What is a reverse cash-and-carry trade?

A reverse cash-and-carry sells a coin on the spot market, usually by borrowing it through margin, and buys the same amount in perpetual futures. When funding is negative, shorts pay longs, so the long perp leg collects funding while the two legs offset each other on price.

Does the scanner include borrow interest?

No. Est. APR includes funding, the entry basis and taker fees, but not the interest charged for borrowing the spot coin. Borrow rates vary by exchange and coin and can be larger than the funding you collect.

Why can't I always borrow the coin?

Exchanges lend from a limited pool of each coin. When funding is deeply negative, many traders want to short at once, so the pool can run out, borrowing can be paused, or rates can jump.

Can I do a reverse cash and carry without borrowing?

Yes, if you already own the coin. Selling coins you hold and going long the perp gives the same hedged position, but you give up the coin until you buy it back, and you still pay fees on both legs.

Reverse Cash and Carry Scanner

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Live opportunities

LiveAs of 2026-10-02 22:43 UTC · refreshes every 15 s

Min est. APR%Same exchange only

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SAND
2856.72%
Est. APR 30d
Long perpBybit@ 0.0647Sell spotBinance@ 0.06491
Funding 2890.80% · Basis 0.324% · Fees 0.32% · covered at entry · −34.13% to borrow SAND
EACC
1024.62%
Est. APR 30d
Long perpGate@ 0.014399Sell spotMEXC@ 0.014862
Funding 989.88% · Basis 3.115% · Fees 0.26% · covered at entry · borrow cost unknown
ENJ
980.29%
Est. APR 30d
Long perpWEEX@ 0.03249Sell spotBinance@ 0.03255
Funding 1027.06% · Basis 0.184% · Fees 0.36% · covered at entry · −44.63% to borrow ENJ
2Z
836.33%
Est. APR 30d
Long perpMEXC@ 0.04557Sell spotOKX@ 0.04567
Funding 865.71% · Basis 0.219% · Fees 0.34% · covered at entry · −27.90% to borrow 2Z
GTC
819.18%
Est. APR 30d
Long perpBinance@ 0.13823Sell spotKuCoin@ 0.1386
Funding 895.33% · Basis 0.267% · Fees 0.30% · covered at entry · ≈ −75.75% to borrow, est.
LAPTOP
696.32%
Est. APR 30d
Long perpGate@ 0.071Sell spotGate@ 0.0733
Funding 664.23% · Basis 3.138% · Fees 0.50% · covered at entry · borrow cost unknown
KII
468.53%
Est. APR 30d
Long perpMEXC@ 0.0865Sell spotBitget@ 0.086934
Funding 465.38% · Basis 0.499% · Fees 0.24% · covered at entry · borrow cost unknown
MANA
458.43%
Est. APR 30d
Long perpWEEX@ 0.09876Sell spotBinance@ 0.0989
Funding 469.09% · Basis 0.142% · Fees 0.36% · break-even 0.2 d · −8.00% to borrow MANA
SCR
347.43%
Est. APR 30d
Long perpWEEX@ 0.02871Sell spotBinance@ 0.02878
Funding 412.82% · Basis 0.243% · Fees 0.36% · break-even 0.1 d · −63.96% to borrow SCR
PUFFER
318.50%
Est. APR 30d
Long perpBybit@ 0.02284Sell spotHTX@ 0.0228
Funding 326.96% · Basis -0.175% · Fees 0.52% · break-even 0.8 d · borrow cost unknown
BLAST
265.40%
Est. APR 30d
Long perpBybit@ 0.0002466Sell spotGate@ 0.0002485
Funding 262.42% · Basis 0.765% · Fees 0.52% · covered at entry · borrow cost unknown
MNT
237.29%
Est. APR 30d
Long perpGate@ 0.6515Sell spotHTX@ 0.6669
Funding 220.31% · Basis 2.309% · Fees 0.50% · covered at entry · ≈ −5.04% to borrow, est.
RAY
233.13%
Est. APR 30d
Long perpKraken@ 1.9039Sell spotOKX@ 1.9024
Funding 246.15% · Basis -0.079% · Fees 0.40% · break-even 0.7 d · −7.20% to borrow RAY
PEAQ
202.89%
Est. APR 30d
Long perpMEXC@ 0.03967Sell spotMEXC@ 0.03974
Funding 203.67% · Basis 0.176% · Fees 0.24% · break-even 0.1 d · borrow cost unknown
ARK
195.43%
Est. APR 30d
Long perpGate@ 0.2162Sell spotMEXC@ 0.21706
Funding 280.32% · Basis 0.396% · Fees 0.26% · covered at entry · ≈ −86.54% to borrow, est.
NIGHT
195.07%
Est. APR 30d
Long perpKraken@ 0.04793Sell spotBybit@ 0.04771
Funding 213.73% · Basis -0.461% · Fees 0.30% · break-even 1.4 d · −9.40% to borrow NIGHT
ONE
193.69%
Est. APR 30d
Long perpKuCoin@ 0.00209Sell spotBinance@ 0.002181
Funding 162.94% · Basis 4.172% · Fees 0.32% · covered at entry · −16.11% to borrow ONE
XCN
184.79%
Est. APR 30d
Long perpMEXC@ 0.004814Sell spotKraken@ 0.00482
Funding 190.09% · Basis 0.124% · Fees 0.56% · break-even 0.8 d · borrow cost unknown
CVC
174.68%
Est. APR 30d
Long perpBybit@ 0.02992Sell spotBinance@ 0.02987
Funding 238.59% · Basis -0.167% · Fees 0.32% · break-even 1.0 d · −57.97% to borrow CVC
BTT
165.29%
Est. APR 30d
Long perpXT.COM@ 0.0000003725Sell spotGate@ 0.0000003705
Funding 183.54% · Basis -0.540% · Fees 0.52% · break-even 2.2 d · ≈ −5.36% to borrow, est.
MAGMA
160.54%
Est. APR 30d
Long perpToobit@ 0.35583Sell spotBitget@ 0.35521
Funding 167.53% · Basis -0.175% · Fees 0.40% · break-even 1.3 d · borrow cost unknown
AAVE
152.24%
Est. APR 30d
Long perpDigiFinex@ 180.45Sell spotMEXC@ 180.37
Funding 160.97% · Basis -0.044% · Fees 0.50% · break-even 1.3 d · ≈ −2.10% to borrow, est.
XDP
132.33%
Est. APR 30d
Long perpGate@ 0.019068Sell spotKuCoin@ 0.01913
Funding 134.47% · Basis 0.324% · Fees 0.50% · break-even 0.5 d · borrow cost unknown
FLOCK
132.32%
Est. APR 30d
Long perpOKX@ 0.06441Sell spotBitget@ 0.06436
Funding 136.91% · Basis -0.078% · Fees 0.30% · break-even 1.0 d · borrow cost unknown
JUP
124.84%
Est. APR 30d
Long perpKraken@ 0.3121Sell spotBybit@ 0.3123
Funding 138.08% · Basis 0.064% · Fees 0.30% · break-even 0.7 d · −10.38% to borrow JUP
JASMY
103.99%
Est. APR 30d
Long perpKraken@ 0.005339Sell spotKuCoin@ 0.005342
Funding 131.71% · Basis 0.056% · Fees 0.30% · break-even 0.8 d · ≈ −24.75% to borrow, est.
CNPY
102.35%
Est. APR 30d
Long perpMEXC@ 0.3003Sell spotMEXC@ 0.3
Funding 106.00% · Basis -0.100% · Fees 0.20% · break-even 1.0 d · borrow cost unknown
QNT
99.39%
Est. APR 30d
Long perpWEEX@ 233.11Sell spotBinance@ 233.37
Funding 116.30% · Basis 0.111% · Fees 0.36% · break-even 0.9 d · −13.89% to borrow QNT
2U2
97.02%
Est. APR 30d
Long perpKuCoin@ 0.012106Sell spotBitget@ 0.01206
Funding 105.56% · Basis -0.381% · Fees 0.32% · break-even 2.4 d · borrow cost unknown
MON
95.92%
Est. APR 30d
Long perpKraken@ 0.03225Sell spotOKX@ 0.03226
Funding 101.41% · Basis 0.031% · Fees 0.40% · break-even 1.3 d · −1.01% to borrow MON
EGLD
95.22%
Est. APR 30d
Long perpGate@ 4.4Sell spotBybit@ 4.39
Funding 108.19% · Basis -0.228% · Fees 0.30% · break-even 1.9 d · −6.54% to borrow EGLD
SPX
94.21%
Est. APR 30d
Long perpKraken@ 0.4203Sell spotBybit@ 0.4199
Funding 104.59% · Basis -0.095% · Fees 0.30% · break-even 1.5 d · −5.58% to borrow SPX
ADA
89.66%
Est. APR 30d
Long perpCrypto.com@ 0.24183Sell spotOKX@ 0.2418
Funding 106.63% · Basis -0.012% · Fees 1.30% · break-even 4.5 d · −1.01% to borrow ADA
MINA
83.39%
Est. APR 30d
Long perpHyperliquid@ 0.161102Sell spotBybit@ 0.16129
Funding 104.74% · Basis 0.117% · Fees 0.29% · break-even 0.7 d · −19.24% to borrow MINA
CRV
70.35%
Est. APR 30d
Long perpBackpack@ 0.35936Sell spotBybit@ 0.3592
Funding 79.97% · Basis -0.045% · Fees 0.40% · break-even 2.1 d · −4.21% to borrow CRV
COTI
68.28%
Est. APR 30d
Long perpWEEX@ 0.013818Sell spotBinance@ 0.01382
Funding 107.89% · Basis 0.014% · Fees 0.36% · break-even 1.7 d · −35.41% to borrow COTI
HBAR
66.65%
Est. APR 30d
Long perpBackpack@ 0.10163Sell spotMEXC@ 0.10158
Funding 72.22% · Basis -0.049% · Fees 0.30% · break-even 1.8 d · ≈ −1.33% to borrow, est.
TAO
65.80%
Est. APR 30d
Long perpBTSE@ 287.7Sell spotOKX@ 287.9
Funding 70.95% · Basis 0.069% · Fees 0.41% · break-even 1.8 d · −1.01% to borrow TAO
ATOM
64.31%
Est. APR 30d
Long perpKraken@ 1.633Sell spotBinance@ 1.631
Funding 75.19% · Basis -0.123% · Fees 0.30% · break-even 2.2 d · −5.73% to borrow ATOM
SHIB
59.22%
Est. APR 30d
Long perpKraken@ 0.000005676Sell spotMEXC@ 0.000005672
Funding 63.18% · Basis -0.071% · Fees 0.20% · break-even 1.6 d · ≈ −0.66% to borrow, est.
LUNC
56.42%
Est. APR 30d
Long perpMEXC@ 0.00005197Sell spotBinance@ 0.00005198
Funding 59.57% · Basis 0.019% · Fees 0.20% · break-even 1.1 d · −0.95% to borrow LUNC
DEEP
55.96%
Est. APR 30d
Long perpBybit@ 0.02235Sell spotBybit@ 0.02236
Funding 66.18% · Basis 0.045% · Fees 0.32% · break-even 1.7 d · −6.87% to borrow DEEP
PEPE
55.10%
Est. APR 30d
Long perpMEXC@ 0.0000042138Sell spotMEXC@ 0.000004217
Funding 56.50% · Basis 0.076% · Fees 0.10% · break-even 0.2 d · ≈ −1.11% to borrow, est.
ZEN
54.91%
Est. APR 30d
Long perpKraken@ 6.723Sell spotMEXC@ 6.719
Funding 61.79% · Basis -0.060% · Fees 0.26% · break-even 2.0 d · ≈ −2.99% to borrow, est.
XRP
53.69%
Est. APR 30d
Long perpdYdX@ 1.4755Sell spotMEXC@ 1.4782
Funding 56.01% · Basis 0.183% · Fees 0.10% · covered at entry · ≈ −3.32% to borrow, est.
XPL
52.26%
Est. APR 30d
Long perpExtended@ 0.09171Sell spotBybit@ 0.09178
Funding 67.45% · Basis 0.076% · Fees 0.60% · break-even 3.3 d · −8.82% to borrow XPL
ZORA
51.80%
Est. APR 30d
Long perpKuCoin@ 0.007604Sell spotBybit@ 0.007616
Funding 61.32% · Basis 0.158% · Fees 0.32% · break-even 1.1 d · −7.55% to borrow ZORA
LDO
51.20%
Est. APR 30d
Long perpKraken@ 0.4319Sell spotBybit@ 0.4316
Funding 57.33% · Basis -0.070% · Fees 0.30% · break-even 2.4 d · −1.63% to borrow LDO
TRX
49.91%
Est. APR 30d
Long perpBybit@ 0.3341Sell spotBinance@ 0.3344
Funding 62.17% · Basis 0.090% · Fees 0.32% · break-even 1.6 d · −9.46% to borrow TRX
W
47.56%
Est. APR 30d
Long perpGate@ 0.013145Sell spotOKX@ 0.013139
Funding 60.88% · Basis -0.046% · Fees 0.40% · break-even 3.1 d · −7.90% to borrow W

Cash and carry opportunities
	Route
SAND	Long perpBybit@ 0.0647Sell spotBinance@ 0.06491	2856.72%234.80% net over 30 d	2890.80%-0.3300%/1h−34.13% to borrow SAND	0.324%	0.32%covered at entry	$60.6M
EACC	Long perpGate@ 0.014399Sell spotMEXC@ 0.014862	1024.62%84.22% net over 30 d	989.88%-0.1130%/1hborrow cost unknown	3.115%	0.26%covered at entry	$247.3K
ENJ	Long perpWEEX@ 0.03249Sell spotBinance@ 0.03255	980.29%80.57% net over 30 d	1027.06%-0.4690%/4h−44.63% to borrow ENJ	0.184%	0.36%covered at entry	$6.6M
2Z	Long perpMEXC@ 0.04557Sell spotOKX@ 0.04567	836.33%68.74% net over 30 d	865.71%-0.3953%/4h−27.90% to borrow 2Z	0.219%	0.34%covered at entry	$757.4K
GTC	Long perpBinance@ 0.13823Sell spotKuCoin@ 0.1386	819.18%67.33% net over 30 d	895.33%-0.8177%/8h≈ −75.75% to borrow, est.	0.267%	0.30%covered at entry	$2M
LAPTOPSame exchange	Long perpGate@ 0.071Sell spotGate@ 0.0733	696.32%57.23% net over 30 d	664.23%-0.3033%/4hborrow cost unknown	3.138%	0.50%covered at entry	$276.2K
KII	Long perpMEXC@ 0.0865Sell spotBitget@ 0.086934	468.53%38.51% net over 30 d	465.38%-0.2125%/4hborrow cost unknown	0.499%	0.24%covered at entry	$123.4K
MANA	Long perpWEEX@ 0.09876Sell spotBinance@ 0.0989	458.43%37.68% net over 30 d	469.09%-0.4284%/8h−8.00% to borrow MANA	0.142%	0.36%break-even 0.2 d	$14.5M
SCR	Long perpWEEX@ 0.02871Sell spotBinance@ 0.02878	347.43%28.56% net over 30 d	412.82%-0.1885%/4h−63.96% to borrow SCR	0.243%	0.36%break-even 0.1 d	$1.9M
PUFFER	Long perpBybit@ 0.02284Sell spotHTX@ 0.0228	318.50%26.18% net over 30 d	326.96%-0.2986%/8hborrow cost unknown	-0.175%	0.52%break-even 0.8 d	$637K
BLAST	Long perpBybit@ 0.0002466Sell spotGate@ 0.0002485	265.40%21.81% net over 30 d	262.42%-0.2397%/8hborrow cost unknown	0.765%	0.52%covered at entry	$722.2K
MNT	Long perpGate@ 0.6515Sell spotHTX@ 0.6669	237.29%19.50% net over 30 d	220.31%-0.1006%/4h≈ −5.04% to borrow, est.	2.309%	0.50%covered at entry	$155.5K
RAY	Long perpKraken@ 1.9039Sell spotOKX@ 1.9024	233.13%19.16% net over 30 d	246.15%-0.0281%/1h−7.20% to borrow RAY	-0.079%	0.40%break-even 0.7 d	$194.2K
PEAQSame exchange	Long perpMEXC@ 0.03967Sell spotMEXC@ 0.03974	202.89%16.68% net over 30 d	203.67%-0.1860%/8hborrow cost unknown	0.176%	0.24%break-even 0.1 d	$148.9K
ARK	Long perpGate@ 0.2162Sell spotMEXC@ 0.21706	195.43%16.06% net over 30 d	280.32%-0.0320%/1h≈ −86.54% to borrow, est.	0.396%	0.26%covered at entry	$111K
NIGHT	Long perpKraken@ 0.04793Sell spotBybit@ 0.04771	195.07%16.03% net over 30 d	213.73%-0.0244%/1h−9.40% to borrow NIGHT	-0.461%	0.30%break-even 1.4 d	$617.3K
ONE	Long perpKuCoin@ 0.00209Sell spotBinance@ 0.002181	193.69%15.92% net over 30 d	162.94%-0.0186%/1h−16.11% to borrow ONE	4.172%	0.32%covered at entry	$797.6K
XCN	Long perpMEXC@ 0.004814Sell spotKraken@ 0.00482	184.79%15.19% net over 30 d	190.09%-0.0868%/4hborrow cost unknown	0.124%	0.56%break-even 0.8 d	$133.8K
CVC	Long perpBybit@ 0.02992Sell spotBinance@ 0.02987	174.68%14.36% net over 30 d	238.59%-0.2179%/8h−57.97% to borrow CVC	-0.167%	0.32%break-even 1.0 d	$391K
BTT	Long perpXT.COM@ 0.0000003725Sell spotGate@ 0.0000003705	165.29%13.59% net over 30 d	183.54%-0.1676%/8h≈ −5.36% to borrow, est.	-0.540%	0.52%break-even 2.2 d	$1.7M
MAGMA	Long perpToobit@ 0.35583Sell spotBitget@ 0.35521	160.54%13.20% net over 30 d	167.53%-0.0765%/4hborrow cost unknown	-0.175%	0.40%break-even 1.3 d	$1.7M
AAVE	Long perpDigiFinex@ 180.45Sell spotMEXC@ 180.37	152.24%12.51% net over 30 d	160.97%-0.1470%/8h≈ −2.10% to borrow, est.	-0.044%	0.50%break-even 1.3 d	$1.3M
XDP	Long perpGate@ 0.019068Sell spotKuCoin@ 0.01913	132.33%10.88% net over 30 d	134.47%-0.0614%/4hborrow cost unknown	0.324%	0.50%break-even 0.5 d	$266.1K
FLOCK	Long perpOKX@ 0.06441Sell spotBitget@ 0.06436	132.32%10.88% net over 30 d	136.91%-0.0625%/4hborrow cost unknown	-0.078%	0.30%break-even 1.0 d	$295.3K
JUP	Long perpKraken@ 0.3121Sell spotBybit@ 0.3123	124.84%10.26% net over 30 d	138.08%-0.0158%/1h−10.38% to borrow JUP	0.064%	0.30%break-even 0.7 d	$1.4M
JASMY	Long perpKraken@ 0.005339Sell spotKuCoin@ 0.005342	103.99%8.55% net over 30 d	131.71%-0.0150%/1h≈ −24.75% to borrow, est.	0.056%	0.30%break-even 0.8 d	$292K
CNPYSame exchange	Long perpMEXC@ 0.3003Sell spotMEXC@ 0.3	102.35%8.41% net over 30 d	106.00%-0.0484%/4hborrow cost unknown	-0.100%	0.20%break-even 1.0 d	$135.9K
QNT	Long perpWEEX@ 233.11Sell spotBinance@ 233.37	99.39%8.17% net over 30 d	116.30%-0.1062%/8h−13.89% to borrow QNT	0.111%	0.36%break-even 0.9 d	$36M
2U2	Long perpKuCoin@ 0.012106Sell spotBitget@ 0.01206	97.02%7.97% net over 30 d	105.56%-0.0482%/4hborrow cost unknown	-0.381%	0.32%break-even 2.4 d	$639.9K
MON	Long perpKraken@ 0.03225Sell spotOKX@ 0.03226	95.92%7.88% net over 30 d	101.41%-0.0116%/1h−1.01% to borrow MON	0.031%	0.40%break-even 1.3 d	$868.5K
EGLD	Long perpGate@ 4.4Sell spotBybit@ 4.39	95.22%7.83% net over 30 d	108.19%-0.0988%/8h−6.54% to borrow EGLD	-0.228%	0.30%break-even 1.9 d	$117.8K
SPX	Long perpKraken@ 0.4203Sell spotBybit@ 0.4199	94.21%7.74% net over 30 d	104.59%-0.0119%/1h−5.58% to borrow SPX	-0.095%	0.30%break-even 1.5 d	$130.8K
ADA	Long perpCrypto.com@ 0.24183Sell spotOKX@ 0.2418	89.66%7.37% net over 30 d	106.63%-0.0122%/1h−1.01% to borrow ADA	-0.012%	1.30%break-even 4.5 d	$1.1M
MINA	Long perpHyperliquid@ 0.161102Sell spotBybit@ 0.16129	83.39%6.85% net over 30 d	104.74%-0.0120%/1h−19.24% to borrow MINA	0.117%	0.29%break-even 0.7 d	$862K
CRV	Long perpBackpack@ 0.35936Sell spotBybit@ 0.3592	70.35%5.78% net over 30 d	79.97%-0.0091%/1h−4.21% to borrow CRV	-0.045%	0.40%break-even 2.1 d	$101.8K
COTI	Long perpWEEX@ 0.013818Sell spotBinance@ 0.01382	68.28%5.61% net over 30 d	107.89%-0.0493%/4h−35.41% to borrow COTI	0.014%	0.36%break-even 1.7 d	$1.1M
HBAR	Long perpBackpack@ 0.10163Sell spotMEXC@ 0.10158	66.65%5.48% net over 30 d	72.22%-0.0082%/1h≈ −1.33% to borrow, est.	-0.049%	0.30%break-even 1.8 d	$169.6K
TAO	Long perpBTSE@ 287.7Sell spotOKX@ 287.9	65.80%5.41% net over 30 d	70.95%-0.0324%/4h−1.01% to borrow TAO	0.069%	0.41%break-even 1.8 d	$2.8M
ATOM	Long perpKraken@ 1.633Sell spotBinance@ 1.631	64.31%5.29% net over 30 d	75.19%-0.0086%/1h−5.73% to borrow ATOM	-0.123%	0.30%break-even 2.2 d	$647.2K
SHIB	Long perpKraken@ 0.000005676Sell spotMEXC@ 0.000005672	59.22%4.87% net over 30 d	63.18%-0.0072%/1h≈ −0.66% to borrow, est.	-0.071%	0.20%break-even 1.6 d	$572.9K
LUNC	Long perpMEXC@ 0.00005197Sell spotBinance@ 0.00005198	56.42%4.64% net over 30 d	59.57%-0.0544%/8h−0.95% to borrow LUNC	0.019%	0.20%break-even 1.1 d	$959.4K
DEEPSame exchange	Long perpBybit@ 0.02235Sell spotBybit@ 0.02236	55.96%4.60% net over 30 d	66.18%-0.0604%/8h−6.87% to borrow DEEP	0.045%	0.32%break-even 1.7 d	$825.9K
PEPESame exchange	Long perpMEXC@ 0.0000042138Sell spotMEXC@ 0.000004217	55.10%4.53% net over 30 d	56.50%-0.0516%/8h≈ −1.11% to borrow, est.	0.076%	0.10%break-even 0.2 d	$1.7M
ZEN	Long perpKraken@ 6.723Sell spotMEXC@ 6.719	54.91%4.51% net over 30 d	61.79%-0.0071%/1h≈ −2.99% to borrow, est.	-0.060%	0.26%break-even 2.0 d	$109.7K
XRP	Long perpdYdX@ 1.4755Sell spotMEXC@ 1.4782	53.69%4.41% net over 30 d	56.01%-0.0064%/1h≈ −3.32% to borrow, est.	0.183%	0.10%covered at entry	$958.3K
XPL	Long perpExtended@ 0.09171Sell spotBybit@ 0.09178	52.26%4.30% net over 30 d	67.45%-0.0077%/1h−8.82% to borrow XPL	0.076%	0.60%break-even 3.3 d	$928.8K
ZORA	Long perpKuCoin@ 0.007604Sell spotBybit@ 0.007616	51.80%4.26% net over 30 d	61.32%-0.0280%/4h−7.55% to borrow ZORA	0.158%	0.32%break-even 1.1 d	$412K
LDO	Long perpKraken@ 0.4319Sell spotBybit@ 0.4316	51.20%4.21% net over 30 d	57.33%-0.0065%/1h−1.63% to borrow LDO	-0.070%	0.30%break-even 2.4 d	$948.3K
TRX	Long perpBybit@ 0.3341Sell spotBinance@ 0.3344	49.91%4.10% net over 30 d	62.17%-0.0568%/8h−9.46% to borrow TRX	0.090%	0.32%break-even 1.6 d	$6.4M
W	Long perpGate@ 0.013145Sell spotOKX@ 0.013139	47.56%3.91% net over 30 d	60.88%-0.0278%/4h−7.90% to borrow W	-0.046%	0.40%break-even 3.1 d	$230.4K

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As of 2026-10-02 22:43 UTC, ArbTide found 147 reverse cash-and-carry trades with a positive estimated 30-day return after fees. The best: sell SAND spot on Binance at 0.06491 and go long the perpetual on Bybit at 0.0647, earning 2890.80% funding APR for an estimated 2856.72% APR over 30 days, before spot borrow interest.

A reverse cash-and-carry trade sells a coin on the spot market, usually with borrowed coins, and goes long the same amount in perpetual futures to collect funding while funding is negative. It is the mirror of cash and carry. The table on this page shows the best spot and perp pair per coin with negative funding. For the theory, read the reverse cash-and-carry guide.

How it works

Find a coin with negative funding. When the perpetual trades below spot, shorts pay longs. See what is a funding rate.
Borrow the coin through a margin account, unless you already hold it. Check the borrow rate and the amount available before you trade.
Sell the borrowed coin on the spot market at the bid. This is a spot short; see short selling crypto.
Go long the perpetual in equal size at the ask. You are now delta-neutral.
Collect funding each interval while it stays negative, and pay borrow interest on the spot loan.
Exit by closing the perp, buying the coin back on spot and repaying the loan.

Reading the scanner

The scanner covers exchanges where ArbTide collects spot prices, perpetual prices and funding rates together, so venues that publish only one of these are left out.

The columns match the cash and carry scanner, with the direction reversed. Choose a holding period (7, 30 or 90 days) above the table.

Shorting spot means borrowing the coin, so the scanner only uses spot legs on exchanges that offer margin borrowing, and it skips coins an exchange does not lend, including coins missing from the lending lists Binance, OKX and Bybit publish. Under the funding APR, each row shows the borrow rate for that coin. It is subtracted from the estimated APR and the break-even period. Binance, OKX and Bybit publish their rates. On other margin exchanges the row shows an estimate, marked "est.", taken from the median of the published rates for that coin; when no exchange publishes one, it reads "borrow cost unknown". Check the real rate on the exchange before you trade.

Route: the spot market you sell and the perp you buy.
Est. APR (holding period): the annualized return after basis and taker fees, if funding stays at its current rate. The line below is the net return over the period. Borrow interest is subtracted where a rate is known or estimated.
Funding APR: the perp's current funding annualized (rate ÷ interval hours × 8,760), with the raw rate per interval. Here it is negative, which is what the long leg receives.
Basis: the gap between the spot price you sell at and the perp price you buy at. A positive figure means you sell spot above the perp price, which adds to the return when the gap closes.
Fees: taker fees on both legs, entry and exit. The line below is the break-even period after borrow costs.
24h volume: trading volume for the coin; markets under $100,000 are excluded.

To judge a row, subtract the borrow rate yourself. For example, assume Est. APR shows 25% and the exchange charges 18% a year to borrow the coin: the real estimate is closer to 7%, and the break-even period is much longer than the table shows. Also check how long funding has been negative on the coin's funding history. Deep negative funding often follows a sharp sell-off and can snap back to positive within hours.

Costs and risks the scanner does not include

Spot borrow interest: often the largest cost. Rates differ by exchange and coin, change over time, and can spike when many traders short the same coin.
Borrowable supply: the lending pool can run out, so you may not be able to open or add to the spot short. Some exchanges can also recall loans or restrict borrowing.
Margin liquidation on the spot short: if the price rises, the borrowed position needs more collateral and can be liquidated.
Funding changes: negative funding can flip positive, and then the long leg pays.
Cross-exchange routes: the spot short and the perp long may sit on different venues, so a gain on one cannot cover a margin call on the other.
Slippage and exchange risk on both legs. See arbitrage risks.

Formulas are on the methodology page.

When it works best

Reverse cash and carry pays when funding stays negative for days, usually during extended bearish periods or heavy hedging, and when borrowing the coin is cheap and plentiful. It is most practical on large, liquid coins that exchanges lend in size, and on same-exchange routes where the margin short and the perp long share one account. Short spikes of negative funding rarely cover the borrow cost and four taker fills.

Frequently asked questions

What is a reverse cash-and-carry trade?: A reverse cash-and-carry sells a coin on the spot market, usually by borrowing it through margin, and buys the same amount in perpetual futures. When funding is negative, shorts pay longs, so the long perp leg collects funding while the two legs offset each other on price.
Does the scanner include borrow interest?: No. Est. APR includes funding, the entry basis and taker fees, but not the interest charged for borrowing the spot coin. Borrow rates vary by exchange and coin and can be larger than the funding you collect.
Why can't I always borrow the coin?: Exchanges lend from a limited pool of each coin. When funding is deeply negative, many traders want to short at once, so the pool can run out, borrowing can be paused, or rates can jump.
Can I do a reverse cash and carry without borrowing?: Yes, if you already own the coin. Selling coins you hold and going long the perp gives the same hedged position, but you give up the coin until you buy it back, and you still pay fees on both legs.