GMTrade vs Variational Funding Arbitrage
22 shared markets · net of estimated fees · updated every few minutesGMTrade and Variational both quote 22 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 GOOGL — long Variational / short GMTrade at 170.8% net APR — but the median across all shared markets is 5.4%, 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 19 markets go long on GMTrade and 3 on Variational. 13 markets clear 5% net APR, 4 clear 10%.
How this pair behaves
GMTrade pays funding every 1h on 48 markets; Variational pays every 8h on 138 markets and every 4h on 80 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. GMTrade quotes 48 perpetual markets in total and Variational quotes 220; the 22 they share are what this page ranks. Across its own book GMTrade runs a median funding rate of 0.1% and Variational 6.1%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 22 of 22 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| GOOGL | Variational | GMTrade | 170.8% | 175.6% | +14.5% | $1.1M |
| XPD | GMTrade | Variational | 111.1% | 115.5% | +3.2% | $295K |
| BZ | Variational | GMTrade | 16.5% | 21.3% | +3.0% | $6.1M |
| AMZN | GMTrade | Variational | 13.0% | 17.6% | +4.3% | $1.8M |
| XAU | GMTrade | Variational | 9.3% | 13.6% | +5.4% | $20.0M |
| WLD | Variational | GMTrade | 8.6% | 14.2% | -3.5% | $6.8M |
| BTC | GMTrade | Variational | 7.2% | 10.9% | +8.4% | $461.5M |
| ZEC | GMTrade | Variational | 6.1% | 10.9% | +10.0% | $20.4M |
| TAO | GMTrade | Variational | 6.0% | 10.9% | +3.0% | $267K |
| VVV | GMTrade | Variational | 5.6% | 10.6% | +7.4% | $1.4M |
| XRP | GMTrade | Variational | 5.4% | 10.0% | +8.4% | $5.4M |
| ETH | GMTrade | Variational | 5.3% | 9.2% | +8.6% | $404.2M |
| ONDO | GMTrade | Variational | 5.3% | 10.9% | +0.3% | $512K |
| XMR | GMTrade | Variational | 4.9% | 10.3% | +5.4% | $2.7M |
| NEAR | GMTrade | Variational | 4.7% | 10.0% | -1.6% | $17.1M |
| BNB | GMTrade | Variational | 3.7% | 8.6% | -1.4% | $7.6M |
| GMX | GMTrade | Variational | 3.4% | 10.9% | +8.1% | $16K |
| DOGE | GMTrade | Variational | 3.3% | 8.9% | +10.2% | $1.1M |
| ADA | GMTrade | Variational | 2.5% | 8.9% | +5.7% | $503K |
| SUI | GMTrade | Variational | 1.4% | 6.0% | -13.6% | $244K |
| DOT | GMTrade | Variational | 1.3% | 6.4% | -2.4% | $227K |
| AVAX | GMTrade | Variational | 1.0% | 6.1% | -7.5% | $756K |
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.
GMTrade vs Variational — FAQ
How many markets can you arbitrage between GMTrade and Variational?
22 perpetual markets are quoted on both GMTrade and Variational right now. 13 of them show a net spread of at least 5% APR after estimated fees, and 14 have at least $1M of 24h volume on the smaller leg.
What is the best GMTrade / Variational funding spread right now?
GOOGL: long Variational and short GMTrade for about 170.8% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 22 shared markets is 5.4%, so the top of the list is not typical.
Which side pays on the GMTrade / Variational pair?
It varies by market: GMTrade is the long (funding-receiving) leg in 19 of the shared markets and Variational in the other 3. The direction is set per market by which venue currently prices funding lower.
Trading the GMTrade / 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: GMTrade funding rates · Variational funding rates; the full calculation is in the methodology.