Nado vs Variational Funding Arbitrage
40 shared markets · net of estimated fees · updated every few minutesNado and Variational both quote 40 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 SPCX — long Variational / short Nado at 13.8% net APR — but the median across all shared markets is 15.1%, 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 30 markets go long on Nado and 10 on Variational. 32 markets clear 5% net APR, 26 clear 10%.
How this pair behaves
Nado pays funding every 24h on 71 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. Nado quotes 71 perpetual markets in total and Variational quotes 220; the 40 they share are what this page ranks. Across its own book Nado runs a median funding rate of -1.8% and Variational 6.1% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 40 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| BBX | Nado | Variational | 182.4% | 189.2% | +17.8% | $12K |
| ORCL | Nado | Variational | 125.5% | 127.7% | -16.1% | $21K |
| MRVL | Nado | Variational | 111.6% | 113.3% | -19.3% | $48K |
| MU | Nado | Variational | 99.5% | 100.8% | -4.9% | $528K |
| AMD | Nado | Variational | 86.4% | 87.9% | +1.3% | $115K |
| INTC | Nado | Variational | 76.6% | 78.4% | +1.7% | $92K |
| AAPL | Nado | Variational | 74.8% | 76.2% | +5.2% | $91K |
| AVGO | Nado | Variational | 70.9% | 72.4% | -4.6% | $225K |
| QQQ | Nado | Variational | 70.6% | 72.0% | -0.7% | $752K |
| NBIS | Nado | Variational | 69.0% | 71.0% | -19.0% | $93K |
| MSTR | Variational | Nado | 56.8% | 58.7% | +8.7% | $86K |
| PONS | Nado | Variational | 55.0% | 57.4% | +44.8% | $191K |
| AMZN | Nado | Variational | 46.1% | 47.6% | -2.5% | $103K |
| TSLA | Nado | Variational | 41.2% | 42.6% | -0.0% | $99K |
| CHIP | Nado | Variational | 37.9% | 40.1% | +17.1% | $86K |
| META | Nado | Variational | 35.4% | 36.9% | +5.6% | $196K |
| MON | Nado | Variational | 34.3% | 37.8% | +43.9% | $187K |
| PENGU | Nado | Variational | 20.0% | 22.3% | +11.6% | $99K |
| DELL | Nado | Variational | 20.0% | 22.6% | +22.1% | $39K |
| UNI | Nado | Variational | 15.6% | 17.2% | +5.5% | $771K |
| NVDA | Nado | Variational | 14.6% | 16.2% | +13.7% | $305K |
| SPCX | Variational | Nado | 13.8% | 15.3% | -2.8% | $2.7M |
| XAG | Variational | Nado | 13.5% | 15.0% | +7.7% | $303K |
| ONDO | Nado | Variational | 11.9% | 14.0% | +0.1% | $410K |
| WLD | Variational | Nado | 11.9% | 13.9% | -14.2% | $495K |
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: Nado and Variational share 40 markets, 3 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.
Nado vs Variational — FAQ
How many markets can you arbitrage between Nado and Variational?
40 perpetual markets are quoted on both Nado and Variational right now. 32 of them show a net spread of at least 5% APR after estimated fees, and 3 have at least $1M of 24h volume on the smaller leg.
What is the best Nado / Variational funding spread right now?
SPCX: long Variational and short Nado for about 13.8% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 40 shared markets is 15.1%, so the top of the list is not typical.
Which side pays on the Nado / Variational pair?
It varies by market: Nado is the long (funding-receiving) leg in 30 of the shared markets and Variational in the other 10. The direction is set per market by which venue currently prices funding lower.
Trading the Nado / 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: Nado funding rates · Variational funding rates; the full calculation is in the methodology.