Extended and Vest both quote 10 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 NEAR — long Extended / short Vest at 14.4% net APR — but the median across all shared markets is 7.2%, 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 8 markets go long on Extended and 2 on Vest. 6 markets clear 5% net APR, 3 clear 10%.

Extended pays funding every 1h on 155 markets; Vest pays every 1h on 65 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. Extended quotes 155 perpetual markets in total and Vest quotes 65; the 10 they share are what this page ranks. Across its own book Extended runs a median funding rate of 5.3% and Vest 5.0%, so the edge here comes from individual markets rather than from a standing gap between the venues.

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: Extended and Vest share 10 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.