dYdX vs Variational Funding Arbitrage
11 shared markets · net of estimated fees · updated every few minutesdYdX and Variational both quote 11 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 ETH — long Variational / short dYdX at 20.5% net APR — but the median across all shared markets is 9.1%, which is the number worth planning around.
The long leg is whichever venue prices funding lower for that market. It is a property of the MARKET, not of the exchange, and it flips as rates move: here 5 markets go long on dYdX and 6 on Variational. 10 markets clear 5% net APR, 4 clear 10%.
How this pair behaves
dYdX pays funding every 1h on 23 markets; Variational pays every 8h on 137 markets and every 4h on 78 markets. The two clocks differ, so one leg settles while the other is still accruing: a position held for only a few hours can pay one side without ever collecting from the other. dYdX quotes 23 perpetual markets in total and Variational quotes 217; the 11 they share are what this page ranks. Across its own book dYdX runs a median funding rate of 0.0% and Variational 5.5% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 11 of 11 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| ONDO | Variational | dYdX | 63.7% | 66.1% | +8.2% | $11K |
| LTC | Variational | dYdX | 28.9% | 31.1% | +15.8% | $18K |
| ETH | Variational | dYdX | 20.5% | 22.1% | +3.6% | $64.7M |
| BNB | Variational | dYdX | 16.1% | 18.1% | +4.0% | $30K |
| BTC | dYdX | Variational | 9.5% | 10.9% | +7.2% | $7.3M |
| XRP | dYdX | Variational | 9.1% | 10.9% | +9.1% | $24K |
| SEI | Variational | dYdX | 9.0% | 11.3% | +45.3% | $13K |
| XMR | dYdX | Variational | 8.7% | 10.9% | -84.2% | $35K |
| WLFI | dYdX | Variational | 8.5% | 10.9% | -81.8% | $24K |
| NEAR | dYdX | Variational | 7.7% | 9.9% | -0.7% | $24K |
| SOL | Variational | dYdX | 3.1% | 4.8% | -6.8% | $769K |
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.
Coverage note: dYdX and Variational share 11 markets, 2 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.
dYdX vs Variational — FAQ
How many markets can you arbitrage between dYdX and Variational?
11 perpetual markets are quoted on both dYdX and Variational right now. 10 of them show a net spread of at least 5% APR after estimated fees, and 2 have at least $1M of 24h volume on the smaller leg.
What is the best dYdX / Variational funding spread right now?
ETH: long Variational and short dYdX for about 20.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 11 shared markets is 9.1%, so the top of the list is not typical.
Which side pays on the dYdX / Variational pair?
It varies by market: dYdX is the long (funding-receiving) leg in 5 of the shared markets and Variational in the other 6. The direction is set per market by which venue currently prices funding lower.
Trading the dYdX / 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. 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. Venue detail: dYdX funding rates · Variational funding rates; the full calculation is in the methodology.