Over the week, funding on AKE perpetual swaps netted out negative on all eight exchanges we checked: on balance, shorts paid longs. The bill was not the same everywhere. Adding up every payment from 31 October 12:00 UTC to 7 November 11:00 UTC, a long position on Bybit received 6.97% of its value. On HTX it received 2.32%. Same coin, same week, a gap of 4.65 percentage points.
The eight totals
| Exchange | Payments | Week total | Worst single payment |
|---|---|---|---|
| Bybit | 42 | −6.97% | −1.05% |
| Gate | 42 | −6.74% | −0.81% |
| OKX | 46 | −6.47% | −1.00% |
| MEXC | 42 | −5.78% | −0.84% |
| Binance | 42 | −5.77% | −0.82% |
| KuCoin | 42 | −3.51% | −0.95% |
| BingX | 42 | −3.28% | −0.67% |
| HTX | 42 | −2.32% | −0.75% |
A total is the sum of each payment's rate, as a percentage of position value. Every figure comes from the exchange's own public funding history.
One shock, different prices
The pressure came in steps: first on 1–3 November, then on a violent 5 November. At 20:00 UTC that day seven of the eight exchanges printed their worst payment of the week, yet its size depended on the venue: −1.05% on Bybit, −1.00% on OKX, −0.95% on KuCoin, −0.75% on HTX. Over the whole UTC day, Bybit's payments added up to −2.29%, OKX's to −2.31% and HTX's to −1.25%.
OKX also made 46 payments instead of 42, because it shortened its settlement interval to two hours at times. The other seven stayed on four-hour intervals all week.
How rare is a gap like this
In our funding database, 599 coins were listed on at least three exchanges with a full week of records. For a typical coin, the difference between its highest and lowest weekly total was 0.21 points, and nine in ten stayed under 0.75. The AKE gap was one of only two above 4.5 points; the other was ERA, at 4.9.
Before reading this as an opportunity
Two warnings. First, the cheapest place to be short, HTX, traded about $0.7 million of AKE futures over 24 hours on Saturday, against $665 million on Binance and $206 million on Bybit. Second, summed rates are not profit: each payment scales with the position's value at that moment, the price moves between payments, and fees, the opposite leg and liquidation risk all sit on top. The table shows what the exchanges charged, not a trade.
And now
The gap has narrowed but not disappeared. At 12:06 UTC on 7 November our live table showed AKE funding at +0.004% to +0.005% per four hours on eight venues, while Gate was at +0.0408%, about eight times higher.
Funding is a price set venue by venue, not market-wide: each exchange derives its rate from its own premium index, caps and settlement schedule. That is how the same position can cost three times as much in one place as in another.
Live data: funding rates across exchanges and AKE across exchanges — free, without sign-up. Alerts for funding gaps arrive as a Telegram message: see how funding arbitrage works.
Method: payment history from the public APIs of Bybit, Gate, OKX, MEXC, Binance, KuCoin, BingX and HTX for 31 October 12:00 – 7 November 11:00 UTC; QuickRadar's own funding database agrees within 0.03 points. Coin statistics, volumes and current rates: QuickRadar funding table, 12:06 UTC on 7 November.
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