资金费率套利与价差
同一只股票的永续合约在不同平台的资金费率并不一样：在费率低的平台做多、费率高的平台做空，价格涨跌大致对冲，每次结算可以收取两边的费率差。同一平台的股票代币和永续合约之间也常有价差。下面按近 7 天平均资金费率和实时价格列出差距最大的组合，未计手续费、滑点和资金占用。
数据截至
资金费率差最大的股票
| 股票 | 做多（费率低） | 做空（费率高） | 平均费率差 / 8 小时 | 折合年化 | 近 30 天走势 |
|---|---|---|---|---|---|
| Hyperliquid -0.2563% (-0.1608%) | Gate -0.0790% (-0.0039%) | +0.1773% | +194.13% | +0.0501% | |
| BingX -0.0105% (-0.0232%) | Gate +0.1338% (0.0000%) | +0.1442% | +157.95% | +0.1429% | |
| Gate 0.0000% (0.0000%) | BingX +0.1342% (+0.0050%) | +0.1342% | +146.97% | -0.0109% | |
| MEXC -0.0955% (-0.1656%) | 币安 +0.0130% (0.0000%) | +0.1085% | +118.76% | +0.0387% | |
| MEXC +0.0170% (0.0000%) | Hyperliquid +0.1151% (+0.1858%) | +0.0981% | +107.42% | +0.0344% | |
| BingX -0.0229% (+0.0050%) | Bitget +0.0744% (0.0000%) | +0.0974% | +106.63% | +0.0445% | |
| Gate 0.0000% (0.0000%) | Hyperliquid +0.0905% (+0.1201%) | +0.0905% | +99.10% | +0.0881% | |
| 欧易 +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 +0.0635% (+0.0377%) | +0.0661% | +72.35% | +0.0042% | |
| Bitget -0.0074% (0.0000%) | BingX +0.0576% (+0.0050%) | +0.0649% | +71.11% | +0.0300% | |
| Bybit -0.0341% (+0.0065%) | BingX +0.0244% (+0.0058%) | +0.0585% | +64.02% | +0.0257% | |
| Gate 0.0000% (0.0000%) | BingX +0.0579% (+0.0172%) | +0.0579% | +63.38% | +0.0433% | |
| Gate 0.0000% (0.0000%) | BingX +0.0573% (+0.0050%) | +0.0573% | +62.75% | +0.0249% | |
| BingX -0.0022% (+0.0050%) | Bitget +0.0515% (0.0000%) | +0.0537% | +58.79% | -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% | +0.0299% | |
| Hyperliquid -0.0369% (-0.0159%) | Bybit +0.0162% (0.0000%) | +0.0532% | +58.21% | +0.0099% | |
| Gate +0.0031% (0.0000%) | Bybit +0.0552% (+0.0166%) | +0.0520% | +56.97% | +0.0228% | |
| Gate 0.0000% (0.0000%) | BingX +0.0518% (+0.0050%) | +0.0518% | +56.67% | +0.0595% | |
| BingX +0.0108% (-0.0050%) | Bitget +0.0618% (0.0000%) | +0.0510% | +55.87% | -0.0004% | |
| Gate -0.0022% (0.0000%) | BingX +0.0479% (+0.0010%) | +0.0500% | +54.77% | +0.0223% | |
| 币安 -0.0231% (+0.0240%) | Bitget +0.0263% (0.0000%) | +0.0494% | +54.11% | +0.0331% | |
| BingX -0.0433% (+0.0200%) | MEXC +0.0056% (+0.0200%) | +0.0489% | +53.54% | +0.0229% | |
| 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% (+0.0327%) | +0.0475% | +52.03% | +0.0314% | |
| BingX -0.0511% (-0.0131%) | MEXC -0.0052% (-0.0131%) | +0.0460% | +50.32% | +0.0397% | |
| Bybit -0.0062% (+0.0096%) | BingX +0.0386% (+0.0086%) | +0.0448% | +49.10% | +0.0208% |
费率为近 7 天平均值（括号内为当期费率），统一按每 8 小时显示（Hyperliquid 等每小时结算的已换算）；只比较持仓或成交额不少于 10 万美元、有 5 天以上记录的美元计价合约。多数交易所周末暂停股票合约的资金费率，平均值已经包含这些时段。年化按平均费率差不变估算，实际费率每期都会变化。“近 30 天走势”是这两个合约每天的平均费率差，虚线为 0，下方数字是 30 天平均差（不足 14 天不显示）；长期保持在 0 轴上方的组合比偶尔冲高的更稳定。 资金费率计算器 →
同一平台股票代币与永续合约的价差
| 股票 | 股票代币 | 同平台永续合约 | 价差 | 7 日平均资金费率 |
|---|---|---|---|---|
| MEXC MCDXUSDT | MEXC MCDSTOCK_USDT | +1.29% | +0.0076% | |
| 币安 MRNABUSDT | 币安 MRNAUSDT | -0.91% | +0.0040% | |
| 币安 CYPHBUSDT | 币安 CYPHUSDT | +0.67% | +0.0075% | |
| 欧易 XXIAOMI-USDT | 欧易 XIAOMI-USDT-SWAP | +0.65% | -0.0023% | |
| 币安 GPROBUSDT | 币安 GPROUSDT | -0.59% | +0.0037% | |
| Gate SPYX_USDT | Gate SPY_USDT | +0.58% | +0.0002% | |
| 币安 BBBUSDT | 币安 BBXUSDT | -0.55% | -0.0024% | |
| 币安 QNTBUSDT | 币安 QNTXUSDT | +0.52% | -0.0011% | |
| Gate GEG_USDT | Gate GE_USDT | -0.48% | 0.0000% | |
| Gate PGG_USDT | Gate PG_USDT | -0.46% | -0.0051% | |
| Gate QQQX_USDT | Gate QQQ_USDT | +0.42% | +0.0042% | |
| Gate CATG_USDT | Gate CAT_USDT | -0.38% | +0.0001% | |
| 币安 NOKBUSDT | 币安 NOKUSDT | +0.37% | +0.0108% | |
| 欧易 XCBRS-USDC | 欧易 CBRS-USDT-SWAP | +0.35% | +0.0073% | |
| 欧易 XCOHR-USDT | 欧易 COHR-USDT-SWAP | +0.32% | +0.0077% | |
| Gate ARMG_USDT | Gate ARM_USDT | +0.31% | +0.0076% | |
| 欧易 XPOPMART-USDT | 欧易 POPMART-USDT-SWAP | +0.30% | -0.0028% | |
| 币安 WENBUSDT | 币安 WENUSDT | +0.29% | -0.0034% | |
| 欧易 XSQQQ-USDT | 欧易 SQQQ-USDT-SWAP | -0.28% | +0.0039% | |
| Gate GSG_USDT | Gate GS_USDT | -0.27% | 0.0000% |
价差 = 永续合约价格 ÷ 同一平台股票代币的每股价格（已按每枚代币对应的股数换算）− 1，资金费率为该合约近 7 天平均值。为正表示永续更贵，可考虑买入代币、做空永续并收取资金费；为负则相反。休市期间价格波动大、深度薄，价差仅供参考。
风险提示
这些机会需要在两个平台分别开仓，保证金分散在两边，单边行情剧烈时一侧可能被强平；资金费率每期都会变化，费率差可能缩小甚至反转；还要计入两边的开平仓手续费、滑点和提币时间。本页数据来自各平台公开接口，仅供研究参考，不构成投资建议。