Risex and Vest both quote 20 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 BZ — long Risex / short Vest at 9.9% net APR — but the median across all shared markets is 11.2%, 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 14 markets go long on Risex and 6 on Vest. 15 markets clear 5% net APR, 11 clear 10%.

Risex pays funding every 1h on 43 markets; Vest pays every 1h on 63 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. Risex quotes 43 perpetual markets in total and Vest quotes 63; the 20 they share are what this page ranks. Across its own book Risex runs a median funding rate of 0.0% and Vest 5.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.

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: Risex and Vest share 20 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.