KuCoin and Variational both quote 72 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 SKHY — long Variational / short KuCoin at 46.5% net APR — but the median across all shared markets is 18.6%, 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 35 markets go long on KuCoin and 37 on Variational. 62 markets clear 5% net APR, 50 clear 10%.

KuCoin pays funding every 4h on 233 markets and every 8h on 183 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. KuCoin quotes 417 perpetual markets in total and Variational quotes 220; the 72 they share are what this page ranks. Across its own book KuCoin runs a median funding rate of 10.9% and Variational 6.1%, 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.