Comparing Perp Funding Rates Across 9 DEXs

Funding rates are the cost of holding a perpetual position, and they differ between venues for the same symbol — sometimes by a full percentage point. Octav Perps is a free dashboard that puts every venue's rate for a symbol on one row so the spread is obvious.

What it covers

The symbol list is broader than crypto. Perp venues now list equity and commodity synthetics — NVDA, TSLA, XAU, BRENTOIL — and those appear alongside BTC and ETH.

How to read the table

Each row is one symbol; each column is a venue. The three computed columns are where the value is:

• Best rate — the most favourable funding available for your direction.
• Worst rate — the least favourable.
• Spread — the gap between them, which is the size of the opportunity.

A positive funding rate means longs pay shorts. Negative means shorts pay longs. So "best" depends on which side you are on — a deeply negative rate is excellent if you are long and expensive if you are short.

Why the spread exists

Funding is a mechanism to keep a perp's price anchored to spot. Each venue computes it from its own order book, so the rate reflects positioning on that venue, not a global truth.

Consequences worth internalising:

1. Thin venues drift further. A symbol with little open interest on a small venue can show a rate far from the majority.
2. Rates are per-interval, not annualised. A 0.01% rate charged every eight hours is roughly 10.9% a year. The table shows the interval rate.
3. A wide spread is not free money. Capturing it means holding offsetting positions on two venues, which costs margin on both, incurs fees, and carries liquidation risk on each leg independently.

Funding is a portfolio line, not a footnote

For anyone running perps at size, accrued funding is a real P&L component that does not appear in a token balance anywhere. It accrues inside the protocol, alongside margin and unrealised PnL.

That is the same reason perp positions vanish from most portfolio trackers entirely — covered in Tracking Hyperliquid Perps in Your Portfolio. If your portfolio system reports only deposited collateral, it is not capturing funding either, and a carry strategy will look flat while it is quietly earning or bleeding.

Where this sits in the toolset

Octav Perps is one of a set of free, standalone tools built on the same underlying data as the main platform — see Every Octav Tool and When to Use It. If you want the funding and position data programmatically rather than in a dashboard, that is the portfolio API.