FREE TOOL · NO SIGNUP

Funding Rate Calculator: Perp Cost and Basis Arbitrage P&L

Estimate funding paid or received on a perpetual position, subtract open/close fees, and model a delta-neutral spot + short-perp basis trade. All math runs in your browser.

Quick answer. Funding = notional × rate × (hours ÷ 8), and the annualized rate = rate × 3 × 365 — so 0.01%/8h ≈ 10.95% APR. Positive funding means longs pay shorts, which is exactly why buying spot and shorting the perp (basis mode below) can earn a delta-neutral spread net of fees.

Inputs

$

Use a negative value for negative funding.

Used in delta-neutral mode only.

Perp position P&L

Total funding
—
—
Total fees
—
Net P&L
—
Funding APR
—
Position notional —
Funding intervals (hours ÷ 8) —
Funding per interval —
Annualized funding (rate × 3 × 365) —
Total funding —
Perp fees (open + close) —
Spot fees (buy + sell) —
Net P&L (excl. price moves) —
Basis yield over holding period —
⚠️ Funding is assumed constant over the holding period and settled every 8 hours; live rates change each interval, and intraday positions may still cross one settlement. Delta-neutral results ignore spot/perp price slippage, borrow costs and execution gaps — model those before sizing the trade.

Funding rate calculator FAQ

How is the funding payment calculated?

Funding payment = position notional × funding rate per interval × number of intervals held, where intervals = hours held ÷ 8. The annualized funding rate equals the per-8h rate × 3 × 365 — for example 0.01% per 8h is 10.95% annualized.

Who receives funding and who pays?

When funding is positive, longs pay shorts; when it is negative, shorts pay longs. The sign flips the cash flow direction in the calculator automatically, and open/close fees are always a cost regardless of side.

What is a delta-neutral basis trade and how is its P&L calculated?

A basis or cash-and-carry trade buys the asset on spot and shorts the same notional on perpetuals, so price deltas cancel. P&L = funding received − perp open/close fees − spot trading fees. With positive funding the position earns the funding spread; it loses if funding turns negative or fees exceed funding.

What is a typical funding rate in normal markets?

The baseline on most venues is 0.01% per 8h, about 10.95% annualized, with a normal range of roughly 0.005% to 0.05%. During crowded bull rallies rates can spike above 0.1% per 8h — over 100% annualized — before arbitrage capital and liquidations push them back.

Related guides