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
| 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 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.