What does this benchmark measure?

How tightly each venue's ETH funding rate clusters over the trailing 7 days. The ranking metric is the standard deviation of the normalized 24h hold cost in bps. Lower is better.

Why stddev instead of average?

Average funding is the perp-funding bench. This one ranks stability: a venue whose hold cost swings 20 bps in a week is harder to carry trade than one that holds within 3 bps. Both views matter.

Long enough to capture a full funding cycle (typically 8h settlements across 21 cycles), short enough to react to regime shifts within a week. 30d would smooth too much and hide stress windows.

ETH is the deepest perp pair on every venue in the cohort. BTC and SOL have noisier feeds on some smaller venues, which would contaminate the cross-venue ranking. BTC and SOL stability are companion panels rather than the headline.

Is a low stddev always good?

Low stddev means predictable funding, which is what most carry traders want. But a stable rate of 0 bps is less useful than a stable rate of negative 10 bps; combine this view with perp-funding to size the actual opportunity.

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Perp DEX funding stability, 7-day stddev of ETH funding ranked

7-day standard deviation of ETH funding rate, in basis points per 24h, across the Mobula funding cohort. Lower means funding stays in a tight band, the carry trader's preferred signal.

Read this carefully

Stability is not directionality. A venue with persistently positive but tight-banded funding ranks better here than one that flips between positive and negative every settlement, even if the second venue offers better average carry. Read alongside perp-funding for direction and average level.

This benchmark ranks perp venues by how tightly their ETH funding rate clusters over the trailing 7 days. Average funding tells you which side gets paid; stability tells you how reliably. A venue whose 24h hold cost wanders 15 bps in a week is harder to carry trade than one that holds within 3 bps even if both average the same number. The bench reads the same normalized series as perp-funding (per-venue hold cost in bps per 24h) and exposes stddev_over_time of that series on a 7 day window for ETH. The Mobula funding cohort is 12 venues: Hyperliquid, Binance, Bybit, OKX, dYdX v4, Paradex, Aster, Drift, Vertex, EdgeX, Extended and Aevo. Lower is better.

Draft. no live data yet

The spec is published. Numbers will appear here as soon as the harness starts emitting metrics.

Source code