finance/calculator
Crypto Funding Rate & Arbitrage Calculator - Free & Instant | Smocky
The currency used to write every amount.
The period between two funding settlements.
The size of each leg: the long Spot leg and the short Perp leg are equal.
One constant rate per Funding interval. A negative rate means the Perp leg pays.
How long the carry is held, in days. Only whole settlements inside it collect funding.
Applies to the Perp leg only. It sets the Margin and the Liquidation distance.
Fees, slippage and prices (optional)
Charged when each leg is opened. Empty counts as 0%.
Charged when each leg is closed. Empty counts as 0%.
Assumed loss on each of the four fills. It is your assumption, not a measurement.
The Perp leg’s maintenance requirement, used for Liquidation distance.
Used with the Perp entry price to report Price basis.
Also used to price the Liquidation estimate on the short Perp leg.
Net carry return is Funding income less Carry cost. It excludes any change in Price basis and any spot price move, so it answers only whether funding covers the cost of the trade. The entered Funding rate is assumed constant, although a real exchange re-quotes it every interval, and the short Perp leg can be liquidated, which leaves the Spot leg unhedged. This calculation uses only the numbers entered and is not a recommendation.
Frequently asked questions
What does this Tool call a Funding carry?
A long Spot leg and a short Perp leg of equal Notional, held to collect the Funding rate the perpetual contract exchanges each Funding interval. Holding one is not risk-free: it still pays fees and slippage on four fills, and only the Perp leg can be liquidated.
Why does Net carry return ignore the Price basis?
Funding, fees and slippage are known when the carry is priced; the prices the two legs are closed at are not. Counting an assumed basis convergence would put a speculative gain inside a number whose whole purpose is to be auditable, so Price basis is shown beside the result as information only.
Why does a short Holding period collect nothing?
Funding is exchanged only at a settlement. A Holding period shorter than one Funding interval contains no settlement, so it collects no Funding payment while still paying the full Carry cost.
What are Breakeven intervals?
The first settlement at which the Funding payments collected have covered the whole Carry cost. A partial interval pays nothing, so the count rounds up, and no breakeven exists when the Funding rate is zero or negative.
Is the Funding rate assumed to stay the same?
Yes. One constant rate per interval is entered and projected across the Holding period. A real exchange re-quotes the rate every interval, and the Carry APR annualises this single holding without compounding, so both numbers are projections rather than settled amounts.
What can go wrong with the hedge?
The Perp leg is short, so its liquidation price sits above its entry. If price rises past the Liquidation distance the short is closed and the Spot leg is left unhedged with a directional position. Lower Leverage widens that distance; the exchange’s own margin tiers may place it closer than this estimate.