S funding rates and arbitrage
Updated 2026-11-11 22:47 UTC
Best S arbitrage after every cost
No S pair nets a profit at this size right now.
At $10,000 per side, held 7 days, after taker fees, order-book slippage and carry.
S funding rate on every exchange
| Exchange | Contract | Rate | Every | Annualised | Settled 7d, annualised | Open interest | Next settlement |
|---|---|---|---|---|---|---|---|
| Backpack | S_USDC_PERP | 0.0048% | 1 h | +42.1% | −0.5% | $102.9K | 2026-11-11 23:00 |
| Bybit | SUSDT | 0.0050% | 4 h | +10.9% | +4.1% | $3.2M | 2026-11-12 00:00 |
| KuCoin | SUSDTM | 0.0050% | 4 h | +10.9% | −3.2% | $1.3M | 2026-11-12 00:00 |
| Phemex | SUSDT | 0.0050% | 4 h | +10.9% | — | $1.3M | 2026-11-12 00:00 |
| WhiteBIT | S_PERP | 0.0050% | 4 h | +10.9% | +11.0% | $1.1M | 2026-11-12 00:00 |
| ApeX | S-USDT | 0.0013% | 1 h | +10.9% | +10.9% | $21.9K | 2026-11-11 23:00 |
| Bitget | SUSDT | 0.0050% | 4 h | +10.9% | +9.5% | $989.1K | 2026-11-12 00:00 |
| OKX | S-USDT-SWAP | 0.0050% | 4 h | +10.9% | −7.2% | $929.7K | 2026-11-12 00:00 |
| BingX | S-USDT | 0.0050% | 4 h | +10.9% | +10.2% | $638.6K | 2026-11-12 00:00 |
| Gate | S_USDT | 0.0050% | 4 h | +10.9% | −9.0% | $93.3K | 2026-11-12 00:00 |
| Hyperliquid | S | 0.0013% | 1 h | +10.9% | −41.6% | $1.6M | 2026-11-11 23:00 |
| Variational | S-PERP | 0.0050% | 4 h | +10.9% | +12.1% | $64.4K | 2026-11-12 00:00 |
| Lighter | S | 0.0012% | 1 h | +10.5% | −7.7% | $74.5K | 2026-11-11 23:00 |
| BloFin | S-USDT | 0.0012% | 4 h | +2.6% | −4.4% | $214.3K | 2026-11-12 00:00 |
| Aster | SUSDT | 0.0010% | 4 h | +2.1% | +1.9% | $29.4K | 2026-11-12 00:00 |
| Bitunix | SUSDT | 0.0008% | 4 h | +1.7% | −3.9% | — | 2026-11-12 00:00 |
| Binance | SUSDT | -0.0010% | 4 h | −2.1% | −4.4% | $4.7M | 2026-11-12 00:00 |
| MEXC | S_USDT | -0.0011% | 4 h | −2.4% | −4.3% | $2.1M | 2026-11-12 00:00 |
| LBank | SUSDT | -0.0012% | 4 h | −2.6% | +8.3% | — | 2026-11-12 00:00 |
| WOO X | PERP_S_USDT | -0.0012% | 4 h | −2.6% | −4.5% | $58 | 2026-11-12 00:00 |
| Extended | S-USD | -0.0003% | 1 h | −2.6% | −3.6% | $42.4K | 2026-11-11 23:00 |
| Crypto.com | SUSD-PERP | -0.0028% | 1 h | −24.6% | −22.5% | $1.5K | 2026-11-11 23:00 |
Borrow S to sell spot
| Exchange | Borrow APR | Per-account limit |
|---|---|---|
| Bitget | 2.06% | — |
| Bybit | 9.87% | — |
| Binance | 14.36% | — |
| OKX | 18.81% | — |
| Gate | 20.11% | $30K |
Cost to enter $10,000 of S
| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| ApeX | S-USDT | 83.2 bp * | order-book snapshot, 110 min old |
| MEXC | S_USDT | 5.4 bp | top of book only |
| Binance | SUSDT | 6.4 bp | top of book only |
| Lighter | S | 6.9 bp | top of book only |
| Variational | S-PERP | 7.0 bp | top of book only |
| OKX | S-USDT-SWAP | 7.8 bp | top of book only |
| Extended | S-USD | 8.1 bp | top of book only |
| Bybit | SUSDT | 8.3 bp | top of book only |
| BloFin | S-USDT | 8.8 bp | top of book only |
| BingX | S-USDT | 10.6 bp | top of book only |
| Bitget | SUSDT | 11.6 bp | top of book only |
| Gate | S_USDT | 13.1 bp | top of book only |
Taker fee plus slippage of a market buy of $10,000 from the mid price, at standard (VIP0) fees. * fee estimated: the exchange publishes no fee schedule without an account.
More on S
Questions
Is S funding-rate arbitrage profitable right now?
Not at $10,000 per side for 7 days: no S pair shows a verified profit after fees and order-book slippage right now. Rates change every hour; the live page re-ranks continuously.
Which exchange has the highest S funding rate?
Backpack at +42.1% a year (0.0048% every 1 h); the lowest is Crypto.com at −24.6%. A positive rate is paid by longs to shorts, a negative one by shorts to longs.
The method behind every number on AfterFees is published; Pro opens each figure into its line-by-line calculation. Estimates from current data, not investment advice. We never hold funds or trade for you.