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Delta-neutral funding
Positions that earn funding and do not move with the price, net of all costs, from feeds.markoutlabs.com. An estimate, not advice. Method ↓
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Funding: the plain average of the last 365 days, each pair in the direction that paid · base-tier fees
How these numbers are made
The APR of a row uses the plain average of the funding that the venues settled over the last 365 days. Each day counts the same. A pair with less than a year of history uses the last 90 days, and both legs of a perp-perp row use the same days. A pair with less than 90 days of settled funding is left out: a few weeks say little about a year. A perp-perp pair is shown in the direction whose short leg paid more over that window: a choice made with hindsight, so the APR is a record of what the spread paid, not of what a trader could have known. The APR at the rate now uses the funding rate of this moment instead. The cost of each leg is the fee, the spread or the measured impact at the size, and the scenario's slippage, paid once at entry and once at exit in the year. The APR divides the net of the year by all the capital, also the margin and the reserve that earn nothing, without compounding. It shows what the funding paid, not what it will pay.
Fees: base tier, maker / taker
| Venue | Spot | Perp | Tier | Source |
|---|---|---|---|---|
| Binance | 0.100% / 0.100% | 0.020% / 0.050% | VIP 0 | fee page 2026-10 |
| Bybit | 0.100% / 0.100% | 0.020% / 0.055% | Non-VIP | fee page 2026-10 |
| OKX | 0.080% / 0.100% | 0.020% / 0.050% | Regular user Lv1 | fee page 2026-10 |
| Deribit | — | 0.000% / 0.050% | BTC and ETH perpetuals | fee page 2026-10 |
| Coinbase | 0.500% / 0.900% | — | Advanced, US entry tier (blog post of 2026-09-16) | fee page 2026-10-21 |
| MEXC | 0.000% / 0.050% | 0.000% / 0.020% | Base tier, from the API | fee page 2026-10-25 |
| KuCoin | 0.100% / 0.100% | 0.020% / 0.060% | Spot Level 0, Futures Level 0 | fee page 2026-10-25 |
| Bitfinex | 0.000% / 0.000% | 0.000% / 0.000% | Zero trading fees, all users | fee page 2026-10-25 |
| Hyperliquid | 0.040% / 0.070% | 0.015% / 0.045% | Tier 0, no staking discount | fee page 2026-10-25 |
| Kraken | 0.400% / 0.800% | 0.020% / 0.050% | Pro spot Tier 1, Futures Tier 1 | fee page 2026-10-21 |
| Bitget | 0.100% / 0.100% | 0.020% / 0.060% | VIP 0 | fee page 2026-10-28 |
| Gate | 0.100% / 0.100% | 0.020% / 0.050% | VIP 0, USDT perpetuals | fee page 2026-10-28 |
| Lighter | — | 0.000% / 0.000% | Standard account | fee page 2026-10-28 |
| dYdX | — | 0.010% / 0.050% | Tier 1, below $1M a month | fee page 2026-10-28 |
| Bitstamp | 0.300% / 0.400% | — | Below $10,000 a month, standard pairs | fee page 2026-10-28 |
Fills and margin
- optimistic
- 100% maker, 1 bp slippage on each side, 100% of the measured depth.
- base
- 0% maker, 3 bp slippage on each side, 100% of the measured depth.
- stress
- 0% maker, 10 bp slippage on each side, 50% of the measured depth.
- Isolated
- margin at 3x, or the most that the venue's tier allows at the size, and a reserve of 10% of the notional, on each perp. The tiers of Bybit, OKX, Hyperliquid, KuCoin and MEXC are read. Binance publishes its tiers only to a signed request, and Bitfinex's margin grows by size steps that its public config does not hold, so their perps keep the assumption.
- Portfolio
- the spot coin backs the perp on the same venue (Binance, Bybit, OKX), with a cash buffer of 5%. Only for the coins that the venue accepts.
- Inverse perp
- the coin is the margin, with a cash buffer of 5%.