OKX vs Variational Funding Arbitrage
74 shared markets · net of estimated fees · updated every few minutesOKX and Variational both quote 74 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 AERO — long Variational / short OKX at 30.4% net APR — but the median across all shared markets is 13.6%, 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 50 markets go long on OKX and 24 on Variational. 57 markets clear 5% net APR, 42 clear 10%.
How this pair behaves
OKX pays funding every 8h on 201 markets and every 4h on 137 markets; Variational pays every 8h on 136 markets and every 4h on 78 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. OKX quotes 339 perpetual markets in total and Variational quotes 216; the 74 they share are what this page ranks. Across its own book OKX runs a median funding rate of 0.0% and Variational 5.8% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.
Spreads by market
top 25 of 74 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| MEW | Variational | OKX | 492.3% | 495.6% | +22.0% | $62K |
| ZIL | OKX | Variational | 170.8% | 174.9% | +41.1% | $20K |
| RSR | OKX | Variational | 92.0% | 95.7% | +52.4% | $30K |
| ZM | Variational | OKX | 74.4% | 80.3% | +5.8% | $28K |
| BLUR | OKX | Variational | 68.2% | 72.4% | +62.4% | $69K |
| RAY | OKX | Variational | 67.9% | 70.7% | -24.2% | $358K |
| SAND | OKX | Variational | 61.6% | 64.7% | +30.1% | $114K |
| PENG | Variational | OKX | 59.1% | 63.1% | -2.2% | $34K |
| KMNO | OKX | Variational | 59.0% | 63.5% | +31.9% | $83K |
| BERA | OKX | Variational | 58.7% | 63.4% | -4.5% | $80K |
| GMX | OKX | Variational | 50.5% | 54.9% | +1.6% | $17K |
| TTWO | OKX | Variational | 35.0% | 38.9% | -0.6% | $58K |
| EWJ | Variational | OKX | 32.5% | 36.7% | -2.6% | $26K |
| EIGEN | OKX | Variational | 32.4% | 36.3% | +4.5% | $56K |
| AERO | Variational | OKX | 30.4% | 33.4% | +10.5% | $2.8M |
| ALGO | OKX | Variational | 26.3% | 30.6% | +9.1% | $28K |
| IMX | OKX | Variational | 24.7% | 28.6% | +5.4% | $14K |
| XPD | OKX | Variational | 24.4% | 27.1% | -4.2% | $297K |
| ADBE | OKX | Variational | 24.3% | 28.3% | +10.4% | $139K |
| MORPHO | OKX | Variational | 24.1% | 27.1% | +4.6% | $133K |
| VIRTUAL | Variational | OKX | 23.5% | 26.6% | +7.5% | $24K |
| WLD | Variational | OKX | 21.5% | 24.6% | +0.4% | $6.8M |
| ZRO | OKX | Variational | 20.7% | 23.4% | -0.9% | $284K |
| MINA | OKX | Variational | 20.3% | 23.1% | +52.3% | $36K |
| CRWD | Variational | OKX | 19.3% | 22.9% | +3.5% | $64K |
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.
OKX vs Variational — FAQ
How many markets can you arbitrage between OKX and Variational?
74 perpetual markets are quoted on both OKX and Variational right now. 57 of them show a net spread of at least 5% APR after estimated fees, and 16 have at least $1M of 24h volume on the smaller leg.
What is the best OKX / Variational funding spread right now?
AERO: long Variational and short OKX for about 30.4% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 74 shared markets is 13.6%, so the top of the list is not typical.
Which side pays on the OKX / Variational pair?
It varies by market: OKX is the long (funding-receiving) leg in 50 of the shared markets and Variational in the other 24. The direction is set per market by which venue currently prices funding lower.
Trading the OKX / 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: OKX funding rates · Variational funding rates; the full calculation is in the methodology.