Funding arbitrage and basis
The same stock's perpetuals often carry different funding rates on different venues: going long where funding is low and short where it is high roughly hedges price moves and collects the difference at each settlement. Stock tokens and perpetuals on the same venue also often trade at a basis. The tables below list the largest gaps using 7-day average funding and live prices, before fees, slippage and capital costs.
Data as of
Largest funding rate differences
| Stock | Long (low funding) | Short (high funding) | Avg difference / 8h | Annualized | 30-day trend |
|---|---|---|---|---|---|
| Hyperliquid -0.2568% (-0.1989%) | Gate -0.0789% (-0.0059%) | +0.1779% | +194.83% | +0.0506% | |
| BingX -0.0106% (-0.0232%) | Gate +0.1326% (0.0000%) | +0.1432% | +156.81% | +0.1429% | |
| Gate 0.0000% (0.0000%) | BingX +0.1342% (+0.0050%) | +0.1342% | +146.97% | -0.0109% | |
| MEXC -0.0966% (-0.1656%) | Binance +0.0130% (0.0000%) | +0.1096% | +119.97% | +0.0390% | |
| MEXC +0.0170% (0.0000%) | Hyperliquid +0.1165% (+0.2352%) | +0.0995% | +108.91% | +0.0347% | |
| BingX -0.0229% (+0.0050%) | Bitget +0.0744% (0.0000%) | +0.0974% | +106.63% | +0.0448% | |
| Gate 0.0000% (0.0000%) | Hyperliquid +0.0911% (+0.1431%) | +0.0911% | +99.76% | +0.0881% | |
| OKX +0.0033% (0.0000%) | MEXC +0.0838% (0.0000%) | +0.0805% | +88.13% | +0.0397% | |
| Bybit -0.0593% (0.0000%) | BingX +0.0097% (+0.0050%) | +0.0690% | +75.60% | +0.0243% | |
| Bitget -0.0026% (0.0000%) | Hyperliquid +0.0640% (+0.0220%) | +0.0666% | +72.94% | +0.0047% | |
| Bybit -0.0338% (+0.0454%) | BingX +0.0247% (+0.0383%) | +0.0584% | +63.96% | +0.0256% | |
| Gate 0.0000% (0.0000%) | BingX +0.0581% (+0.0294%) | +0.0581% | +63.58% | +0.0434% | |
| Gate 0.0000% (0.0000%) | BingX +0.0573% (+0.0050%) | +0.0573% | +62.75% | +0.0249% | |
| Hyperliquid +0.0031% (+0.0439%) | BingX +0.0576% (+0.0050%) | +0.0544% | +59.59% | +0.0298% | |
| BingX -0.0021% (+0.0050%) | Bitget +0.0515% (0.0000%) | +0.0536% | +58.66% | -0.0112% | |
| Bitget -0.0491% (0.0000%) | BingX +0.0044% (+0.0050%) | +0.0535% | +58.60% | +0.0510% | |
| Bybit -0.0503% (0.0000%) | BingX +0.0031% (+0.0050%) | +0.0535% | +58.54% | +0.0295% | |
| Hyperliquid -0.0366% (-0.0200%) | Bybit +0.0162% (0.0000%) | +0.0528% | +57.86% | +0.0100% | |
| Gate +0.0031% (0.0000%) | Bybit +0.0554% (+0.0288%) | +0.0522% | +57.17% | +0.0228% | |
| Gate 0.0000% (0.0000%) | BingX +0.0518% (+0.0050%) | +0.0518% | +56.67% | +0.0593% | |
| BingX +0.0108% (-0.0050%) | Bitget +0.0618% (0.0000%) | +0.0510% | +55.90% | -0.0004% | |
| Gate -0.0019% (0.0000%) | BingX +0.0484% (+0.0698%) | +0.0503% | +55.09% | +0.0224% | |
| Binance -0.0229% (+0.0295%) | Bitget +0.0263% (0.0000%) | +0.0492% | +53.88% | +0.0329% | |
| BingX -0.0431% (+0.0200%) | MEXC +0.0057% (+0.0200%) | +0.0488% | +53.42% | +0.0228% | |
| BingX -0.0272% (-0.0050%) | MEXC +0.0212% (0.0000%) | +0.0484% | +52.99% | +0.0354% | |
| Gate 0.0000% (0.0000%) | BingX +0.0479% (+0.0050%) | +0.0479% | +52.44% | +0.0467% | |
| Gate +0.0001% (0.0000%) | Bitget +0.0477% (0.0000%) | +0.0476% | +52.10% | +0.0206% | |
| MEXC +0.0084% (0.0000%) | BingX +0.0559% (+0.0291%) | +0.0475% | +52.06% | +0.0315% | |
| BingX -0.0511% (-0.0131%) | MEXC -0.0052% (-0.0131%) | +0.0460% | +50.32% | +0.0397% | |
| Gate 0.0000% (0.0000%) | Hyperliquid +0.0458% (+0.2035%) | +0.0458% | +50.14% | +0.0115% |
Rates are 7-day averages (current rate in brackets), shown per 8 hours (hourly venues such as Hyperliquid are converted). Only USD-quoted contracts with at least $100k of open interest or volume and at least 5 days of history are compared. Most exchanges pause stock perpetual funding at weekends, and the averages include those periods. Annualized figures assume the average difference persists; actual rates change every period. The 30-day trend plots the daily average difference between the two contracts (dashed line = 0), with the 30-day average below it (shown once 14 days are available); pairs that stay above zero are steadier than those that only spike. Funding rate calculator →
Stock token vs perpetual basis on the same venue
| Stock | Stock token | Perpetual on the same venue | Basis | 7-day avg funding |
|---|---|---|---|---|
| MEXC MCDXUSDT | MEXC MCDSTOCK_USDT | +1.49% | +0.0076% | |
| Binance MRNABUSDT | Binance MRNAUSDT | -0.92% | +0.0034% | |
| OKX XAMD-USDC | OKX AMD-USDT-SWAP | +0.67% | +0.0071% | |
| Gate SPYX_USDT | Gate SPY_USDT | +0.57% | +0.0002% | |
| OKX XSQQQ-USDT | OKX SQQQ-USDT-SWAP | -0.55% | +0.0039% | |
| Gate LRCXG_USDT | Gate LRCX_USDT | +0.54% | 0.0000% | |
| Binance USDEBUSDT | Binance USDEXUSDT | -0.49% | +0.0109% | |
| Gate GEG_USDT | Gate GE_USDT | -0.49% | 0.0000% | |
| Gate BACG_USDT | Gate BAC_USDT | +0.47% | 0.0000% | |
| Gate PGG_USDT | Gate PG_USDT | -0.46% | -0.0050% | |
| OKX XXIAOMI-USDT | OKX XIAOMI-USDT-SWAP | +0.44% | -0.0023% | |
| OKX XNVDA-USDC | OKX NVDA-USDT-SWAP | +0.44% | +0.0035% | |
| Gate QQQX_USDT | Gate QQQ_USDT | +0.38% | +0.0042% | |
| Gate EWYG_USDT | Gate EWY_USDT | +0.38% | +0.0010% | |
| Gate CATG_USDT | Gate CAT_USDT | -0.38% | +0.0001% | |
| Gate SNXXG_USDT | Gate SNXX_USDT | +0.36% | +0.0016% | |
| Binance BNCBUSDT | Binance BNCUSDT | -0.36% | +0.0607% | |
| Gate LITEG_USDT | Gate LITE_USDT | +0.35% | +0.0049% | |
| Binance BBBUSDT | Binance BBXUSDT | -0.35% | -0.0024% | |
| Gate CRWVG_USDT | Gate CRWV_USDT | +0.31% | +0.0085% |
Basis = the perpetual price ÷ the per-share price of the stock token on the same venue (normalized by shares per token) − 1; funding is that contract's 7-day average. Positive means the perpetual is richer, so one might buy the token, short the perpetual and collect funding; negative is the reverse. Outside market hours prices are volatile and books are thin, so the basis is indicative only.
Risks
These trades need positions on two venues, with margin split between them; a sharp move can liquidate one side. Funding changes every period, so the difference can shrink or flip, and fees, slippage and transfer times on both sides must be counted. Data comes from each venue's public feeds and is for research only, not investment advice.