Live Perp Funding Rates & Cross-Exchange Arb Spread

Funding on Hyperliquid vs OKX, annualized, for the most liquid perpetuals — plus the delta-neutral carry spread and which venue to short. Free, no signup, no wallet connect.

Updated 2026-08-11 10:06:17 UTC · refreshes every 90s · positive APR = longs pay shorts

→ Funding arbitrage calculator — does one of these spreads actually clear your fees? Net P&L, break-even hours, minimum spread that pays.

Biggest funding spreads right now

Long the cheap venue, short the expensive one, same size — you are delta-neutral and collect the difference. Spread is annualized; funding is paid hourly on Hyperliquid and every 8h on OKX, so these numbers move fast.

All funding rates (top 40 by volume)

Free JSON API — no key, no signup

Poll it from your bot. CORS is open, cached 60s.

curl "https://smeltworks.com/fundingradar/api/funding?limit=25"

Fields: hl_funding_apr_pct, okx_funding_apr_pct, spread_apr_pct, carry_trade, open_interest_usd, volume_24h_usd. Please keep it to ~1 request/minute.

How to read this

What funding actually is

A perpetual future has no expiry, so exchanges use a periodic funding payment to drag its price toward spot. When the perp trades above spot, longs pay shorts; below, shorts pay longs. Hyperliquid settles this every hour, OKX every eight hours. We annualize both so they are directly comparable: hourly × 24 × 365, and 8-hourly × 3 × 365.

Why a spread exists at all

Funding is set per-venue from that venue's own order book. Two exchanges with different user bases can carry very different positioning in the same coin, so the same perp can pay +40% APR on one and −5% on the other. Holding both sides leaves you flat on price and long the difference.

What kills the trade

Fees on four legs (two in, two out), funding flipping before you have earned the fees back, and liquidation of a single leg during a fast move. A 12% APR spread on a position you hold for six hours is roughly 0.008% gross — smaller than the round-trip fees on most venues. Size and duration matter more than the headline number.

Funding rate FAQ

What is a perpetual funding rate?

A perpetual future never expires, so exchanges charge a periodic funding payment to keep its price near spot. When the perp trades above spot the funding rate is positive and longs pay shorts; when it trades below, shorts pay longs. Hyperliquid settles funding every hour and OKX every eight hours.

How do you annualize a funding rate?

Multiply the per-interval rate by the number of intervals in a year. Hyperliquid pays hourly, so hourly rate x 24 x 365. OKX pays every 8 hours, so the 8-hour rate x 3 x 365. FundingRadar shows both already annualized so the two venues are directly comparable.

What is funding rate arbitrage?

If the same coin pays a very different funding rate on two exchanges, you go long on the venue with the cheaper (or negative) funding and short the same size on the expensive one. Your net price exposure is zero, and you collect the difference in funding each interval. It is often called the delta-neutral carry trade.

Is funding rate arbitrage actually profitable?

Only when the spread is wide enough and held long enough to beat costs. You pay taker fees on four legs — two to open, two to close — plus slippage. A 12% APR spread held for six hours earns roughly 0.008% gross, which is less than round-trip fees on most venues. Funding can also flip against you mid-trade, and a fast move can liquidate one leg while the other is fine.

Does a positive funding rate mean the price will go down?

Not reliably. Positive funding means positioning is crowded long and those longs are paying to hold, which is a sentiment signal rather than a directional one. It is useful as a measure of leverage in the market, not as a standalone entry trigger.

Is this funding rate data free to use?

Yes. The page needs no signup or wallet connect, and the same numbers are available as open JSON at /api/funding with CORS enabled and no API key. Please keep automated polling to about one request per minute.