Variational vs Vest Funding Arbitrage
23 shared markets · net of estimated fees · updated every few minutesVariational and Vest both quote 23 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 Variational / short Vest at 24.1% net APR — but the median across all shared markets is 8.6%, 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 Variational and 9 on Vest. 12 markets clear 5% net APR, 11 clear 10%.
How this pair behaves
Variational pays funding every 8h on 138 markets and every 4h on 80 markets; Vest pays every 1h on 63 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. Variational quotes 220 perpetual markets in total and Vest quotes 63; the 23 they share are what this page ranks. Across its own book Variational runs a median funding rate of 6.1% 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 23 of 23 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| PENG | Variational | Vest | 79.9% | 98.1% | +13.8% | $35K |
| ZK | Vest | Variational | 39.5% | 44.3% | +34.8% | $62K |
| BTC | Vest | Variational | 38.5% | 39.5% | +27.5% | $830K |
| SKHY | Variational | Vest | 27.6% | 35.1% | +11.6% | $650K |
| BZ | Variational | Vest | 24.1% | 26.3% | +7.6% | $6.1M |
| NFLX | Vest | Variational | 22.6% | 29.0% | -2.1% | $39K |
| WLD | Variational | Vest | 22.0% | 24.4% | +6.4% | $6.8M |
| ETH | Vest | Variational | 17.6% | 18.8% | +20.2% | $965K |
| CRCL | Variational | Vest | 14.0% | 27.4% | +4.0% | $53K |
| AAVE | Variational | Vest | 13.1% | 14.9% | +13.7% | $947K |
| SOL | Vest | Variational | 11.3% | 12.8% | +21.4% | $927K |
| BMNR | Vest | Variational | 8.6% | 31.9% | -1.8% | $131K |
| ZRO | Variational | Vest | 4.6% | 7.0% | +7.9% | $282K |
| HYPE | Variational | Vest | 3.9% | 5.8% | +19.5% | $57K |
| DRAM | Vest | Variational | 3.7% | 13.3% | +0.7% | $21K |
| AMZN | Vest | Variational | 3.2% | 12.8% | -0.5% | $651K |
| SUI | Variational | Vest | 3.0% | 4.9% | +10.8% | $1.2M |
| SPCX | Variational | Vest | 2.8% | 5.0% | -5.2% | $4.0M |
| IWM | Variational | Vest | 2.4% | 5.0% | +4.7% | $385K |
| AVAX | Variational | Vest | 1.3% | 3.2% | +18.7% | $756K |
| TSM | Variational | Vest | 0.9% | 5.0% | -0.8% | $126K |
| CBRS | Vest | Variational | 0.9% | 11.7% | +0.0% | $264K |
| BNB | Variational | Vest | 0.8% | 2.4% | +11.5% | $7.6M |
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.
Variational vs Vest — FAQ
How many markets can you arbitrage between Variational and Vest?
23 perpetual markets are quoted on both Variational and Vest right now. 12 of them show a net spread of at least 5% APR after estimated fees, and 5 have at least $1M of 24h volume on the smaller leg.
What is the best Variational / Vest funding spread right now?
BZ: long Variational and short Vest for about 24.1% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 23 shared markets is 8.6%, 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 14 of the shared markets and Vest in the other 9. 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. 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: Variational funding rates · Vest funding rates; the full calculation is in the methodology.