Funding Rate Arbitrage Calculator — Net Carry After Fees

Delta-neutral funding arbitrage yields minus round-trip taker fees on both exchanges AND the cost of withdrawing USDT collateral off both legs — the full price of the route, not just the raw spread.

Long / Short pair Amount per leg ($) Holding period (days)

Amount is per leg — a delta-neutral position needs the same size on both exchanges, so total capital deployed is roughly double the amount above. Gross is annualized funding income for the holding period; taker fees cover 4 round-trip fills (entry + exit on both legs); withdrawal fees are the cheapest CREDIBLE USDT network fee on each CEX leg (technical zeros on exotic networks are excluded). When a leg is a perpetual DEX, or the fee is genuinely unknown, withdrawal cost cannot be counted and the total is shown as "Net before withdrawal", not a final net carry.

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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?

Most funding arbitrage calculators only show the gross spread or, at best, round-trip trading fees. They ignore the cost of moving USDT collateral to fund each leg and withdrawing it afterwards. This is — as far as we know — the only funding arbitrage calculator that subtracts real withdrawal fees from both exchanges, using live data from our withdrawal fee tracker.

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.