What does it cost to borrow on each exchange right now?
Perp funding is only half of the cost of leverage; the other half is the interest a venue charges to borrow the asset or the stablecoin. We record each venue's published borrow rate every hour, annualise it, and set it against the venue's own funding so the carry of a basis trade is visible per exchange.
2 venues publish a borrow rate we record for 15 assets; the table shows the latest annualised rate per venue and asset and the chart the last weeks for the stablecoins and majors. Recording started 2026-09-02.
Latest borrow rates
Annualised from the venue's own period (Binance publishes a daily rate, OKX an annual one). Filter by venue or asset and export the view.
| ADA | Binance | 4.22% | 0.0116% / 1d | 2026-09-04 06:00 |
| ADA | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| AVAX | Binance | 2.23% | 0.0061% / 1d | 2026-09-04 07:00 |
| AVAX | OKX | 10.00% | 10.0000% / 1h | 2026-09-04 07:00 |
| BNB | Binance | 2.94% | 0.0080% / 1d | 2026-09-04 06:00 |
| BNB | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| BTC | Binance | 0.44% | 0.0012% / 1d | 2026-09-04 01:00 |
| BTC | OKX | 0.50% | 0.5000% / 1h | 2026-09-04 07:00 |
| DOGE | Binance | 3.78% | 0.0104% / 1d | 2026-09-04 06:00 |
| DOGE | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| DOT | Binance | 0.62% | 0.0017% / 1d | 2026-09-04 07:00 |
| DOT | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| ETH | Binance | 2.01% | 0.0055% / 1d | 2026-09-04 05:00 |
| ETH | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| LINK | Binance | 0.52% | 0.0014% / 1d | 2026-09-04 07:00 |
| LINK | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| LTC | Binance | 2.94% | 0.0080% / 1d | 2026-09-04 04:00 |
| LTC | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| SOL | Binance | 5.50% | 0.0151% / 1d | 2026-09-04 00:00 |
| SOL | OKX | 4.00% | 4.0000% / 1h | 2026-09-04 07:00 |
| SUI | Binance | 1.39% | 0.0038% / 1d | 2026-09-04 06:00 |
| SUI | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
| TRX | Binance | 9.38% | 0.0257% / 1d | 2026-09-04 03:00 |
| TRX | OKX | 19.70% | 19.7000% / 1h | 2026-09-04 07:00 |
| USDC | Binance | 5.16% | 0.0141% / 1d | 2026-09-04 06:00 |
| USDC | OKX | 3.50% | 3.5000% / 1h | 2026-09-04 07:00 |
| USDT | Binance | 5.38% | 0.0147% / 1d | 2026-09-04 03:00 |
| USDT | OKX | 3.50% | 3.5000% / 1h | 2026-09-04 07:00 |
| XRP | Binance | 3.56% | 0.0097% / 1d | 2026-09-04 00:00 |
| XRP | OKX | 1.00% | 1.0000% / 1h | 2026-09-04 07:00 |
USDT, USDC, BTC and ETH over time
Hourly annualised rate per venue. A spike in stablecoin borrow cost usually marks a crowded long basis trade. Visitors see 30 days of history on the chart; members see a full year.
Funding minus borrow, per venue
The venue's latest 8h perp funding annualised (three prints a day) minus its borrow APR for the same asset. Positive carry means a short perp funded by borrowed spot earns more than it pays.
| Asset | Venue | Borrow APR | Funding APR | Carry |
|---|---|---|---|---|
| LINK | Binance | 0.52% | 10.95% | +10.43% |
| DOT | Binance | 0.62% | 10.87% | +10.25% |
| ADA | OKX | 1.00% | 10.95% | +9.95% |
| BNB | OKX | 1.00% | 10.95% | +9.95% |
| DOGE | OKX | 1.00% | 10.95% | +9.95% |
| DOT | OKX | 1.00% | 10.95% | +9.95% |
| LTC | OKX | 1.00% | 10.95% | +9.95% |
| SUI | OKX | 1.00% | 10.95% | +9.95% |
| XRP | OKX | 1.00% | 10.95% | +9.95% |
| SUI | Binance | 1.39% | 10.95% | +9.56% |
| AVAX | Binance | 2.23% | 10.95% | +8.72% |
| BNB | Binance | 2.94% | 11.03% | +8.09% |
| XRP | Binance | 3.56% | 10.95% | +7.39% |
| DOGE | Binance | 3.78% | 10.95% | +7.17% |
| ETH | OKX | 1.00% | 7.95% | +6.95% |
| ADA | Binance | 4.22% | 10.95% | +6.73% |
| BTC | Binance | 0.44% | 6.57% | +6.14% |
| ETH | Binance | 2.01% | 6.47% | +4.47% |
| BTC | OKX | 0.50% | 4.44% | +3.94% |
| LINK | OKX | 1.00% | 3.69% | +2.69% |
| LTC | Binance | 2.94% | 5.18% | +2.25% |
| AVAX | OKX | 10.00% | 10.44% | +0.44% |
| SOL | OKX | 4.00% | -4.78% | -8.78% |
| SOL | Binance | 5.50% | -4.30% | -9.79% |
| TRX | Binance | 9.38% | -78.64% | -88.02% |
| TRX | OKX | 19.70% | -86.93% | -106.63% |
How this is recorded
Each hour the collector reads every venue's borrow rate history endpoint for the tracked assets and appends new readings on (venue, asset, time). The rate is stored as published plus an annualised figure; a period-scaled APR above 500 percent is treated as already annualised, which is how OKX reports it.
Venues that publish borrow rates only behind an authenticated endpoint join when a read-only key is configured (Binance since 4 September 2026). Coverage per venue is on the Data Sources page.
Why does the same asset cost more to borrow on one venue?
Borrow pools are venue specific: when a venue's stablecoin pool is drained by leveraged longs, its rate rises while another venue's stays flat. That spread is why the same basis trade earns different carry on different exchanges.
Is the annualised rate what I would pay?
It is the base tier rate annualised without compounding; VIP tiers and token discounts lower it, and hourly accrual compounds slightly. Use it to compare venues and to watch the trend, not as an invoice.
Can I get this as data?
Yes. The public JSON endpoint returns the latest table and the series, the CC0 dataset ships the hourly rows, and the series API serves borrow as a SuperChart pane.