What is Funding Divergence?
Funding-rate gap between exchanges for the same asset. Spread = (highest funding − lowest), normalized to an 8-hour base. A wide spread invites cash-and-carry arbitrage: long where you get paid, short where you pay. Open Interest shows where the leverage is concentrated.
Example
BTC: Bybit +0.010% vs Binance −0.006% per 8h — a 0.016% spread, a delta-neutral arb candidate.