Funding CoinFUNDING COIN · TOOLS & LEARNING
How Spot-Perpetual Arbitrage Works
Understand long spot, short perpetual, the price basis and funding payments without assuming guaranteed profit.
Position structure
A spot purchase is paired with a short perpetual. Match base-asset exposure and contract multipliers; equal margin deposits do not imply equal position sizes.
Two moving parts
The difference between spot and perpetual prices can widen or narrow. Perpetual funding is a separate cash flow. A positive rate now does not guarantee positive payments later.
Unlike an expiring future
A perpetual has no expiry providing a fixed convergence date. This differs from classic cash-and-carry with a dated future. Do not transfer its yield assumptions without checking the contract terms.
Exchange reference: Bybit funding · Binance funding