Ostium vs Variational Funding Arbitrage
10 shared markets · net of estimated fees · updated every few minutesOstium and Variational both quote 10 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 BTC — long Ostium / short Variational at 6.3% net APR — but the median across all shared markets is 4.7%, 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 7 markets go long on Ostium and 3 on Variational. 4 markets clear 5% net APR, 2 clear 10%.
How this pair behaves
Ostium pays funding every 1h on 53 markets; Variational pays every 8h on 136 markets and every 4h on 78 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. Ostium quotes 53 perpetual markets in total and Variational quotes 216; the 10 they share are what this page ranks. Across its own book Ostium 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 10 of 10 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| BMNR | Ostium | Variational | 34.3% | 42.3% | +2.6% | $347K |
| NFLX | Ostium | Variational | 22.7% | 29.7% | +3.0% | $709K |
| BTC | Ostium | Variational | 6.3% | 10.9% | +8.7% | $461.0M |
| AMZN | Ostium | Variational | 5.6% | 12.1% | -4.7% | $1.8M |
| ETH | Ostium | Variational | 4.8% | 9.6% | +8.7% | $429.3M |
| XAG | Variational | Ostium | 4.7% | 9.8% | +5.0% | $3.5M |
| GOOGL | Variational | Ostium | 3.1% | 9.9% | +8.2% | $1.1M |
| XAU | Ostium | Variational | 2.7% | 7.5% | -1.4% | $20.1M |
| CVX | Ostium | Variational | 2.2% | 10.9% | +9.1% | $88K |
| MSFT | Variational | Ostium | 1.4% | 8.1% | +7.0% | $796K |
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.
Ostium vs Variational — FAQ
How many markets can you arbitrage between Ostium and Variational?
10 perpetual markets are quoted on both Ostium and Variational right now. 4 of them show a net spread of at least 5% APR after estimated fees, and 6 have at least $1M of 24h volume on the smaller leg.
What is the best Ostium / Variational funding spread right now?
BTC: long Ostium and short Variational for about 6.3% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 10 shared markets is 4.7%, so the top of the list is not typical.
Which side pays on the Ostium / Variational pair?
It varies by market: Ostium is the long (funding-receiving) leg in 7 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 Ostium / 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: Ostium funding rates · Variational funding rates; the full calculation is in the methodology.