Funding-rate arbitrage APR calculator

What it calculates

Live pair: choose a coin and two exchanges. The calculator takes the live funding rates, order books and fees, picks the direction that nets more, and shows the net, net APR, breakeven, max size and the result if funding halves, plus the same pair held from 8 hours to 30 days. You can enter assumed funding rates per leg; a result that uses them is never marked actionable. Without Pro it uses the default $10,000 per side for 7 days; Pro uses your own size and settings.

Manual: type two legs, each with its funding rate per period in %, its interval in hours and its taker fee in bp, plus size, holding period and, if you want, a round-trip slippage. There is no order book here, so slippage is whatever you enter. A positive rate means longs pay shorts.

Boros lock: the net fixed rate you would lock on Pendle Boros at an implied APR you give, after its taker and settlement fees and the entry cost, against the floating rate you expect, with the break-even floating rate.

Transfer net: buy on one exchange, withdraw, and sell on another at prices you give; the net after both trading fees and the withdrawal fee, for a real transfer and for inventory already held on both exchanges.

Execution cost

What the numbers mean

Net = funding over the holding period − four taker fees (open and close, both legs) − slippage − carry. Net APR annualises it against your size per side. Breakeven is the first settlement at which funding has covered the fees and slippage; beyond 30 days the calculator says so instead.

Short holds rarely cover four taker fees; the longer the hold, the more the rate has to stay where it is. These are projections from the rates given, not realised returns.

Methodology · Glossary