding interval. The same coin often has a different funding rate on each venue, and that gap is an opportunity.
Funding arbitrage is delta-neutral: go long the perp where funding is cheapest (or pays you) and short the same size where it is priciest. Price moves cancel between the two legs, and you capture the difference in funding. Because venues fund on different schedules, this scanner annualizes every rate so the spread is comparable, then ranks coins by the biggest net APR.
It is not free money: spreads move, both legs pay fees and need margin, and a large price divergence between venues can put a leg at risk. Treat the numbers as a live snapshot. Otomato can alert you the moment the funding on a position you hold flips or spikes.
The complete guide
Why the same coin funds differently everywhere
Every perpetual venue runs its own funding mechanism, on its own schedule, driven by its own order flow. So BTC can pay 2% annualized funding on Hyperliquid, 1.4% on Binance and 5.8% on Bybit at the very same moment. That gap between the cheapest and priciest venue is the raw material of funding arbitrage.
This scanner pulls all three live, annualizes them so a 1-hour Hyperliquid rate is comparable to an 8-hour Binance rate, and ranks coins by the biggest spread.
The delta-neutral trade
The classic funding trade holds two offsetting legs of the same size, so the coin's price move cancels out and only the funding difference remains.
- Long the venue with the lowest funding (you pay the least, or get paid).
- Short the venue with the highest funding (you receive the most).
- Keep both legs equal size so you are market-neutral.
- Collect the annualized spread for as long as it holds.
The bankroll box turns that spread into a daily, weekly, monthly and yearly dollar figure so you can judge whether the trade is worth the effort at your size.
What can go wrong
Funding arbitrage is low-risk, not no-risk. The spread can shrink or invert before the next funding, so the APR is a snapshot rather than a lock. You pay taker fees on both legs, you post margin on two venues each with its own liquidation, and if the two prices diverge sharply one leg can get liquidated before the other. Newer or thin venues add execution and counterparty risk.
The practical edge is monitoring: a carry that was paying you can flip overnight. Otomato watches the funding on the positions you actually hold and alerts you the moment it turns, so you can close or rebalance before a good trade becomes a bad one.
Frequently asked questions
- What is funding rate arbitrage?
- Funding rate arbitrage is a delta-neutral strategy: you go long a perpetual on the venue with the lowest funding rate and short the same size on the venue with the highest, so price moves cancel out and you pocket the funding-rate difference. This scanner ranks coins by that spread across Hyperliquid, Binance and Bybit using live rates.
- How is the annualized funding rate calculated?
- Each venue charges funding on its own schedule (Hyperliquid hourly, Binance and Bybit typically every 8 hours). To compare them fairly, each rate is annualized: rate per interval × intervals per year × 100. The net APR shown is the difference between the highest and lowest annualized rate for that coin.
- Is funding arbitrage risk-free?
- No. The spread can shrink or flip before the next funding, you pay trading fees and sometimes borrow on both legs, and you need margin on each venue with liquidation risk if the two prices diverge. Treat the APR as a live snapshot, not a guaranteed return. Otomato can alert you when the funding on a position you hold changes.
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Get alerted when funding flips
Otomato monitors your perp positions across venues and pings you when funding turns against you, so a profitable carry never quietly becomes a losing one.
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