How to find setups in the P2P.Army funding scanner
We go through the funding scanner table column by column on a real row: what Rate 1 and Rate 2 mean, why a negative price spread is your entry cost, how the 24h projection differs from history and which filters a beginner should turn on.
The P2P.Army funding arbitrage scanner collects perpetual futures funding rates every few seconds from dozens of venues — centralized (Binance, Bybit, OKX, Bitget, Gate and others) and decentralized (Hyperliquid, dYdX v4, Aster, Lighter and others) — and turns them into pairs: where to open the long, where to open the short and what that earns per interval. In this lesson we read the table on a real row and set up the filters. The table itself is part of the DEX/CEX plan; the tool’s landing page and the funding FAQ are free.
How to read a table row
| Column | What it shows | How to use it |
|---|---|---|
| Ticker / Markets | The ticker and two exchanges: LONG — where you buy the contract, SHORT — where you sell it | Drop exchanges where you have no account or cannot add margin quickly |
| Rate 1 / Rate 2 | The current funding rate on the long exchange and on the short exchange | Positive rate: longs pay shorts. Negative rate: shorts pay longs |
| Prices | The price spread between the exchanges in percent and both legs’ prices | A negative spread means you buy higher than you sell. That is your entry cost |
| Countdown | The funding interval in hours and time until the next payment | To get a payment, the position must be open at the funding timestamp |
| %, Profit interval | The rate difference you collect per payment | Compare it with entry and exit fees (lesson 3) |
| %, Profit 24h…30d | Projected income over the selected period if the rate difference stays the same | This is neither history nor a promise: the rate is recalculated every interval |
| Life time | How long the setup has been in the table | A setup that has lasted hours or days is more reliable than one that appeared five minutes ago |
| Details, bell | The pair page with rate history and alert settings | Always open Details before entering (lesson 5) |
Reading the BWETUSDT row: XT.COM LONG, Bitget SHORT
- Rates. On XT.COM the rate is −0.5668%: it is negative, so shorts pay longs and our long receives 0.5668%. On Bitget the rate is −0.0134%: our short pays 0.0134%.
- Profit per interval. 0.5668% − 0.0134% = +0.5534% of position size per payment. The table uses the same formula: Rate 2 − Rate 1.
- Entry cost. The long is bought at 946.1 and the short is sold at 937.6: a price spread of −0.8953%. If prices on the two exchanges converge by the time you exit, that ~0.9% comes out of profit — more than one and a half payments.
- 24 hours. +1.6603% is 0.5534% × 3 payments a day at an 8-hour interval. The figure holds only if both rates stay put for a full day.
Filters: keep only what you can actually open
- Futures Markets. Select only exchanges where you have a verified account and a deposit. The ALL / DEX / CEX switch quickly separates decentralized venues from centralized ones.
- %, Interval Profit. The range of profit per payment. Differences below 0.1% are not shown. Lowering the upper bound is a handy way to hide extreme rates.
- Time until funding. Show only pairs with less than N minutes until the payment (0 turns the filter off; 1 hour = 60, 8 hours = 480).
- Extras. By default the table lists only pairs with the same funding interval and time — their return can be calculated directly. Turn on pairs with different intervals or times once you understand how that changes the math (lesson 5).
- Limit. How many rows to show: 10, 20, 30, 50 or 100.
Table modes and signals
Above the table you switch modes: Search — search by filters, Favorites — saved pairs, Alerts — pairs with an active alert, Finished — alerts that have fired. In the Telegram tab you can subscribe to new setups with a spread threshold and time before funding — see lesson 7.
How to shortlist candidates: a checklist
- 1
Both exchanges are available to you
Your account is verified, futures trading in your country is allowed by the exchange’s terms, and you can fund it quickly. - 2
Same interval and payment time
Then the table’s profit per interval is the real difference for every payment. - 3
Profit per interval above break-even
Break-even depends on your fees and holding period — how to calculate it is covered in lesson 3. - 4
The price spread does not eat the payments
Estimate how many payments it takes to cover a negative price spread if prices converge by the time you exit. - 5
The setup lasts hours, not minutes
The Life time column shows how long the difference has held. A fresh setup more often disappears before the first payment. - 6
The coin is liquid on both exchanges
A thin order book means slippage on entry and exit and the risk of a sharp price move. - 7
Rate history on the pair page
Open Details and check how the rates behaved over the last few days — the next lesson 5.
Frequently asked questions
What does a negative rate in the Rate 1 column mean?
Rate 1 is the rate on the exchange where you open the long. If it is negative, shorts pay longs, so your long receives that rate. That is why profit per interval is calculated as Rate 2 − Rate 1.
Does the 24-hour column show how much the setup earned?
No. It is a projection: profit per payment multiplied by the number of payments in the period, assuming the rates do not change. The real rate history is on the pair page (Details).
Why are little-known coins at the top of the table?
The table sorts by profit per interval, and the largest rate differences appear on illiquid coins when their market is heavily skewed. These are the riskiest setups, not the most profitable ones.
Should I turn on pairs with different intervals?
Not at first. If one exchange pays every 4 hours and the other every 8, the legs get a different number of payments, and comparing rates head-on is misleading. Turn the filter on once you can convert such pairs to the same period.
How is a DEX different from a centralized exchange in funding arbitrage?
On DEXs such as Hyperliquid and dYdX funding is charged every hour, margin sits in a smart contract and an oracle provides the settlement price. That brings its own risks — contract and oracle failures — but the rate difference between DEXs and CEXs can be noticeable.
Sources
- 1.P2P.Army: funding rate arbitrage scannerP2P.Army10/31/2026official
- 2.P2P.Army: funding FAQP2P.Army10/31/2026
- 3.Funding | Hyperliquid DocsHyperliquid
- 4.
About the author
Crypto expert, arbitrage trader and investor
Crypto expert and hands-on crypto arbitrage trader, investor and software developer with over 20 years of experience. On the P2P.Army blog he covers exchange news, P2P and cross-exchange arbitrage.
- Crypto arbitrage
- P2P arbitrage
- Cross-exchange arbitrage
- Crypto exchanges
- Investing
- Software development
