Annualized perpetual funding across ten venues, refreshed every few minutes from our own collectors — not a third-party feed. Green is the cheapest venue to be long (or the one paying you); red is the most expensive. The spread column is what a delta-neutral carry position would collect before fees.
A wide spread looks like free money: long the venue where funding is negative, short where it's positive, collect both sides. The honest caveats are that funding mean-reverts hard (today's 20% annualized spread is rarely next week's), execution costs two spreads plus fees on two venues, and the legs can be liquidated independently. Carry trades are real, but they are a business with overhead — not passive yield.
The more durable use of this table is as a positioning signal: extreme funding on one venue tells you which side of the boat is crowded there. In our own weekly robustness scans, cross-venue mean funding is a stable input — Lumen tracks it continuously, and the funding calculator turns any of these rates into a real holding cost.
Disclosure: the Binance, OKX, and Hyperliquid links above are referral links — signing up through them supports Tessen at no cost to you. The other exchange links are plain links. For moving profits off-exchange, we use Kast (crypto card — also a referral link). None of this is a recommendation to trade.
Think there's a tradable edge in funding? Turn it into a rule and get an honest verdict on out-of-sample data.
Grade the idea — free