Extended vs Variational Funding Arbitrage
42 shared markets · net of estimated fees · updated every few minutes
Extended and Variational both quote 42 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 XMR — long Extended / short Variational at 47.6% net APR — but the median across all shared markets is 11.7%, which is the number worth planning around.
Extended / Variational spreads by market
top 25 by net APR| Market | Long | Short | Gross APR | Net APR | 7d avg | 24h vol · lower leg |
|---|---|---|---|---|---|---|
| ONG | Extended | Variational | 99.2% | 96.8% | +153.4% | $127K |
| USELESS | Extended | Variational | 77.4% | 74.9% | +33.8% | $106K |
| XPL | Variational | Extended | 60.9% | 58.7% | +6.1% | $351K |
| S | Variational | Extended | 59.1% | 54.5% | +61.6% | $34K |
| EDGE | Variational | Extended | 55.4% | 53.0% | +20.7% | $23K |
| XMR | Extended | Variational | 50.5% | 47.6% | +31.7% | $1.1M |
| STX | Variational | Extended | 48.4% | 45.8% | +56.4% | $43K |
| WLFI | Variational | Extended | 44.7% | 42.2% | +16.0% | $13K |
| PONS | Variational | Extended | 41.6% | 39.7% | -49.8% | $4.1M |
| CASHCAT | Variational | Extended | 41.6% | 38.4% | +35.2% | $1.6M |
| HBAR | Variational | Extended | 35.0% | 33.4% | +22.7% | $26K |
| APT | Variational | Extended | 32.9% | 31.0% | +8.5% | $45K |
| TIA | Extended | Variational | 30.2% | 26.7% | +10.9% | $16K |
| BNB | Variational | Extended | 25.8% | 24.2% | +6.1% | $8.5M |
| SPX | Variational | Extended | 26.1% | 23.1% | +11.3% | $29K |
| LTC | Variational | Extended | 21.5% | 18.5% | +14.7% | $119K |
| POPCAT | Variational | Extended | 18.2% | 15.6% | +3.4% | $38K |
| INJ | Extended | Variational | 17.6% | 15.5% | +6.5% | $13K |
| AAVE | Variational | Extended | 17.6% | 15.0% | +12.9% | $557K |
| PENGU | Variational | Extended | 14.9% | 13.3% | +34.6% | $57K |
| 1000BONK | Variational | Extended | 16.0% | 12.8% | -1.4% | $105K |
| ARB | Variational | Extended | 16.6% | 10.5% | +5.2% | $224K |
| PAXG | Extended | Variational | 10.9% | 9.6% | +4.8% | $41K |
| VVV | Extended | Variational | 10.5% | 8.9% | +0.1% | $51K |
| BTC | Variational | Extended | 9.6% | 8.8% | +3.5% | $68.8M |
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.
Extended vs Variational — FAQ
How many markets can you arbitrage between Extended and Variational?
42 perpetual markets are quoted on both Extended and Variational right now. 31 of them show a net spread of at least 5% APR after estimated fees, and 9 have at least $1M of 24h volume on the smaller leg.
What is the best Extended / Variational funding spread right now?
XMR: long Extended and short Variational for about 47.6% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 42 shared markets is 11.7%, so the top of the list is not typical.
Which side pays on the Extended / Variational pair?
It varies by market: Extended is the long (funding-receiving) leg in 9 of the shared markets and Variational in the other 33. The direction is set per market by which venue currently prices funding lower.
Trading the Extended / 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: Extended funding rates · Variational funding rates