Question 1

Which exchange has the highest ON funding rate right now?

Accepted Answer

edgeX V2 shows the highest ON funding at +12.81% annualized. A high positive rate means shorts get paid, so this is the venue to short ON when running a funding-arbitrage pair. Rates change every settlement window — check the live screener for the current value.

Question 2

Which exchange is best to long ON for funding?

Accepted Answer

Pionex has the lowest ON funding at +10.96% annualized, which makes the long leg cheapest (or paid). Pair it with the highest-funding venue to capture the spread delta-neutral.

Question 3

What is the best ON funding-arbitrage pair?

Accepted Answer

The widest spread is long Binance Futures / short edgeX V2 at about 1.9% APR before costs. Verify it in the ORBIT backtester, which subtracts real fees and slippage, before sizing a position.

Question 4

How often does ON funding settle?

Accepted Answer

ON funding settles every 4h. Longer intervals concentrate the same annualized rate into fewer, larger payments. ORBIT normalizes every venue to a common APR so they are directly comparable.

Question 5

Is ON funding positive or negative?

Accepted Answer

ON funding is currently positive across venues (longs pay shorts), ranging +10.96% to +12.81% APR.

Question 6

What is the current ON perpetual swap funding rate?

Accepted Answer

The current ON perpetual swap funding rate ranges from +10.96% to +12.81% annualized depending on the exchange — Pionex is lowest and edgeX V2 is highest right now. There is no single ON funding rate: every venue runs its own funding formula and order book, which is why the rate has to be read by exchange rather than as one number.

Question 7

What is the aggregated ON funding rate across exchanges?

Accepted Answer

Aggregated across the 12 venues ORBIT tracks, ON funding currently spans +10.96% to +12.81% APR, a spread of 1.9 percentage points. An aggregated average hides the part that matters for trading — the gap between the cheapest and dearest venue — so the table above lists each exchange separately.

Question 8

How do I read the ON 8h funding rate versus the annualized rate?

Accepted Answer

ON does not settle on an 8-hour schedule on the venues tracked here. Because intervals differ by exchange, comparing raw per-payment rates is misleading; ORBIT normalizes each venue to annualized APR so the numbers are directly comparable.

Exchange	Funding APR↓	Interval	Open Interest↕	Mark Price↕
edgeX V2Best Short	+12.81%	4h	$16K	$0.1128
Binance FuturesBest Long	+10.96%	4h	$5.0M	$0.113
BingX	+10.96%	4h	$2.6M	$0.113
Gate.io	+10.96%	4h	$147K	$0.1132
KuCoin	+10.96%	4h	$589K	$0.1129
MEXC	+10.96%	4h	$487K	$0.1137
Aster	+10.96%	4h	$363K	$0.1129
Variational	+10.96%	4h	$12K	$0.1131
Toobit	+10.96%	4h	$144K	$0.1133
Bitunix	+10.96%	4h	—	$0.1132
WEEX	+10.96%	4h	$2.9M	$0.1131
Pionex	+10.96%	4h	$20K	$0.1136

ON Perpetual Swap Funding Rate by Exchange

How ON funding actually paid this week

Funding Rates by Exchange

Funding Rates by Exchange

ON funding rates explained

Frequently asked questions