trade.xyz vs Vest Funding Arbitrage
18 shared markets · net of estimated fees · updated every few minutestrade.xyz and Vest both quote 18 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 CRWV — long trade.xyz / short Vest at 37.8% net APR — but the median across all shared markets is 25.3%, 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 11 markets go long on trade.xyz and 7 on Vest. 15 markets clear 5% net APR, 13 clear 10%.
How this pair behaves
trade.xyz pays funding every 1h on 88 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. trade.xyz quotes 88 perpetual markets in total and Vest quotes 63; the 18 they share are what this page ranks. Across its own book trade.xyz runs a median funding rate of 2.4% and Vest 5.0%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 18 of 18 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SKHY | Vest | trade.xyz | 214.3% | 223.5% | -10.8% | $690K |
| DRAM | Vest | trade.xyz | 174.9% | 186.0% | +5.3% | $21K |
| CRCL | trade.xyz | Vest | 99.8% | 114.6% | +2.2% | $53K |
| RDDT | trade.xyz | Vest | 52.5% | 75.8% | +45.1% | $130K |
| ORCL | trade.xyz | Vest | 44.0% | 55.9% | -3.7% | $201K |
| CRWV | trade.xyz | Vest | 37.8% | 47.5% | +0.9% | $1.1M |
| BE | Vest | trade.xyz | 34.5% | 50.6% | +8.1% | $88K |
| META | trade.xyz | Vest | 29.0% | 42.7% | — | $317K |
| PLTR | trade.xyz | Vest | 25.4% | 32.7% | +1.6% | $268K |
| NBIS | Vest | trade.xyz | 25.1% | 36.1% | +11.1% | $1.1M |
| AMD | trade.xyz | Vest | 24.4% | 41.7% | -3.8% | $831K |
| DELL | trade.xyz | Vest | 15.1% | 28.3% | — | $8.1M |
| CBRS | Vest | trade.xyz | 14.1% | 26.7% | -2.1% | $264K |
| SPCX | trade.xyz | Vest | 7.6% | 11.6% | -3.5% | $4.0M |
| NFLX | trade.xyz | Vest | 6.7% | 15.6% | — | $39K |
| MRVL | Vest | trade.xyz | 2.7% | 7.6% | +4.3% | $119K |
| GBP | Vest | trade.xyz | 2.6% | 6.7% | +5.1% | $158K |
| MSFT | trade.xyz | Vest | 2.5% | 15.0% | -0.1% | $236K |
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: trade.xyz and Vest share 18 markets, 4 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.
trade.xyz vs Vest — FAQ
How many markets can you arbitrage between trade.xyz and Vest?
18 perpetual markets are quoted on both trade.xyz and Vest right now. 15 of them show a net spread of at least 5% APR after estimated fees, and 4 have at least $1M of 24h volume on the smaller leg.
What is the best trade.xyz / Vest funding spread right now?
CRWV: long trade.xyz and short Vest for about 37.8% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 18 shared markets is 25.3%, so the top of the list is not typical.
Which side pays on the trade.xyz / Vest pair?
It varies by market: trade.xyz is the long (funding-receiving) leg in 11 of the shared markets and Vest in the other 7. The direction is set per market by which venue currently prices funding lower.
Trading the trade.xyz / Vest 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: trade.xyz funding rates · Vest funding rates; the full calculation is in the methodology.