Funding Arbitrage Net Carry Calculator
Compare two spot/perpetual or perpetual/perpetual positions using settlement calendars, execution costs and committed capital.
Your financial inputs stay in this browser and are excluded from analytics.
Manual scenario · no live funding feed
Both legs must refer to the same underlying asset and USD-valued linear exposure. Inverse contracts are not modeled.
Enter assumptions and calculate to see a result.
Your next step
Compare the funding scenario with current rates
A fixed rate is a scenario. Compare funding across exchanges before evaluating the cost of holding a perpetual position.
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Results depend on your inputs and the assumptions shown by this calculator. Reference links explain the model; they do not supply a live price feed. Fees, execution and changing market conditions can affect actual outcomes.
Methodology and assumptions
Manual scenario · no live funding feed
Manual assumptions, not live rates. Prices and position sizes stay constant. Funding is positive for a short receiving a positive rate; a long pays it.
Both legs must refer to the same underlying asset and USD-valued linear exposure. Inverse contracts are not modeled.
Use UTC. The next settlement must be after the start and within one interval. Include settlements at the end, exclude the start. Intervals remain fixed in each scenario.
Committed capital = both cash/collateral or margin amounts + reserve. It is not notional. Enter all capital actually tied up; the model does not derive margin requirements.
First settlement covering all assumed entry, exit and transfer costs plus borrowing accrued so far. Later payments can erase this break-even. No event is extrapolated past the chosen period.
Delta uses quantities of the same underlying asset. Equal USD notional at different prices is not necessarily neutral. Price, basis, liquidation, collateral and counterparty risks remain.
Fₙ = ΣFᵢ − C₁ − C₂ − C₃ − C₄ − C₅
Frequently asked questions
Is positive funding risk-free income?
Delta uses quantities of the same underlying asset. Equal USD notional at different prices is not necessarily neutral. Price, basis, liquidation, collateral and counterparty risks remain.
What is the return denominator?
Committed capital = both cash/collateral or margin amounts + reserve. It is not notional. Enter all capital actually tied up; the model does not derive margin requirements.