BackPack vs Variational Funding Arbitrage
34 shared markets · net of estimated fees · updated every few minutes
BackPack and Variational both quote 34 of the same perpetual markets, so a delta-neutral position can be split across the two and collect the difference in their funding. The widest spread on a market with real depth is BNB — long Variational / short BackPack at 38.7% net APR — but the median across all shared markets is 13.6%, which is the number worth planning around.
BackPack / Variational spreads by market
top 25 by net APR| Market | Long | Short | Gross APR | Net APR | 7d avg | 24h vol · lower leg |
|---|---|---|---|---|---|---|
| CHIP | Variational | BackPack | 132.5% | 128.0% | -15.6% | $229K |
| EDGE | Variational | BackPack | 124.7% | 119.8% | +38.6% | $175K |
| MNT | Variational | BackPack | 116.8% | 112.7% | -4.4% | $29K |
| ZORA | Variational | BackPack | 81.2% | 76.5% | -30.5% | $122K |
| JTO | Variational | BackPack | 74.5% | 70.7% | +12.4% | $104K |
| PENGU | Variational | BackPack | 51.2% | 47.7% | +35.2% | $39K |
| S | Variational | BackPack | 69.1% | 44.1% | -1.2% | $34K |
| LDO | BackPack | Variational | 43.1% | 39.2% | +11.5% | $79K |
| BNB | Variational | BackPack | 40.8% | 38.7% | +1.8% | $1.3M |
| VVV | BackPack | Variational | 38.1% | 34.0% | +6.9% | $70K |
| HBAR | Variational | BackPack | 34.5% | 31.6% | +6.3% | $26K |
| APT | Variational | BackPack | 32.4% | 28.6% | +10.7% | $138K |
| NEAR | BackPack | Variational | 31.5% | 28.1% | -21.9% | $451K |
| MEGA | Variational | BackPack | 29.8% | 24.1% | +34.0% | $11K |
| UNI | BackPack | Variational | 21.1% | 18.4% | -1.9% | $366K |
| LTC | Variational | BackPack | 21.0% | 17.8% | +19.6% | $119K |
| AAVE | Variational | BackPack | 17.2% | 14.6% | +3.4% | $210K |
| XMR | BackPack | Variational | 16.1% | 12.6% | +16.0% | $157K |
| ARB | Variational | BackPack | 16.2% | 12.2% | +3.3% | $344K |
| ADA | BackPack | Variational | 15.1% | 11.9% | +3.4% | $207K |
| XRP | Variational | BackPack | 14.2% | 11.8% | +5.8% | $555K |
| KAITO | BackPack | Variational | 13.8% | 10.6% | +4.3% | $42K |
| TIA | BackPack | Variational | 13.7% | 9.8% | +10.9% | $16K |
| WLFI | Variational | BackPack | 13.6% | 9.4% | -13.2% | $13K |
| BTC | Variational | BackPack | 9.1% | 7.9% | +3.6% | $80.8M |
Net APR subtracts entry and exit fees, both legs' bid/ask spread and estimated slippage from the gross funding spread. The 7-day average is historical gross funding for the same pair: a current rate close to it suggests the spread has persisted, one far above it is usually a spike that will decay.
Which venue is the long leg
The long leg is whichever venue currently prices funding lower for that market — it is a property of the market, not of the exchange, and it flips as rates move.
BackPack vs Variational — FAQ
How many markets can you arbitrage between BackPack and Variational?
34 perpetual markets are quoted on both BackPack and Variational right now. 27 of them show a net spread of at least 5% APR after estimated fees, and 4 have at least $1M of 24h volume on the smaller leg.
What is the best BackPack / Variational funding spread right now?
BNB: long Variational and short BackPack for about 38.7% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 34 shared markets is 13.6%, so the top of the list is not typical.
Which side pays on the BackPack / Variational pair?
It varies by market: BackPack is the long (funding-receiving) leg in 9 of the shared markets and Variational in the other 25. The direction is set per market by which venue currently prices funding lower.
Trading the BackPack / Variational spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. Direction risk is largely offset, and the position earns the funding difference each interval. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Per-market detail, including a backtest, is on each market's funding page; the full calculation is in the methodology.
Venue detail: BackPack funding rates · Variational funding rates
Related exchange pairs
Coverage note: BackPack and Variational share 34 markets, 4 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.