Pacifica and Variational both quote 22 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 SOL — long Variational / short Pacifica at 12.3% net APR — but the median across all shared markets is 8.1%, 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 2 markets go long on Pacifica and 20 on Variational. 18 markets clear 5% net APR, 5 clear 10%.

Pacifica pays funding every 1h on 51 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. Pacifica quotes 51 perpetual markets in total and Variational quotes 216; the 22 they share are what this page ranks. Across its own book Pacifica runs a median funding rate of 10.9% and Variational 5.8%, 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.

Coverage note: Pacifica and Variational share 22 markets, 2 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.