Arbitrase funding dan basis
Kontrak perpetual untuk saham yang sama sering memiliki funding rate berbeda di tiap platform: long di platform dengan funding rendah dan short di platform dengan funding tinggi kurang lebih melindungi dari pergerakan harga dan mengumpulkan selisihnya di setiap penyelesaian. Token saham dan perpetual di platform yang sama juga sering memiliki selisih harga. Tabel di bawah mencantumkan selisih terbesar berdasarkan funding rata-rata 7 hari dan harga real-time, belum termasuk biaya, slippage, dan biaya modal.
Data per
Selisih funding rate terbesar
| Saham | Long (funding rendah) | Short (funding tinggi) | Selisih rata-rata / 8 jam | Disetahunkan | Tren 30 hari |
|---|---|---|---|---|---|
| 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% |
Funding rate adalah rata-rata 7 hari (dalam kurung tarif saat ini), ditampilkan per 8 jam (platform yang menyelesaikan per jam seperti Hyperliquid sudah dikonversi). Hanya kontrak berdenominasi USD dengan open interest atau volume minimal 100.000 USD dan riwayat minimal 5 hari yang dibandingkan. Sebagian besar bursa menghentikan funding kontrak saham pada akhir pekan, dan rata-rata sudah mencakup periode tersebut. Angka tahunan mengasumsikan selisih rata-rata tetap; tarif sebenarnya berubah setiap periode. Tren 30 hari menggambarkan selisih rata-rata harian antara kedua kontrak (garis putus-putus = 0), dengan rata-rata 30 hari di bawahnya (ditampilkan setelah ada 14 hari data); pasangan yang konsisten di atas nol lebih stabil daripada yang hanya sesekali melonjak. Kalkulator funding rate →
Basis token saham vs perpetual di platform yang sama
| Saham | Token saham | Perpetual di platform yang sama | Basis | Funding rata-rata 7 hari |
|---|---|---|---|---|
| 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 = harga kontrak perpetual ÷ harga per saham dari token saham di platform yang sama (disesuaikan dengan jumlah saham per token) − 1; funding rate adalah rata-rata 7 hari kontrak tersebut. Nilai positif berarti perpetual lebih mahal, sehingga bisa dipertimbangkan membeli token, short perpetual, dan menerima funding; nilai negatif sebaliknya. Di luar jam bursa harga sangat fluktuatif dan order book tipis, jadi basis hanya sebagai acuan.
Risiko
Transaksi ini memerlukan posisi di dua platform dengan margin terbagi; pergerakan tajam dapat melikuidasi salah satu sisi. Funding berubah setiap periode sehingga selisihnya bisa menyempit atau berbalik, dan biaya, slippage, serta waktu transfer di kedua sisi harus diperhitungkan. Data berasal dari API publik masing-masing platform, hanya untuk riset, bukan saran investasi.