# Borrow S: rates on every exchange

Annualised margin borrow rates for S at VIP 0, and whether borrowing it to collect negative funding pays after every cost.

Updated 2026-10-30 08:40 UTC · https://afterfees.xyz/borrow/S

## S borrow rates by exchange

| Exchange | Now | 24 h avg | 7-day avg | Rate counted | Per-account limit | Platform remaining | Status |
|---|---|---|---|---|---|---|---|
| [Bybit](https://afterfees.xyz/venues/bybit) | 12.84% | 11.36% | 11.08% | 12.84% | $8.7K | not published | Borrowable |
| [Binance](https://afterfees.xyz/venues/binance) | 15.61% | 14.81% | 14.47% | 15.61% | $8.9K | not published | Borrowable |
| [Gate](https://afterfees.xyz/venues/gate) | 19.68% | 15.71% | 15.49% | 19.68% * | $30K | not published | Borrowable |
| [OKX](https://afterfees.xyz/venues/okx) | 21.60% | 10.12% | 9.81% | 21.60% | $10.5K | not published | Borrowable |

_Annualised simply (hourly rate × 8,760). Rate counted = the higher of the current rate and the 24 h average, as in every calculation on AfterFees. * Gate: rate × the published VIP multiplier (inferred)._

## Reverse carry on S: borrow and sell spot, long the perp

No reverse S carry 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 perps, most negative funding first

| Exchange | Contract | Rate | Every | Annualised |
|---|---|---|---|---|
| [OKX](https://afterfees.xyz/venues/okx) | S-USDT-SWAP | -0.0224% | 4 h | −49.2% |
| [Bitget](https://afterfees.xyz/venues/bitget) | SUSDT | -0.0217% | 4 h | −47.5% |
| [Hyperliquid](https://afterfees.xyz/venues/hyperliquid) | S | -0.0045% | 1 h | −39.6% |
| [MEXC](https://afterfees.xyz/venues/mexc) | S_USDT | -0.0171% | 4 h | −37.4% |
| [Binance](https://afterfees.xyz/venues/binance) | SUSDT | -0.0167% | 4 h | −36.6% |
| [Backpack](https://afterfees.xyz/venues/backpack) | S_USDC_PERP | -0.0036% | 1 h | −32.0% |
| [BingX](https://afterfees.xyz/venues/bingx) | S-USDT | -0.0098% | 4 h | −21.5% |
| [Bybit](https://afterfees.xyz/venues/bybit) | SUSDT | -0.0095% | 4 h | −20.9% |

## Coins

|   |   |
|---|---|
| Funding rates and every arbitrage on this coin | [S](https://afterfees.xyz/coin/S) |

## Questions

**Where is it cheapest to borrow S?**

Bybit, at 12.84% a year at the rate we count (the higher of the current rate and the 24 h average), among 4 exchanges that lend S.

**Can I earn negative funding on S by borrowing it?**

Not right now: no reverse S carry covers its borrow interest, fees and slippage at $10,000 for 7 days.

_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._