Variational funding rates and fees
Variational lists 106 perpetual markets and settles funding every 4–8 hours, mostly every 8 hours, at 0.050% taker / 0.020% maker. 9 of those markets have a counterparty on another venue with a book deep enough to trade against. The widest right now is short SNDK here against Lighter, paying +46.71% annualized after both venues' taker fees.
Variational is a derivatives protocol on Arbitrum whose first live app, Omni, is a perps venue covering crypto plus equities, commodities and FX from one cross-margined account. It is not a public order book: trades are quoted request-for-quote style against protocol liquidity and each one is margined in an on-chain escrow contract. Its perps mainnet opened in early 2025. The listing set is unusually wide, but the price you get comes from the protocol's own liquidity rather than a visible book of resting orders.
The pairs
Where Variational is worth trading — and against whom.
Every market here, matched against the venue that opens the widest funding gap against it. The axis draws both rates on one scale, and the lit bar between them is the spread — the money. Net APR is what that spread pays after both venues' taker fees, held a week.
| Market | Your side here | On Variational | -19% · 0 · +60% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| SSNDK | Short | +59.60% |  Lighter+3.50% | +46.71%+56.10% gross · 28h to break evenbooks $7.64M · $5.62M | |
| TTSLA | Short | +37.98% |  Bitget+0.00% | +26.51%+37.98% gross · 2.1d to break evenbooks $1.10M · $5.05M | |
| EENA | Short | +10.95% |  Extended-14.89% | +15.41%+25.84% gross · 2.8d to break evenbooks $1.26M · $2.42M | |
| EETH | Short | +4.02% |  Hibachi-19.27% | +12.87%+23.30% gross · 3.1d to break evenbooks $174.13M · $2.50M | |
| XXAU | Short | +10.84% | Extended+3.50% | -3.10%+7.33% gross · 10.0d to break evenbooks $39.41M · $20.77M |
Show the 4 other pairs
| Market | Your side here | On Variational | -19% · 0 · +60% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| BBTC | Short | +10.95% |  Kalshi+0.00% | -6.78%+10.95% gross · 11.3d to break evenbooks $431.39M · $214.17M | |
| NNEAR | Short | +10.95% | Kalshi+0.00% | -6.78%+10.95% gross · 11.3d to break evenbooks $2.12M · $3.52M | |
| XXRP | Short | +10.95% | Kalshi+0.00% | -6.78%+10.95% gross · 11.3d to break evenbooks $2.15M · $1.96M | |
| ZZEC | Short | +10.95% | Kalshi+0.00% | -6.78%+10.95% gross · 11.3d to break evenbooks $8.88M · $11.26M |
Show the 96 pairs on books too thin to trade
| Market | Your side here | On Variational | -350% · 0 · +229% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| AAPT | Short | +8.07% |  N1-349.52% | +348.73%+357.59% gross · 4.2h to break evenbooks $416.37K · $637 | |
| UUSELESS | Long | +10.95% | Lighter+228.64% | +208.30%+217.69% gross · 7.2h to break evenbooks $88.37K · $166.42K | |
| SS | Long | -163.54% | N1+22.78% | +177.46%+186.32% gross · 8.0h to break evenbooks $23.59K · $27 | |
| FFOGO | Short | +10.95% |  Backpack-168.58% | +165.97%+179.53% gross · 13h to break evenbooks $100 · $166.23K | |
| JJTO | Long | -34.07% | Backpack+94.32% | +114.82%+128.38% gross · 18h to break evenbooks $301.94K · $372.88K |
Show the 91 other thin pairs
| Market | Your side here | On Variational | -350% · 0 · +229% | Best counterparty | Net APR |
|---|---|---|---|---|---|
| SSTABLE | Short | +10.95% |  Aster-94.47% | +94.99%+105.42% gross · 17h to break evenbooks $1.99K · $48.11K | |
| PPOL | Long | -82.64% | Bitget+10.95% | +82.12%+93.59% gross · 21h to break evenbooks $133.81K · $983.06K | |
| JJUP | Long | -39.91% | N1+35.92% | +66.96%+75.82% gross · 20h to break evenbooks $339.59K · $4.79K | |
| TTIA | Long | +10.95% | Backpack+90.78% | +66.27%+79.83% gross · 29h to break evenbooks $121.01K · $171.40K | |
| HHYPE | Long | +10.95% | Hibachi+86.72% | +65.34%+75.77% gross · 23h to break evenbooks $39.33M · $457.58K | |
| SSUI | Long | +0.03% | Hibachi+74.46% | +64.00%+74.43% gross · 24h to break evenbooks $331.24K · $118.18K | |
| PPROVE | Short | +10.95% | Aster-63.06% | +63.58%+74.01% gross · 24h to break evenbooks $100 · $8.19K | |
| ZZRO | Long | -32.16% | Backpack+39.62% | +58.22%+71.78% gross · 32h to break evenbooks $136.18K · $309.03K | |
| LLINEA | Short | +10.95% |  Orderly-55.70% | +56.22%+66.65% gross · 26h to break evenbooks $29.08K · $150 | |
| FFARTCOIN | Long | +10.95% | Backpack+78.96% | +54.45%+68.01% gross · 33h to break evenbooks $722.49K · $98.52K | |
| AKAITO | Short | +10.95% | N1-51.68% | +53.77%+62.63% gross · 24h to break evenbooks $221.25K · $6.23K | |
| WWIF | Short | +10.95% | Extended-50.81% | +51.33%+61.76% gross · 28h to break evenbooks $5.52K · $73.34K | |
| AAPEX | Long | +10.95% |  Hyperliquid+71.09% | +51.28%+60.14% gross · 25h to break evenbooks — · $241.19K | |
| CCRCL | Long | +27.19% | Lighter+87.60% | +51.02%+60.41% gross · 26h to break evenbooks $1.12M · $909.69K | |
| MMORPHO | Short | +10.95% | Aster-47.84% | +48.36%+58.79% gross · 30h to break evenbooks $65.71K · $143.74K | |
| XXAG | Long | +7.35% | Hibachi+58.69% | +40.91%+51.34% gross · 34h to break evenbooks $8.43M · $6.13K | |
| PPYTH | Long | +10.95% | Backpack+63.15% | +38.64%+52.20% gross · 44h to break evenbooks $30.48K · $82.09K | |
| MMYX | Long | +10.95% |  Bybit+57.70% | +35.80%+46.75% gross · 39h to break evenbooks $874 · $693.24K | |
| EEIGEN | Short | +10.95% | N1-33.29% | +35.38%+44.24% gross · 34h to break evenbooks $290.73K · $241 | |
| GGMX | Long | -31.91% | Bitget+10.95% | +31.39%+42.86% gross · 45h to break evenbooks $38.69K · $144.38K | |
| BBCH | Long | -30.01% | Extended+11.39% | +30.96%+41.39% gross · 42h to break evenbooks $8.24K · $175.31K | |
| SSOL | Short | +2.68% | Hibachi-34.16% | +26.41%+36.84% gross · 48h to break evenbooks $39.39M · $647.42K | |
| MMON | Long | +10.95% | Backpack+49.66% | +25.15%+38.71% gross · 2.5d to break evenbooks $322.05K · $259.60K | |
| AAVNT | Short | +10.95% | Extended-23.65% | +24.17%+34.60% gross · 2.1d to break evenbooks $19.50K · $19.20K | |
| PPOPCAT | Long | -23.42% |  Binance+10.95% | +23.94%+34.37% gross · 2.1d to break evenbooks $3.44K · $1.20M | |
| VVIRTUAL | Short | -15.87% | Orderly-48.53% | +22.22%+32.65% gross · 2.2d to break evenbooks $476.72K · $6.23K | |
| BBERA | Short | +10.95% | Orderly-21.40% | +21.92%+32.35% gross · 2.3d to break evenbooks $11.85K · $123.28K | |
| TTRX | Long | -19.81% | Hyperliquid+10.95% | +21.90%+30.76% gross · 2.0d to break evenbooks $54.61K · $1.40M | |
| EETHFI | Short | +10.37% | Orderly-21.36% | +21.30%+31.73% gross · 2.3d to break evenbooks $122.66K · $824 | |
| XXPL | Short | +10.95% | N1-18.40% | +20.49%+29.35% gross · 2.1d to break evenbooks $247.46K · $331 | |
| AAAVE | Short | -3.87% |  Ethereal-34.15% | +19.85%+30.28% gross · 2.4d to break evenbooks $1.08M · $4.99K | |
| PPENGU | Long | -18.63% | Extended+11.39% | +19.59%+30.02% gross · 2.4d to break evenbooks $26.30K · $23.00K | |
| AAXS | Short | +10.95% |  OKX-17.63% | +18.15%+28.58% gross · 2.6d to break evenbooks $1.89K · $2.28M | |
| CCOIN | Short | +25.95% | Aster+0.00% | +15.52%+25.95% gross · 2.8d to break evenbooks $497.64K · $176.22K | |
| AAZTEC | Short | +10.95% | Lighter-13.14% | +14.70%+24.09% gross · 2.7d to break evenbooks $39 · $29.58K | |
| RRIVER | Long | +10.95% | OKX+35.54% | +14.16%+24.59% gross · 3.0d to break evenbooks $286 · $4.83M | |
| TTRUMP | Long | -12.34% | Extended+11.39% | +13.29%+23.72% gross · 3.1d to break evenbooks $86.83K · $53.74K | |
| AADA | Short | +10.95% | Lighter-11.39% | +12.95%+22.34% gross · 2.9d to break evenbooks $580.00K · $722.00K | |
| LLTC | Long | -11.49% | Extended+11.39% | +12.44%+22.87% gross · 3.2d to break evenbooks $39.36K · $152.03K | |
| PPAXG | Short | +10.95% | N1-9.64% | +11.73%+20.59% gross · 3.0d to break evenbooks $399.89K · $18.97K | |
| XXPT | Short | +25.13% | Extended+3.50% | +11.19%+21.62% gross · 3.4d to break evenbooks $145.29K · $925.99K | |
| GGRASS | Long | -8.64% | Extended+11.39% | +9.60%+20.03% gross · 3.6d to break evenbooks $55.22K · $369.81K | |
| SSKY | Short | +10.95% |  Nado-8.74% | +9.26%+19.69% gross · 3.7d to break evenbooks $96.79K · — | |
| IINTC | Long | +0.00% | Nado+19.64% | +9.21%+19.64% gross · 3.7d to break evenbooks $510.06K · — | |
| CCRV | Long | -8.21% | Extended+11.39% | +9.16%+19.59% gross · 3.7d to break evenbooks $27.45K · $469.63K | |
| OONDO | Short | +10.95% | Nado-8.55% | +9.07%+19.50% gross · 3.7d to break evenbooks $231.91K · — | |
| OOP | Long | -7.96% | Extended+11.39% | +8.92%+19.35% gross · 3.8d to break evenbooks $31.56K · $16.13K | |
| WWLFI | Long | -7.71% | Extended+11.39% | +8.67%+19.10% gross · 3.8d to break evenbooks $76.80K · $370.82K | |
| HHBAR | Short | +0.45% | Lighter-17.52% | +8.58%+17.97% gross · 3.7d to break evenbooks $37.82K · $82.80K | |
| SSPX | Short | +5.82% | Orderly-12.86% | +8.24%+18.67% gross · 3.9d to break evenbooks $18.32K · $671 | |
| IICP | Long | -8.55% | Bitget+10.95% | +8.03%+19.50% gross · 4.1d to break evenbooks $50.53K · $1.38M | |
| AARB | Long | -6.69% | Extended+11.39% | +7.65%+18.08% gross · 4.0d to break evenbooks $418.81K · $206.84K | |
| BBNB | Long | +10.95% | Hibachi+28.91% | +7.53%+17.96% gross · 4.1d to break evenbooks $1.05M · $24.72K | |
| AASTER | Long | -5.83% | Extended+11.39% | +6.78%+17.21% gross · 4.2d to break evenbooks $217.37K · $512.41K | |
| WWLD | Long | -1.45% | Backpack+18.59% | +6.49%+20.05% gross · 4.7d to break evenbooks $197.52K · $366.68K | |
| UUNI | Long | -4.40% | Extended+11.39% | +5.36%+15.79% gross · 4.6d to break evenbooks $553.85K · $155.67K | |
| MMEGA | Short | +7.17% | Nado-8.51% | +5.24%+15.67% gross · 4.7d to break evenbooks $29.44K · — | |
| NNVDA | Short | +0.00% | Nado-15.42% | +4.99%+15.42% gross · 4.7d to break evenbooks $1.63M · — | |
| SSEI | Long | -3.91% | Aster+10.95% | +4.43%+14.86% gross · 4.9d to break evenbooks $16.53K · $96.73K | |
| DDOT | Short | +10.95% | Orderly-3.44% | +3.96%+14.39% gross · 5.1d to break evenbooks $53.30K · $67.32K | |
| TTAO | Short | +10.95% | Orderly-0.67% | +1.19%+11.62% gross · 6.3d to break evenbooks $361.26K · $29.89K | |
| PPENDLE | Short | +10.95% | Orderly-0.41% | +0.93%+11.36% gross · 6.4d to break evenbooks $222.81K · $400 | |
| AAMD | Long | +0.00% | Nado+11.20% | +0.77%+11.20% gross · 6.5d to break evenbooks $514.96K · — | |
| XXLM | Short | +10.95% | Binance-0.10% | +0.62%+11.05% gross · 6.6d to break evenbooks $32.12K · $53.91M | |
| GGOOGL | Long | +0.00% | Orderly+10.95% | +0.52%+10.95% gross · 6.7d to break evenbooks $526.59K · $2.11K | |
| PPLTR | Long | +0.00% |  Pacifica+10.95% | +0.52%+10.95% gross · 6.7d to break evenbooks $344.00K · $15.38K | |
| AAVAX | Long | -3.12% | Backpack+10.95% | +0.51%+14.07% gross · 6.7d to break evenbooks $632.66K · $163.21K | |
| SSYRUP | Long | +10.95% | Hyperliquid+20.29% | +0.48%+9.34% gross · 6.6d to break evenbooks $43.04K · $1.36M | |
| MMSTR | Long | +0.00% | Pacifica+9.94% | -0.49%+9.94% gross · 7.3d to break evenbooks $750.99K · $106.97K | |
| XXMR | Long | +10.95% | Backpack+23.72% | -0.79%+12.77% gross · 7.4d to break evenbooks $175.77K · $286.79K | |
| HHOOD | Long | +1.40% | Pacifica+10.95% | -0.88%+9.55% gross · 7.6d to break evenbooks $92.38K · $55.34K | |
| ZZK | Short | +10.95% | Binance+2.67% | -2.15%+8.28% gross · 8.8d to break evenbooks $2.23K · $3.90M | |
| LLDO | Short | +9.86% | Extended+1.75% | -2.32%+8.11% gross · 9.0d to break evenbooks $121.53K · $78.75K | |
| QQQQ | Short | +6.25% | Nado-1.33% | -2.86%+7.57% gross · 9.6d to break evenbooks $8.41M · — | |
| SSTBL | Long | +10.95% | Hyperliquid+16.88% | -2.93%+5.93% gross · 10.5d to break evenbooks $437 · $295.44K | |
| SSTRK | Short | +10.95% | Backpack+0.41% | -3.02%+10.54% gross · 9.0d to break evenbooks $15.54K · $41.11K | |
| MMSFT | Long | +0.00% | Nado+7.18% | -3.25%+7.18% gross · 10.2d to break evenbooks $407.02K · — | |
| DDOLO | Short | +10.95% | Aster+3.85% | -3.33%+7.10% gross · 10.3d to break evenbooks — · $2.62K | |
| LLINK | Long | +4.72% | Aster+10.95% | -4.20%+6.23% gross · 11.7d to break evenbooks $544.48K · $330.03K | |
| MMETA | Long | +0.00% |  Paradex+6.16% | -4.27%+6.16% gross · 11.8d to break evenbooks $578.71K · — | |
| XXPD | Long | +0.00% | Lighter+3.50% | -5.89%+3.50% gross · 18.8d to break evenbooks $89.00K · $11.07K | |
| DDASH | Short | +10.95% | Orderly+6.88% | -6.36%+4.07% gross · 17.9d to break evenbooks $79.27K · $86 | |
| DDOGE | Short | +10.95% | Kalshi+0.00% | -6.78%+10.95% gross · 11.3d to break evenbooks $77.92K · $50.74M | |
| AAERO | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $127.62K · $175.69K | |
| CCC | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $8.00K · $40.97K | |
| CCRO | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $3.85K · $1.33K | |
| FFIL | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $24.31K · $87.18K | |
| NNMR | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $7.98K · $8.88K | |
| VVVV | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $177.02K · $369.85K | |
| ZZORA | Short | +10.95% | Lighter+10.51% | -8.95%+0.44% gross · 150.0d to break evenbooks $1.31K · $2.13K | |
| MMNT | Short | +10.95% | Backpack+9.66% | -12.27%+1.29% gross · 73.6d to break evenbooks $15.64K · $35.26K |
A pair counts as tradable when both legs did more than $1.00Mof volume in the last 24 hours: a wide spread across two thin books is arithmetic, not a trade. Rates are annualized and 8h-normalized, so an hourly venue and an 8-hour one are directly comparable. Net APR can be negative — the fees have eaten the spread — and those pairs are shown greyed rather than hidden, because “not worth it” is an answer. Funding is a floating rate: it can flip before it has paid you back.
The book
Every market on Variational
All 106 perpetuals Variational quotes, with the funding rate each one is paying right now.
| BBTC | $64,701.33 | +10.95% | 8h | $431.39M | $181.22M |
| EETH | $1,875.35 | +4.02% | 8h | $174.13M | $120.85M |
| XXAU | $4,047.02 | +10.84% | 4h | $39.41M | $46.59M |
| SSOL | $77.62 | +2.68% | 8h | $39.39M | $22.73M |
| HHYPE | $65.06 | +10.95% | 8h | $39.33M | $28.74M |
| ZZEC | $555.39 | +10.95% | 8h | $8.88M | $10.73M |
| XXAG | $58.64 | +7.35% | 4h | $8.43M | $7.01M |
| QQQQ | $723.04 | +6.25% | 8h | $8.41M | $14.99M |
| SSNDK | $1,775.73 | +59.60% | 8h | $7.64M | $1.76M |
| XXRP | $1.11 | +10.95% | 8h | $2.15M | $4.26M |
| NNEAR | $2.01 | +10.95% | 8h | $2.12M | $1.44M |
| NNVDA | $212.05 | +0.00% | 8h | $1.63M | $1.41M |
| EENA | $0.0837 | +10.95% | 4h | $1.26M | $1.88M |
| CCRCL | $63.39 | +27.19% | 8h | $1.12M | $1.49M |
| TTSLA | $397.06 | +37.98% | 8h | $1.10M | $1.14M |
| AAAVE | $98.87 | -3.87% | 8h | $1.08M | $1.95M |
| BBNB | $580.74 | +10.95% | 8h | $1.05M | $3.33M |
| MMSTR | $98.12 | +0.00% | 8h | $750.99K | $1.24M |
| FFARTCOIN | $0.1524 | +10.95% | 4h | $722.49K | $567.46K |
| AAVAX | $6.66 | -3.12% | 8h | $632.66K | $1.26M |
| AADA | $0.1641 | +10.95% | 8h | $580.00K | $2.96M |
| MMETA | $660.71 | +0.00% | 8h | $578.71K | $721.02K |
| UUNI | $3.66 | -4.40% | 8h | $553.85K | $689.01K |
| LLINK | $8.34 | +4.72% | 8h | $544.48K | $2.37M |
| GGOOGL | $359.50 | +0.00% | 8h | $526.59K | $1.29M |
| AAMD | $551.96 | +0.00% | 8h | $514.96K | $455.07K |
| IINTC | $109.76 | +0.00% | 8h | $510.06K | $1.44M |
| CCOIN | $162.11 | +25.95% | 8h | $497.64K | $263.48K |
| VVIRTUAL | $0.5839 | -15.87% | 4h | $476.72K | $279.84K |
| AARB | $0.0922 | -6.69% | 8h | $418.81K | $943.46K |
| AAPT | $0.6242 | +8.07% | 8h | $416.37K | $875.45K |
| MMSFT | $386.31 | +0.00% | 8h | $407.02K | $652.87K |
| PPAXG | $4,039.49 | +10.95% | 4h | $399.89K | $13.17M |
| TTAO | $199.27 | +10.95% | 4h | $361.26K | $904.28K |
| PPLTR | $133.38 | +0.00% | 8h | $344.00K | $154.56K |
| JJUP | $0.2101 | -39.91% | 4h | $339.59K | $381.59K |
| SSUI | $0.7589 | +0.03% | 8h | $331.24K | $1.15M |
| MMON | $0.0227 | +10.95% | 8h | $322.05K | $726.80K |
| JJTO | $0.6493 | -34.07% | 4h | $301.94K | $258.89K |
| EEIGEN | $0.2420 | +10.95% | 4h | $290.73K | $142.18K |
| XXPL | $0.0939 | +10.95% | 4h | $247.46K | $656.63K |
| OONDO | $0.3183 | +10.95% | 4h | $231.91K | $211.41K |
| PPENDLE | $1.56 | +10.95% | 8h | $222.81K | $474.88K |
| AKAITO | $0.7707 | +10.95% | 4h | $221.25K | $534.76K |
| AASTER | $0.6298 | -5.83% | 4h | $217.37K | $1.64M |
| WWLD | $0.4149 | -1.45% | 8h | $197.52K | $1.96M |
| VVVV | $11.03 | +10.95% | 4h | $177.02K | $755.46K |
| XXMR | $331.88 | +10.95% | 8h | $175.77K | $3.10M |
| XXPT | $1,636.03 | +25.13% | 4h | $145.29K | $273.05K |
| ZZRO | $0.8652 | -32.16% | 4h | $136.18K | $825.91K |
| PPOL | $0.0846 | -82.64% | 4h | $133.81K | $179.83K |
| AAERO | $0.5064 | +10.95% | 4h | $127.62K | $277.03K |
| EETHFI | $0.3945 | +10.37% | 4h | $122.66K | $666.93K |
| LLDO | $0.3281 | +9.86% | 8h | $121.53K | $94.80K |
| TTIA | $0.4116 | +10.95% | 4h | $121.01K | $525.41K |
| SSKY | $0.0612 | +10.95% | 4h | $96.79K | $234.45K |
| HHOOD | $113.62 | +1.40% | 8h | $92.38K | $706.89K |
| XXPD | $1,307.01 | +0.00% | 4h | $89.00K | $327.08K |
| UUSELESS | $0.0852 | +10.95% | 4h | $88.37K | $472.15K |
| TTRUMP | $1.57 | -12.34% | 4h | $86.83K | $1.08M |
| DDASH | $34.39 | +10.95% | 8h | $79.27K | $44.26K |
| DDOGE | $0.0740 | +10.95% | 8h | $77.92K | $277.34K |
| WWLFI | $0.0573 | -7.71% | 4h | $76.80K | $436.38K |
| MMORPHO | $2.01 | +10.95% | 4h | $65.71K | $176.57K |
| GGRASS | $0.3936 | -8.64% | 4h | $55.22K | $559.39K |
| TTRX | $0.3257 | -19.81% | 8h | $54.61K | $548.53K |
| DDOT | $0.8583 | +10.95% | 8h | $53.30K | $507.08K |
| IICP | $2.21 | -8.55% | 8h | $50.53K | $247.92K |
| SSYRUP | $0.1902 | +10.95% | 4h | $43.04K | $71.48K |
| LLTC | $45.05 | -11.49% | 8h | $39.36K | $1.25M |
| GGMX | $5.88 | -31.91% | 8h | $38.69K | $44.05K |
| HHBAR | $0.0672 | +0.45% | 8h | $37.82K | $276.05K |
| XXLM | $0.1837 | +10.95% | 8h | $32.12K | $253.54K |
| OOP | $0.1020 | -7.96% | 8h | $31.56K | $240.42K |
| PPYTH | $0.0485 | +10.95% | 4h | $30.48K | $64.05K |
| MMEGA | $0.0486 | +7.17% | 4h | $29.44K | $190.09K |
| LLINEA | $0.00249 | +10.95% | 4h | $29.08K | $102.46K |
| CCRV | $0.2227 | -8.21% | 8h | $27.45K | $253.43K |
| PPENGU | $0.006022 | -18.63% | 4h | $26.30K | $565.30K |
| FFIL | $0.7845 | +10.95% | 8h | $24.31K | $89.04K |
| SS | $0.0255 | -163.54% | 4h | $23.59K | $70.08K |
| AAVNT | $0.0935 | +10.95% | 4h | $19.50K | $18.90K |
| SSPX | $0.3780 | +5.82% | 4h | $18.32K | $476.22K |
| SSEI | $0.0484 | -3.91% | 8h | $16.53K | $212.53K |
| MMNT | $0.4207 | +10.95% | 8h | $15.64K | $48.07K |
| SSTRK | $0.0291 | +10.95% | 4h | $15.54K | $87.10K |
| BBERA | $0.1863 | +10.95% | 4h | $11.85K | $97.39K |
| BBCH | $234.12 | -30.01% | 8h | $8.24K | $100.55K |
| CCC | $0.1393 | +10.95% | 4h | $8.00K | $408.73K |
| NNMR | $10.17 | +10.95% | 4h | $7.98K | $10.96K |
| WWIF | $0.1547 | +10.95% | 4h | $5.52K | $128.09K |
| DDUSK | $0.0752 | +10.95% | 8h | $3.94K | $20.67K |
| CCRO | $0.0556 | +10.95% | 8h | $3.85K | $102.60K |
| PPOPCAT | $0.0459 | -23.42% | 4h | $3.44K | $34.35K |
| ZZK | $0.0104 | +10.95% | 4h | $2.23K | $33.75K |
| SSTABLE | $0.0376 | +10.95% | 4h | $1.99K | $69.79K |
| AAXS | $1.00 | +10.95% | 8h | $1.89K | $29.91K |
| ZZORA | $0.006603 | +10.95% | 4h | $1.31K | $111.28K |
| MMYX | $0.0714 | +10.95% | 4h | $874 | $1.25K |
| SSTBL | $0.0230 | +10.95% | 4h | $437 | $550 |
| RRIVER | $3.33 | +10.95% | 4h | $286 | $68.15K |
| FFOGO | $0.00964 | +10.95% | 4h | $100 | $21.71K |
| PPROVE | $0.2014 | +10.95% | 4h | $100 | $16.57K |
| AAZTEC | $0.0141 | +10.95% | 4h | $39 | $34.14K |
| AAPEX | $0.2729 | +10.95% | 4h | — | $58.93K |
| DDOLO | $0.0223 | +10.95% | 4h | — | $3.53K |
The evidence
How much size Variational can absorb
Volume says how much trades here; open interest says how much is actually held. Neither is the reason to put a leg on this venue — the pairs above are — but both decide whether the leg you want will fill.
Each point is the rolling 24-hour figure as of that hour.
FAQ
Variational, answered
What is the funding rate on Variational?
There is no single rate — every market has its own, and it moves every funding period. Across all 106 perpetual markets on Variational right now, the average annualized funding is +2.35%, which means the venue as a whole is currently charging longs to hold. Ignoring the direction, the average market pays or charges 13.41% annualized, and that is roughly what being on the right side of it is worth. The live rate for every individual market is in the table on this page.
How often does Variational pay funding?
Variational settles funding every 4–8 hours, mostly every 8 hours, though it does not publish a schedule for the next settlement, so no countdown is shown on this page rather than a guessed one. The interval matters more than it looks: a rate quoted per hour and a rate quoted per eight hours are not comparable until they are put on the same basis, so every figure on this site is normalized to an 8-hour basis before it is compared or ranked.
What are Variational's trading fees?
Variational charges 0.050% to take liquidity and 0.020% to make it. These are the fees used in every net-APR figure on this page: a funding trade pays the taker fee four times (in and out of both legs), which is exactly why a wide spread held briefly can still lose money.
How many markets does Variational list?
We collect 106 perpetual markets from Variational. All of them report 24-hour volume. Every one is listed with its mark price, funding rate and funding interval in the book on this page.
Which exchange pairs best with Variational for funding arbitrage?
Right now, Lighter: shorting SNDK on Variational against the opposite leg on Lighter opens a gross funding spread of +56.10% annualized, which is +46.71% after both venues' taker fees. That is one snapshot of a rate that floats — 9 of Variational's markets currently have a counterparty on a book deep enough to trade, and all of them are ranked on this page.
Is Variational good for funding arbitrage?
As one leg, yes: 9 of Variational's 106 markets have a counterparty on another venue where both books cleared $1.00M in the last 24 hours, and its 0.050% taker fee is charged twice in a round trip on this leg. What decides the trade is the OTHER venue — the spread is the distance between two funding rates, so a venue is never good or bad on its own. The pairs above name the counterparty for each market.