Pair trades — cross-exchange funding rate arbitrage
A pair trade (funding rate arbitrage, delta-neutral) is two opposite positions of equal size on the same coin across two exchanges: you receive funding where it is extreme, pay it where it is near zero, and price movement is cancelled by the opposite leg. The income comes not from the rate but from the SPREAD between exchanges — and it has to outlive the cost of four legs of fees.
20 coins with the widest spread · both legs' volume from $1.0M
| Coin | Long on | Short on | Spread | Holds for | Typical for the week | Break-even |
|---|---|---|---|---|---|---|
| ONE | Bitget -0.645%/h | Binance -0.517%/h | 0.129%/h | 29 h | 0.0168%/h | 2.1 h |
| COTI | Bybit -0.093%/h | Bitget +0.001%/h | 0.0939%/h | flickers | 0.0035%/h | 2.9 h |
| LSK | Bybit -0.058%/h | Bitget -0.012%/h | 0.0458%/h | 6.0 h | 0.0483%/h | 5.9 h |
| CVC | Bybit -0.090%/h | Binance -0.046%/h | 0.0434%/h | 11 h | 0.0199%/h | 6.2 h |
| SIREN | Bitget +0.001%/h | Binance +0.026%/h | 0.0246%/h | flickers | 0.0188%/h | 11 h |
| PHA | Bybit -0.032%/h | Bitget -0.008%/h | 0.0245%/h | flickers | 0.0004%/h | 11 h |
| BTW | Bybit +0.002%/h | Bitget +0.020%/h | 0.0189%/h | 11 h | 0.0104%/h | 14 h |
| B2 | Bybit +0.001%/h | Binance +0.018%/h | 0.0170%/h | flickers | 0.0035%/h | 16 h |
| AERO | Binance +0.001%/h | Hyperliquid +0.018%/h | 0.0164%/h | flickers | 0.0004%/h | 16 h |
| WAXP | Bybit -0.081%/h | Binance -0.067%/h | 0.0144%/h | 7.0 h | 0.0000%/h | 19 h |
| PHAROS | Bybit +0.001%/h | Binance +0.015%/h | 0.0141%/h | flickers | 0.0066%/h | 19 h |
| STEEM | Binance -0.032%/h | Bybit -0.019%/h | 0.0130%/h | flickers | 0.0045%/h | 21 h |
| CASHCAT | Hyperliquid +0.029%/h | Bybit +0.042%/h | 0.0129%/h | flickers | 0.0000%/h | 21 h |
| SOON | Bybit +0.001%/h | Binance +0.014%/h | 0.0126%/h | 3.0 h | 0.0086%/h | 21 h |
| CAP | Bitget +0.001%/h | Bybit +0.014%/h | 0.0124%/h | flickers | 0.0032%/h | 22 h |
| FLOCK | Bybit -0.035%/h | Bitget -0.022%/h | 0.0121%/h | flickers | 0.0000%/h | 22 h |
| VTHO | Binance -0.011%/h | Bitget +0.001%/h | 0.0116%/h | flickers | 0.0034%/h | 23 h |
| MYX | Bybit +0.001%/h | Binance +0.011%/h | 0.0095%/h | 11 h | 0.0020%/h | 28 h |
| RIVER | Bybit +0.001%/h | Binance +0.011%/h | 0.0095%/h | flickers | 0.0041%/h | 29 h |
| ARX | Bybit +0.001%/h | Bitget +0.011%/h | 0.0095%/h | flickers | 0.0051%/h | 29 h |
- ONE0.129%/h
- COTI0.0939%/h
- LSK0.0458%/h
- CVC0.0434%/h
- SIREN0.0246%/h
- PHA0.0245%/h
- BTW0.0189%/h
- B20.0170%/h
- AERO0.0164%/hlong onBinance +0.001%/hshort onHyperliquid +0.018%/hholds forflickerstypical for the week0.0004%/hfees break-even16 h
- WAXP0.0144%/h
- PHAROS0.0141%/h
- STEEM0.0130%/h
- CASHCAT0.0129%/hlong onHyperliquid +0.029%/hshort onBybit +0.042%/hholds forflickerstypical for the week0.0000%/hfees break-even21 h
- SOON0.0126%/h
- CAP0.0124%/h
- FLOCK0.0121%/h
- VTHO0.0116%/h
- MYX0.0095%/h
- RIVER0.0095%/h
- ARX0.0095%/h
Computed at 0.055% per side and 0.050% slippage across 4 legs. The rate is a prediction for the next settlement — the exchange keeps moving it until then. Your own fees live in settings and apply on the pair card.
Rate map
17 coins whose spread pays back four legs of fees in under a day. Colour is who gets paid, saturation is how strongly.
| Coin | Binance | Bybit | OKX | Bitget | Hyperliquid | Spread |
|---|---|---|---|---|---|---|
| ONE | -0.52 | · | · | -0.65 | · | 0.13 |
| COTI | 0.00 | -0.09 | · | 0.00 | · | 0.094 |
| LSK | -0.03 | -0.06 | · | -0.01 | · | 0.046 |
| CVC | -0.05 | -0.09 | · | -0.05 | · | 0.043 |
| SIREN | 0.03 | · | · | 0.00 | · | 0.025 |
| PHA | -0.03 | -0.03 | · | -0.01 | · | 0.024 |
| BTW | 0.00 | 0.00 | · | 0.02 | · | 0.019 |
| B2 | 0.02 | 0.00 | · | · | · | 0.017 |
| AERO | 0.00 | 0.00 | · | 0.00 | 0.02 | 0.016 |
| WAXP | -0.07 | -0.08 | · | · | · | 0.014 |
| PHAROS | 0.02 | 0.00 | · | · | · | 0.014 |
| STEEM | -0.03 | -0.02 | · | · | · | 0.013 |
| CASHCAT | · | 0.04 | · | · | 0.03 | 0.013 |
| SOON | 0.01 | 0.00 | · | · | · | 0.013 |
| CAP | 0.00 | 0.01 | · | 0.00 | · | 0.012 |
| FLOCK | -0.03 | -0.03 | · | -0.02 | · | 0.012 |
| VTHO | -0.01 | · | · | 0.00 | · | 0.012 |
values are % per hourunderlined — the legs of the pair trade: where to long and where to short
What this table does not show
Basis
Exchange prices drift apart, so a «price-neutral» pair still carries that risk: both legs will be closed at different prices. On illiquid coins the basis eats the spread easily.
Margin on two exchanges
Money is locked on both sides, and liquidating ONE leg turns the pair into a naked position against the market. That's exactly why leverage in pair trades is kept low.
The spread collapses
Rates converge faster than break-even arrives: the numbers here are a snapshot of this minute, not a promise. The weekly median shows how persistent the divergence actually is for this coin.
Fees are GENERIC, not yours
This table is computed at the service's generic rates, NOT at your settings: the page is the same for everyone and lives in a shared cache. Your own fees apply on the pair card, in the calculator. VIP tier, maker execution and rebates change break-even several times over.
Frequently asked
What is cross-exchange funding rate arbitrage?
The same coin is held in two opposite positions on different exchanges: long where the rate is lower, short where it is higher. Price movement is cancelled by the opposite leg, and what flows your way is the difference in rates — the spread in the table above. Traders also call it a delta-neutral pair trade.
How is it different from ordinary cross-exchange arbitrage?
Classic cross-exchange arbitrage earns on the difference in PRICE: buy cheaper on one venue, sell dearer on another, and beat the prices back together. Here price does not matter at all — both legs are open at once and offset each other, and what pays is the difference in funding rates. So the position needn't be closed the same second: it earns while the spread lives, and the “Holds for” column shows how many hours that is for this coin.
How long do you have to hold a pair to break even?
Exactly as long as the “Break-even” column says: the spread has to accumulate four legs of fees — two positions, entry and exit. At the service's generic rates that is hours on a wide divergence and a full day on a narrow one. Your own fees apply on the pair card, in the calculator.
Which exchanges is the spread computed across?
Binance, Bybit, OKX, Bitget and Hyperliquid — five venues in one slice, refreshed every 2–5 minutes. The rate map shows the coin on all of them at once: one red cell among green is an outlier on a single exchange, half a row in one colour means the market really has diverged.
Is a pair trade really delta-neutral?
By design yes, in practice not entirely. Price risk is cancelled by the opposite leg, but the basis between venues remains, margin is locked on both sides, and one leg can be liquidated on a sharp move — which turns the pair into a naked position. What the calculation leaves out is listed above, under “What this table does not show”.
Is there a free funding arbitrage scanner?
This page is one: the spread table and the rate map are open without registration, and the data comes from the public APIs of five exchanges. The numbers never go behind a paywall; PRO adds personal alerts in the bot, not access to them.