Funding Rate Arbitrage Calculator — Net Carry After Fees
Calculate the funding payment difference between two perpetual positions after four trading fees and known USDT withdrawal costs. Set the same long and short notional and a holding period.
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Result from known costs
Some costs are unknown, so the total is incomplete. Missing:
- Execution costs (spread and slippage) are not estimated.
- Saving happens in Telegram Saving and watching work in Telegram: the bot shows this calculation and asks which notifications to turn on.
- Not enough history Some periods have too little history: they show a dash, together with the date full history starts and the share of the period covered.
Result from known costs
+3,358.58 USDT
Does not pay off under these assumptions
Legs
| Venue | Instrument | Side | Quantity | Notional |
|---|---|---|---|---|
| Aster | BTWUSDT · fapi_usdt_perp | Long — buying the contract | 4,929 BTW | 4,974.23 USDT |
| BingX | BTW-USDT · swap_usdt_crypto | Short — selling the contract | 4,929 BTW | 4,999.48 USDT |
Rates
- Rate spread per hour
- +0.094157%/h
- Spread, annualized
- ≈ +824.81% APR
| Instrument | Rate per period | Rate kind | Per hour | Annual (hourly × 8760) | Who pays | Next settlement |
|---|---|---|---|---|---|---|
| BTWUSDT · Aster | -0.478027% per 4h | current, accruing | -0.119507%/h | ≈ −1,046.88% APR | long receives | from exchange data |
| BTW-USDT · BingX | -0.101400% per 4h | current, accruing | -0.025350%/h | ≈ −222.07% APR | short pays | from exchange data |
- Annual = hourly rate × 8760 h — the rate shown, stretched over a year.
Accrual calendar
- From venue data
- +18.71 USDT
- Conditional repeats
- +3,348.85 USDT
| Time | Leg | Event rate | Source | Amount |
|---|---|---|---|---|
| Aster | -0.478027% | venue data | +23.78 USDT | |
| BingX | -0.101400% | venue data | −5.07 USDT | |
| Aster | -0.478027% | scenario | +23.78 USDT | |
| BingX | -0.101400% | scenario | −5.07 USDT | |
| Aster | -0.478027% | scenario | +23.78 USDT | |
| BingX | -0.101400% | scenario | −5.07 USDT | |
| Aster | -0.478027% | scenario | +23.78 USDT | |
| BingX | -0.101400% | scenario | −5.07 USDT | |
| Aster | -0.478027% | scenario | +23.78 USDT | |
| BingX | -0.101400% | scenario | −5.07 USDT | |
| Aster | -0.478027% | scenario | +23.78 USDT | |
| BingX | -0.101400% | scenario | −5.07 USDT |
More events: 348
- The next payment comes from venue data.
- Other rows are conditional repeats: rates are assumed unchanged.
Costs and result
- Funding over 30d
- +3,367.56 USDT
- Trading fee, Aster, entry
- −1.99 USDT taker · 0.0400% · venue public base fee
- Trading fee, Aster, exit
- −1.99 USDT taker · 0.0400% · venue public base fee
- Trading fee, BingX, entry
- −2.50 USDT taker · 0.0500% · the venue’s fee for this contract
- Trading fee, BingX, exit
- −2.50 USDT taker · 0.0500% · the venue’s fee for this contract
- Spread and slippage, Aster, entry
- —Execution costs (spread and slippage) are not estimated.
- Spread and slippage, Aster, exit
- —Execution costs (spread and slippage) are not estimated.
- Spread and slippage, BingX, entry
- —Execution costs (spread and slippage) are not estimated.
- Spread and slippage, BingX, exit
- —Execution costs (spread and slippage) are not estimated.
- Result from known costs
- +3,358.58 USDT
Break-even
- Calendar break-even
- Nov 12, 2026 04:00 UTC
- Approximation: costs ÷ daily funding flow
- ≈ 0.08 days
- Funding spread to break even over 30d
- 0.005987%/day
- Break-even uses known costs only, so it is not the full break-even.
Rate sensitivity
| Scenario | Result for the period | Completeness |
|---|---|---|
| Current rates | +3,358.58 USDT | from known costs |
| Half the spread | +1,674.80 USDT | from known costs |
| Funding = 0 | −8.98 USDT | from known costs |
| Rate signs flipped | −3,376.54 USDT | from known costs |
Capital and risk
- Total leg notional
- 9,973.71 USDT
- External reserve
- —
- Allocated capital
- 9,973.71 USDT
| Venue | Notional | Margin | Reserve on the venue | Leverage |
|---|---|---|---|---|
| Aster | 4,974.23 USDT | 4,974.23 USDT | 0.00 USDT | 1.00× |
| BingX | 4,999.48 USDT | 4,999.48 USDT | 0.00 USDT | 1.00× |
- Effective leverage = notional ÷ margin at each venue.
- The liquidation price is not shown: it needs your account’s personal margin tiers.
- Margin and reserve are not set: margin defaults to the leg notional (1×), reserve to 0.
Rate history
- Full history since
- Payments in history
- 576
- History coverage
- 53.33%
| Window | Status | Mean spread (time-weighted) | Sum of settled rates | Share of positive periods | Sign changes | Payments · coverage | Reasons |
|---|---|---|---|---|---|---|---|
| 24 h | from known costs | +0.052331%/h | —There is not enough rate history for this metric. | 100.00% | 0 | 10 · 83.33% | There is not enough rate history for this metric. |
| 7 days | from known costs | +0.012216%/h | —Rates are unknown for part of the period: the metric uses known values only. | 66.67% | 1 | 72 · 85.71% | Rates are unknown for part of the period: the metric uses known values only.; There is not enough rate history for this metric. |
| 30 days | from known costs | +0.007216%/h | —Rates are unknown for part of the period: the metric uses known values only. | 65.52% | 10 | 348 · 96.67% | Rates are unknown for part of the period: the metric uses known values only.; There is not enough rate history for this metric. |
| 90 days | from known costs | +0.007216%/h | —Rates are unknown for part of the period: the metric uses known values only. | 60.42% | 15 | 576 · 53.33% | Rates are unknown for part of the period: the metric uses known values only.; There is not enough rate history for this metric. |
- The funding path is hypothetical: fixed size, no price changes, fees or liquidations.
Data and assumptions
- Aster rate
- BingX rate
- Valid until
- Aster: The venue does not document whether this is the current rate or a forecast: the kind is determined from its actual data.
- The pair’s rates come from the shared list update and were not rechecked separately.
- A payment at the opening moment is outside the period; a payment at the closing moment is inside.
- Quantity = notional ÷ the higher of the leg prices.
- The price funding is calculated from does not change until the payment.
- The current rate stays unchanged in repeats.
- The funding interval does not change.
- Capital is already on the venues: no entry transfer; return and rebalancing are not included.
- The exit price equals the current price: exit notional and fee are as of now.
- Margin equals the leg notional (1× leverage).
- Reserve on the venue is 0.
- Margin equals the leg notional (1× leverage).
- Reserve on the venue is 0.
Want the live board with all opportunities and their spreads?
Open the funding arbitrage board →FAQ
FAQ
What is funding rate arbitrage?
A delta-neutral strategy: you open a long position where the perpetual funding rate is low or negative and a short of the same size where funding is high. Price moves cancel out, and you collect the difference in funding payments as yield.
Why does this calculator subtract withdrawal fees?
Withdrawing collateral after closing the positions reduces the result. The calculator subtracts a known USDT withdrawal fee from each exchange separately. If that cost is unknown or depends on an on-chain network, the result is shown before withdrawal costs.
What are the risks?
Funding arbitrage is market-neutral, not risk-free. Funding rates can flip before the next payment, both legs require margin (liquidation risk on either exchange), and exchange or transfer issues can break the hedge. Treat the net carry figure as an estimate based on the current spread, not a guaranteed return.
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