PerpDexList vs arb.sh: 46 venues or 62, and funding net of fees

The short answer

PerpDexList and arb.sh both read live numbers from each venue's own public API, both are free with no account, both cover crypto and RWA perps, and both measure execution cost. As of 29 September 2026, arb.sh adds three things: 62 exchanges, 46 decentralized (DEX) and 16 centralized (CEX), against PerpDexList's 46 venues; a Net figure after fees and slippage at your position size; and backtests over settled funding. PerpDexList offers Markdown responses, Japanese pages, and 24h, 7d and 30d settled-funding windows on every market page. Both sites read in English and Chinese, and arb.sh also reads in Korean. Use arb.sh to size funding trades with a CEX leg. Use PerpDexList for Japanese pages, Markdown workflows or quick settled-funding windows.

What is the same

PerpDexList is a perp tracker that reads each venue directly from its own public API, never from a data vendor or another aggregator. arb.sh reads its live funding, prices, open interest and order books from each exchange's own public API too. Both sites are free, with no account and no API key, and every page is complete HTML that needs no JavaScript to show the numbers.

Both cover crypto perps and real-world asset perps: stocks, commodities, FX and indices. Both also price the cost of getting in. arb.sh's execution cost page shows the taker fee plus measured order-book slippage for $10k, $100k and $1M positions on every exchange, and which exchanges can fill each size. PerpDexList's execution cost page uses the same three sizes.

arb.sh reads 62 exchanges, 16 of them centralized

PerpDexList lists 46 venues, all decentralized except two prediction markets, Kalshi and Polymarket. As of 29 September 2026 it does not have centralized exchanges. The CEX side of arb.sh's 62 includes Binance, Bybit, OKX, Bitget, MEXC, Gate, KuCoin and BingX. The two venue sets differ, so the totals are not a like-for-like count.

A CEX leg matters for a funding trade in two ways. Centralized books are often deeper, which changes how much size you can fill before slippage eats the spread. The other side of a DEX funding spread is also often a CEX perp, so a DEX-only view leaves out part of the pairs you would actually trade. The exchange table ranks every exchange by volume and open interest and has a switch to show DEX only.

A spread is not a return: what is left after fees and slippage

PerpDexList ranks pairs by funding spread, price spread, or settled funding over 24h, 7d and 30d, and keeps execution cost on a separate page. As of 29 September 2026 it does not have a position-size setting that subtracts fees and slippage from the spread. arb.sh puts the subtraction in the row. On the funding arbitrage screener each pair carries two columns next to its spread:

Paid 7d

Settled funding that actually changed hands over the period, not the rate currently advertised.

Net 7d

Paid minus taker fees and order-book slippage to open and close both legs at the stated position size.

Slippage is measured by walking the live order book of each market, not assumed. You set the position size. The default is $10,000, and $100,000 and $1,000,000 are also measured. Slippage grows with size, so a larger position cuts more out of Paid even when the spread is unchanged. Funding is quoted per interval, as each exchange quotes it: some pay hourly and some every 8 hours. APR is the same rate annualized, labeled as a scale and never a forecast.

Backtests, pair pages and history show whether a trade would have paid

The backtest runs a funding pair over settled funding and itemizes every cost line: funding received and paid on each leg, taker fees on entry and exit, order-book slippage, and the net result. It shows what would have happened. It is not a forecast, and nothing on arb.sh is.

Settled funding is recorded as it happens and kept as history. For exchanges that publish no funding history, the record starts the day we began recording. Pair pages show the funding spread and the price spread of one long and short pair together, with charts and a position calculator. The Hyperliquid vs Binance BTC pair page shows the pattern, and the same layout is used for other pairs.

At the market level, the stats page shows volume, open interest and market share of every perp DEX over time, with 24-hour and 7-day changes, plus vault TVL. Charts label any figure that does not come from the exchange itself. As of 29 September 2026, PerpDexList does not have a backtest, a pair page that charts funding and price spread together, or market-stats history.

The rest of arb.sh: points, vaults, news and CSV

• The farm page lists perp DEXs with no token yet that run points programs, and the airdrops page tracks programs running and tokens launched.
• The vaults page compares the vaults perp DEXs run themselves: TVL, 7- and 30-day return from the share price, drawdown, lock, and the exchange's own APR.
• The news page collects what perp exchanges announced this week, with a DEX/CEX filter.
• The funding screener, the price screener and execution cost each have a CSV export.

We also run a Telegram bot, @arbdotsh_bot, that answers funding and spread lookups with the same figures as the pages and sends alerts you set, and a channel, @arbdotsh, with a daily review. As of 29 September 2026, PerpDexList does not have a points-farm or airdrop tracker, a vault comparison, exchange news, a Telegram bot or channel, or CSV export.

What PerpDexList does that arb.sh does not

PerpDexList serves its content as Markdown to any client that sends Accept: text/markdown. arb.sh returns HTML. PerpDexList has Japanese pages (/ja), which arb.sh does not. Both sites have Chinese pages under /zh, and arb.sh also has Korean pages under /ko. PerpDexList also shows settled funding at 24-hour, 7-day and 30-day windows on every market page, and its funding arbitrage scanner can rank pairs by those windows. arb.sh's screener shows settled funding over 7 days, and the full recorded history sits on pair pages and backtests.

Stay on PerpDexList if you read Japanese, if you feed pages to an agent or a Markdown pipeline, or if you want a quick 24h, 7d or 30d settled-funding check. It also does the job if you trade DEX to DEX and never size a position against costs. Move to arb.sh when you need a CEX leg, a cost-adjusted number in the row, or a backtest before you size.

Switching between the two sites

Both sites use the same paths for exchanges, assets, execution cost, RWA and the about page, so swapping the domain works for most bookmarks. The scanners are where paths differ: PerpDexList's is /arbitrage, and on arb.sh /arbitrage/… is a pair page.

Questions about PerpDexList and arb.sh