Build a Cross-Exchange Funding Rate Scanner Without Code

Build a Cross-Exchange Funding Rate Scanner Without Code

You can build a live funding rate scanner across all 7 DEXs in under 10 minutes using Mithril Builder — no code required. The Builder interprets plain-language prompts and connects to Mithril's API, which aggregates real-time funding rate data from GMX, dYdX, Hyperliquid, Vertex, Drift, Synthetix, and Gains Network. The result is a live dashboard that shows you where funding is highest and lowest at any moment.

Why Funding Rate Scanning Matters

Funding rates are the periodic payments exchanged between long and short traders on perpetual futures markets. When rates are positive, longs pay shorts. When negative, shorts pay longs. Sophisticated traders use funding rate differentials to run delta-neutral carry trades — going long on one venue where funding is low and short on another where funding is high, collecting the spread without directional risk.

On any given day, funding rate spreads across DEX perpetual venues can range from 0.01% to over 0.3% per 8-hour period — the equivalent of annualized returns that significantly outperform passive holding strategies in neutral market conditions. Finding these spreads manually across seven venues is impractical. An automated scanner makes the strategy executable.

What the Mithril API Provides

The Mithril API exposes a unified data layer across all supported DEXs. For funding rates specifically, the API returns current funding rate, next funding rate, funding interval, open interest, and timestamp — normalized to a common schema regardless of which underlying DEX the data originates from.

This normalization is the key engineering insight. GMX and Hyperliquid return funding rate data in different formats, on different schedules, with different field names. The Mithril API handles all translation, so your scanner reads one consistent data structure.

A sample API call to fetch funding rates looks like this:

GET https://api.mithril.money/v1/funding-rates?markets=BTC-PERP,ETH-PERP

Response:
{
  "data": [
    {
      "venue": "hyperliquid",
      "market": "BTC-PERP",
      "funding_rate": 0.0012,
      "next_funding_rate": 0.0009,
      "funding_interval_hours": 8,
      "open_interest_usd": 284000000,
      "timestamp": "2026-04-02T14:00:00Z"
    },
    {
      "venue": "gmx",
      "market": "BTC-PERP",
      "funding_rate": 0.0003,
      "next_funding_rate": 0.0004,
      "funding_interval_hours": 1,
      "open_interest_usd": 91000000,
      "timestamp": "2026-04-02T14:00:00Z"
    }
  ]
}

Building the Scanner with Mithril Builder

The Mithril Builder accepts natural language prompts and translates them into functional interfaces backed by live API data. You do not write HTML, JavaScript, or API integration code. You describe what you want and the Builder constructs it.

Step 1: Open the Builder and Set Context

Navigate to build.mithril.money and start a new project. The first prompt should orient the Builder to your use case:

Create a funding rate scanner dashboard. 
It should connect to the Mithril API and display 
live funding rates for BTC and ETH perpetuals 
across all supported DEX venues. Refresh every 
30 seconds automatically.

Step 2: Define the Table Structure

Once the Builder generates the initial scaffold, refine the data display with a follow-up prompt:

Display the data in a sortable table with columns: 
Venue, Market, Current Funding Rate (annualized %), 
Next Funding Rate, Open Interest (USD), 
and Last Updated. Highlight rows where the 
annualized funding rate exceeds 10%.

The Builder will generate a table that automatically converts raw 8-hour rates to annualized percentages and applies conditional highlighting. This is the single most useful transformation — comparing a 0.001% per 8-hour rate against a 0.01% per 1-hour rate is not intuitive without normalization to a common period.

Step 3: Add Spread Detection

The most valuable feature of a funding rate scanner is identifying arbitrage spreads across venues. Add this capability with a targeted prompt:

Add a "Best Spread" section above the table that 
automatically identifies the highest and lowest 
funding rates for each market, calculates the spread, 
and shows the long venue and short venue for a 
delta-neutral carry trade. Include estimated 
annualized yield for each spread.

After this step, your scanner will surface actionable opportunities automatically rather than requiring manual comparison across rows.

Step 4: Add Alert Thresholds

Add an alert configuration panel where I can set 
a minimum spread threshold. When the BTC or ETH 
funding spread exceeds my threshold, show a 
prominent banner at the top of the page with 
the trade details.

Funding rate opportunities are often short-lived — they compress as traders act on them. An alert threshold ensures you see the opportunity when it opens rather than discovering it after the fact.

What a Completed Scanner Looks Like

A fully built funding rate scanner built through Mithril Builder typically includes:

• Live sortable table of funding rates across all 7 venues, refreshed every 30 seconds
• Annualized rate normalization (all rates converted to the same time basis)
• Spread detection section highlighting the top 3 cross-venue opportunities
• Color coding — green for favorable carry, red for unfavorable
• Alert banner when spreads exceed configured thresholds
• Historical chart showing funding rate trends over the past 24 hours per venue

The average build time from first prompt to functional scanner is under 15 minutes for a trader with no coding background. Developers using the raw API can embed the same data into custom dashboards, Telegram bots, or algorithmic trading systems.

Connecting the Scanner to Execution

A scanner that identifies opportunities but cannot act on them requires manual execution. The Mithril bot platform can be configured to execute delta-neutral funding rate trades automatically once a spread threshold is met. The workflow becomes:

1. Scanner detects spread above threshold on BTC-PERP between Hyperliquid (long) and GMX (short)
2. Alert fires
3. Pre-configured bot executes the position on both venues simultaneously
4. Bot monitors funding payments and closes positions when spread compresses below exit threshold

This closes the loop from data to execution without manual intervention. More information on building connected bot strategies is available on the Mithril blog.

Frequently Asked Questions

Do I need to know how to code to build a funding rate scanner with Mithril Builder?

No. Mithril Builder accepts plain language prompts and generates the interface and API integration automatically. No HTML, JavaScript, or API coding is required.

How often does funding rate data update in the Mithril API?

The Mithril API aggregates on-chain funding rate data in near real time. The recommended polling interval for a scanner is 30 seconds, though the API supports more frequent requests for high-frequency applications.

Which DEXs are included in the funding rate data?

The Mithril API covers GMX, dYdX, Hyperliquid, Vertex, Drift, Synthetix, and Gains Network — all seven venues supported by the Mithril platform.

Can I export funding rate history from the API?

Yes. The Mithril API provides historical funding rate endpoints that return time-series data for backtesting carry strategies or analyzing how rates correlate with market conditions.

What is the best market to start with for funding rate arbitrage?

BTC-PERP and ETH-PERP offer the most liquidity across all seven venues, making them the practical starting point for cross-venue carry strategies. Tighter bid-ask spreads on large markets reduce slippage costs when entering and exiting positions.