Variational vs Vest Funding Arbitrage
8 shared markets · net of estimated fees · updated every few minutes
Variational and Vest both quote 8 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 Variational / short Vest at 7.9% net APR — but the median across all shared markets is 7.2%, which is the number worth planning around.
Variational / Vest spreads by market
top 8 by net APR| Market | Long | Short | Gross APR | Net APR | 7d avg | 24h vol · lower leg |
|---|---|---|---|---|---|---|
| ZK | Vest | Variational | 65.0% | 60.9% | +60.2% | $59K |
| HYPE | Vest | Variational | 32.7% | 30.6% | +22.6% | $51K |
| AAVE | Variational | Vest | 16.0% | 14.2% | +13.7% | $559K |
| BTC | Variational | Vest | 8.9% | 7.9% | +3.6% | $1.8M |
| ETH | Variational | Vest | 7.7% | 6.4% | +2.7% | $929K |
| AVAX | Variational | Vest | 5.6% | 3.7% | +20.4% | $251K |
| DRAM | Variational | Vest | 5.0% | 2.4% | +1.6% | $98K |
| DELL | Variational | Vest | 5.0% | 1.0% | +5.4% | $377K |
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.
Which venue is the long leg
The long leg is whichever venue currently prices funding lower for that market — it is a property of the market, not of the exchange, and it flips as rates move.
Variational vs Vest — FAQ
How many markets can you arbitrage between Variational and Vest?
8 perpetual markets are quoted on both Variational and Vest right now. 5 of them show a net spread of at least 5% APR after estimated fees, and 1 have at least $1M of 24h volume on the smaller leg.
What is the best Variational / Vest funding spread right now?
BTC: long Variational and short Vest for about 7.9% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 8 shared markets is 7.2%, so the top of the list is not typical.
Which side pays on the Variational / Vest pair?
It varies by market: Variational is the long (funding-receiving) leg in 6 of the shared markets and Vest in the other 2. The direction is set per market by which venue currently prices funding lower.
Trading the Variational / 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. Direction risk is largely offset, and the position earns the funding difference each interval. 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. Per-market detail, including a backtest, is on each market's funding page; the full calculation is in the methodology.
Venue detail: Variational funding rates · Vest funding rates
Related exchange pairs
Coverage note: Variational and Vest share 8 markets, 1 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.