HTX vs Variational Funding Arbitrage
37 shared markets · net of estimated fees · updated every few minutesHTX and Variational both quote 37 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 XAU — long Variational / short HTX at 64.8% net APR — but the median across all shared markets is 11.4%, 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 9 markets go long on HTX and 28 on Variational. 26 markets clear 5% net APR, 19 clear 10%.
Spreads by market
top 25 of 37 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| NATGAS | HTX | Variational | 162.5% | 165.7% | — | $240K |
| XAU | Variational | HTX | 64.8% | 66.2% | — | $7.6M |
| UBER | Variational | HTX | 64.6% | 77.0% | — | $36K |
| HBAR | Variational | HTX | 37.0% | 42.6% | — | $33K |
| XPT | HTX | Variational | 36.5% | 46.3% | — | $39K |
| BCH | Variational | HTX | 35.3% | 40.7% | — | $73K |
| AVAX | Variational | HTX | 26.0% | 30.4% | — | $210K |
| SKHY | Variational | HTX | 26.0% | 28.2% | — | $495K |
| TRUMP | Variational | HTX | 22.0% | 26.3% | — | $150K |
| HYPE | Variational | HTX | 19.9% | 21.6% | — | $5.3M |
| ASTER | Variational | HTX | 19.5% | 24.1% | — | $130K |
| LTC | Variational | HTX | 19.4% | 22.8% | — | $201K |
| XAG | HTX | Variational | 18.9% | 21.3% | — | $1.1M |
| ORDI | Variational | HTX | 17.0% | 24.4% | — | $16K |
| XAUT | Variational | HTX | 16.7% | 19.5% | — | $601K |
| TRX | Variational | HTX | 16.0% | 19.9% | — | $144K |
| LINK | Variational | HTX | 13.0% | 17.0% | — | $460K |
| DOT | Variational | HTX | 12.6% | 18.0% | — | $92K |
| OP | Variational | HTX | 11.4% | 17.3% | — | $14K |
| QQQ | HTX | Variational | 9.8% | 12.0% | — | $21K |
| WLD | Variational | HTX | 9.6% | 14.4% | — | $498K |
| SUI | Variational | HTX | 8.5% | 11.6% | — | $242K |
| PAXG | HTX | Variational | 8.2% | 10.9% | — | $503K |
| TIA | Variational | HTX | 6.7% | 14.3% | — | $18K |
| ETH | HTX | Variational | 6.5% | 8.5% | — | $112.0M |
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.
HTX vs Variational — FAQ
How many markets can you arbitrage between HTX and Variational?
37 perpetual markets are quoted on both HTX and Variational right now. 26 of them show a net spread of at least 5% APR after estimated fees, and 8 have at least $1M of 24h volume on the smaller leg.
What is the best HTX / Variational funding spread right now?
XAU: long Variational and short HTX for about 64.8% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 37 shared markets is 11.4%, so the top of the list is not typical.
Which side pays on the HTX / Variational pair?
It varies by market: HTX is the long (funding-receiving) leg in 9 of the shared markets and Variational in the other 28. The direction is set per market by which venue currently prices funding lower.
Trading the HTX / 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: HTX funding rates · Variational funding rates; the full calculation is in the methodology.