# S funding rates and arbitrage

Updated 2026-11-11 23:57 UTC · https://afterfees.xyz/coin/S

## 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 |
|---|---|---|---|---|---|---|---|
| [Bybit](https://afterfees.xyz/venues/bybit) | SUSDT | 0.0050% | 4 h | +10.9% | +6.7% | $3.2M | 2026-11-12 04:00 |
| [Backpack](https://afterfees.xyz/venues/backpack) | S_USDC_PERP | 0.0013% | 1 h | +10.9% | +0.1% | $102.9K | 2026-11-12 01:00 |
| [Phemex](https://afterfees.xyz/venues/phemex) | SUSDT | 0.0050% | 4 h | +10.9% | — | $1.3M | 2026-11-12 04:00 |
| [WhiteBIT](https://afterfees.xyz/venues/whitebit) | S_PERP | 0.0050% | 4 h | +10.9% | +10.9% | $1.1M | 2026-11-12 04:00 |
| [ApeX](https://afterfees.xyz/venues/apex) | S-USDT | 0.0013% | 1 h | +10.9% | +10.9% | $30.8K | 2026-11-12 01:00 |
| [BingX](https://afterfees.xyz/venues/bingx) | S-USDT | 0.0050% | 4 h | +10.9% | +10.9% | $635.4K | 2026-11-12 04:00 |
| [Aster](https://afterfees.xyz/venues/aster) | SUSDT | 0.0050% | 4 h | +10.9% | +2.6% | $29.6K | 2026-11-12 04:00 |
| [Gate](https://afterfees.xyz/venues/gate) | S_USDT | 0.0050% | 4 h | +10.9% | −9.4% | $94.4K | 2026-11-12 00:00 |
| [Hyperliquid](https://afterfees.xyz/venues/hyperliquid) | S | 0.0013% | 1 h | +10.9% | −41.2% | $1.6M | 2026-11-12 01:00 |
| [Variational](https://afterfees.xyz/venues/variational) | S-PERP | 0.0050% | 4 h | +10.9% | +10.9% | $64.5K | 2026-11-12 00:00 |
| [KuCoin](https://afterfees.xyz/venues/kucoin) | SUSDTM | 0.0035% | 4 h | +7.7% | −0.6% | $1.3M | 2026-11-12 04:00 |
| [Bitget](https://afterfees.xyz/venues/bitget) | SUSDT | 0.0032% | 4 h | +7.0% | +10.5% | $988.1K | 2026-11-12 04:00 |
| [OKX](https://afterfees.xyz/venues/okx) | S-USDT-SWAP | 0.0015% | 4 h | +3.2% | −4.7% | $923.5K | 2026-11-12 04:00 |
| [Lighter](https://afterfees.xyz/venues/lighter) | S | 0.0000% | 1 h | 0.0% | −6.8% | $73.4K | 2026-11-12 01:00 |
| [MEXC](https://afterfees.xyz/venues/mexc) | S_USDT | 0.0000% | 4 h | 0.0% | −2.2% | $2.1M | 2026-11-12 04:00 |
| [Extended](https://afterfees.xyz/venues/extended) | S-USD | 0.0000% | 1 h | 0.0% | −2.7% | $42.3K | 2026-11-12 01:00 |
| [LBank](https://afterfees.xyz/venues/lbank) | SUSDT | -0.0000% | 4 h | −0.1% | +7.5% | — | 2026-11-12 04:00 |
| [Binance](https://afterfees.xyz/venues/binance) | SUSDT | -0.0000% | 4 h | −0.1% | −2.3% | $4.7M | 2026-11-12 04:00 |
| [WOO X](https://afterfees.xyz/venues/woox) | PERP_S_USDT | -0.0001% | 4 h | −0.1% | −2.4% | $58 | 2026-11-12 04:00 |
| [Bitunix](https://afterfees.xyz/venues/bitunix) | SUSDT | -0.0011% | 4 h | −2.4% | −1.9% | — | 2026-11-12 04:00 |
| [BloFin](https://afterfees.xyz/venues/blofin) | S-USDT | -0.0025% | 4 h | −5.6% | −2.3% | $211K | 2026-11-12 04:00 |
| [Crypto.com](https://afterfees.xyz/venues/cryptocom) | SUSD-PERP | -0.0028% | 1 h | −24.6% | −20.5% | $1.5K | 2026-11-12 00:00 |

## Borrow S to sell spot

| Exchange | Borrow APR | Per-account limit |
|---|---|---|
| Bitget | 2.08% | — |
| Bybit | 9.85% | — |
| Binance | 14.17% | — |
| OKX | 18.67% | — |
| Gate | 20.08% | $30K |

## Cost to enter $10,000 of S

| Exchange | Contract | Fee + slippage | Source |
|---|---|---|---|
| MEXC | S_USDT | 3.4 bp | top of book only |
| Lighter | S | 5.5 bp | top of book only |
| OKX | S-USDT-SWAP | 6.4 bp | top of book only |
| BingX | S-USDT | 6.4 bp | top of book only |
| Binance | SUSDT | 6.4 bp | top of book only |
| Extended | S-USD | 6.7 bp | top of book only |
| Variational | S-PERP | 7.0 bp | top of book only |
| Bybit | SUSDT | 8.3 bp | top of book only |
| BloFin | S-USDT | 8.8 bp | top of book only |
| Bitget | SUSDT | 8.8 bp | top of book only |
| Gate | S_USDT | 11.7 bp | top of book only |
| KuCoin | SUSDTM | 12.9 bp | top of book only |

_Taker fee plus slippage of a market buy of $10,000 from the mid price, at standard (VIP0) fees._

## More on S

- [Borrow S: rates on every exchange](https://afterfees.xyz/borrow/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?**

Bybit at +10.9% a year (0.0050% every 4 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._