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 110 perpetual markets on Variational right now, the average annualized funding is +2.49%, which means the venue as a whole is currently charging longs to hold. Ignoring the direction, the average market pays or charges 9.47% 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 110 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, Backpack: shorting HYPE on Variational against the opposite leg on Backpack opens a gross funding spread of +84.84% annualized, which is +71.28% after both venues' taker fees. That is one snapshot of a rate that floats — 5 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: 5 of Variational's 110 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.

← All exchanges

Variational funding rates and fees

DEX
Arbitrum One
Self-custody
Since 2025

Variational lists 110 perpetual markets and settles funding every 4–8 hours, mostly every 8 hours, at 0.050% taker / 0.020% maker. 5 of those markets have a counterparty on another venue with a book deep enough to trade against. The widest right now is short HYPE here against Backpack, paying +71.28% 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.

Taker fee

0.050%0.020% maker

Funding settles

4–8hevery 4–8 hours, mostly every 8 hours

Next funding

—Variational publishes no schedule

Tradable pairs

5both books over $1.00M in 24h

Trade on Variational

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.

The first tradable pairs on Variational: the side you take here, the funding rate on each venue, and the net APR after both venues' taker fees.
Market	Your side here	On Variational	Best counterparty	Net APR
HHYPE	Short	-6.86%	Backpack-91.70%	+71.28%+84.84% gross · 27h to break evenbooks $35.64M · $14.77M
SSOL	Short	-11.91%	Hibachi-41.17%	+18.83%+29.26% gross · 2.5d to break evenbooks $50.84M · $1.04M
BBTC	Short	+10.82%	RiseX-1.89%	+2.28%+12.71% gross · 5.7d to break evenbooks $186.17M · $27.05M
TTRUMP	Short	-4.27%	Backpack-19.90%	+2.07%+15.63% gross · 6.1d to break evenbooks $2.44M · $2.35M
EETH	Short	+4.21%	Kalshi-10.99%	-2.52%+15.21% gross · 8.2d to break evenbooks $78.48M · $110.07M

Show the 105 pairs on books too thin to trade

The first pairs on books too thin to trade on Variational: the side you take here, the funding rate on each venue, and the net APR after both venues' taker fees.
Market	Your side here	On Variational	Best counterparty	Net APR
SS	Short	-11.98%	N1-688.54%	+667.70%+676.56% gross · 2.2h to break evenbooks $89.99K · $3.06K
JJUP	Long	-6.30%	N1+535.24%	+532.68%+541.54% gross · 2.8h to break evenbooks $45.17K · $493
SSTABLE	Long	+10.95%	Backpack+167.78%	+143.27%+156.83% gross · 15h to break evenbooks $65.14K · $12.92K
XXRP	Short	-3.44%	Hibachi-119.14%	+105.26%+115.69% gross · 15h to break evenbooks $2.26M · $179.84K
XXMR	Short	+109.96%	Lighter+12.26%	+88.31%+97.70% gross · 16h to break evenbooks $846.75K · $1.37M

Show the 100 other thin pairs

The remaining pairs on books too thin to trade on Variational: the side you take here, the funding rate on each venue, and the net APR after both venues' taker fees.
Market	Your side here	On Variational	Best counterparty	Net APR
MMORPHO	Short	+10.95%	N1-84.97%	+87.06%+95.92% gross · 16h to break evenbooks $33.78K · —
FFARTCOIN	Long	+16.79%	N1+110.38%	+84.72%+93.58% gross · 16h to break evenbooks $638.93K · $495
AKAITO	Long	+2.29%	N1+92.86%	+81.70%+90.56% gross · 16h to break evenbooks $374 · $3
CCRV	Short	-22.97%	Extended-113.88%	+80.48%+90.91% gross · 19h to break evenbooks $126.83K · $71.32K
AAERO	Short	+10.95%	N1-67.45%	+69.54%+78.40% gross · 19h to break evenbooks $138.53K · —
PPAXG	Short	+10.95%	N1-65.70%	+67.79%+76.65% gross · 19h to break evenbooks $334.50K · $1.54K
WWLFI	Short	+10.95%	Backpack-67.21%	+64.60%+78.16% gross · 29h to break evenbooks $27.30K · $83.13K
AADA	Short	+7.04%	Polymarket-64.58%	+64.32%+71.62% gross · 17h to break evenbooks $153.49K · $81.88K
AAXS	Short	+10.95%	Aster-62.85%	+63.37%+73.80% gross · 24h to break evenbooks — · $6.66K
MMON	Short	-14.89%	N1-78.84%	+55.09%+63.95% gross · 23h to break evenbooks $673.74K · $1.32K
DDOGE	Short	+10.95%	Polymarket-50.13%	+53.78%+61.08% gross · 20h to break evenbooks $319.45K · $36.70K
SSUI	Short	-1.89%	Hibachi-57.82%	+45.50%+55.93% gross · 31h to break evenbooks $169.44K · $35.75K
NNEAR	Long	-5.44%	Backpack+51.59%	+43.47%+57.03% gross · 40h to break evenbooks $519.23K · $158.44K
EETHFI	Short	-1.78%	Aster-55.57%	+43.36%+53.79% gross · 33h to break evenbooks $61.13K · $74.24K
EENA	Short	+10.95%	Orderly-41.21%	+41.73%+52.16% gross · 34h to break evenbooks $3.12M · $275.12K
JJTO	Short	+10.95%	Bitget-40.95%	+40.43%+51.90% gross · 37h to break evenbooks $63.88K · $1.08M
SSEI	Long	-39.38%	Aster+10.95%	+39.90%+50.33% gross · 35h to break evenbooks $16.61K · $22.12K
AAPEX	Long	+10.95%	Hyperliquid+56.80%	+36.99%+45.85% gross · 32h to break evenbooks $18 · $123.70K
FFIL	Short	+10.95%	Hyperliquid-32.45%	+34.54%+43.40% gross · 34h to break evenbooks $7.92K · $625.80K
OOP	Long	-32.16%	Aster+10.95%	+32.68%+43.11% gross · 41h to break evenbooks $21.98K · $60.06K
HHBAR	Long	-30.90%	Extended+11.39%	+31.86%+42.29% gross · 41h to break evenbooks $27.04K · $2.33K
CCC	Long	+10.95%	Backpack+56.19%	+31.68%+45.24% gross · 2.1d to break evenbooks $9.50K · $14.91K
AAVAX	Short	-3.43%	Backpack-47.90%	+30.91%+44.47% gross · 2.1d to break evenbooks $258.46K · $63.89K
ZZEC	Long	+10.95%	N1+49.93%	+30.12%+38.98% gross · 38h to break evenbooks $13.78M · $9.81K
TTAO	Long	+10.95%	RiseX+51.10%	+29.72%+40.15% gross · 44h to break evenbooks $892.77K · $263.92K
XXPL	Short	+10.95%	N1-27.16%	+29.25%+38.11% gross · 39h to break evenbooks $115.28K · $30
PPOL	Short	+1.14%	Orderly-38.40%	+29.11%+39.54% gross · 44h to break evenbooks $8.88K · $674.27K
BBNB	Long	-10.97%	N1+24.53%	+26.64%+35.50% gross · 42h to break evenbooks $1.74M · $5.48K
VVIRTUAL	Long	-24.96%	Aster+10.95%	+25.48%+35.91% gross · 2.0d to break evenbooks $166.75K · $82.22K
PPENGU	Long	-24.42%	Extended+11.39%	+25.38%+35.81% gross · 2.0d to break evenbooks $227.42K · $76.51K
TTIA	Short	+10.95%	Aster-23.70%	+24.22%+34.65% gross · 2.1d to break evenbooks $8.64K · $22.41K
PPROVE	Short	+10.95%	OKX-23.68%	+24.20%+34.63% gross · 2.1d to break evenbooks $12.48K · $248.10K
VVVV	Short	+10.95%	Kalshi-29.96%	+23.18%+40.91% gross · 3.0d to break evenbooks $526.20K · $76.79K
RRIVER	Long	+10.95%	Binance+44.19%	+22.81%+33.24% gross · 2.2d to break evenbooks $13.25K · $26.06M
OONDO	Short	-2.68%	N1-34.16%	+22.62%+31.48% gross · 47h to break evenbooks $88.64K · $142
AAVNT	Short	+10.95%	Backpack-25.02%	+22.41%+35.97% gross · 2.6d to break evenbooks $303 · $4.47K
SSTRK	Long	-21.23%	Extended+11.39%	+22.19%+32.62% gross · 2.2d to break evenbooks $231.35K · $27.00K
ZZRO	Short	+10.95%	Orderly-21.53%	+22.05%+32.48% gross · 2.2d to break evenbooks $60.00K · $27.87K
EEIGEN	Short	-1.69%	N1-32.41%	+21.87%+30.73% gross · 2.0d to break evenbooks $18.10K · —
AASTER	Long	+8.12%	Aster+40.36%	+21.81%+32.24% gross · 2.3d to break evenbooks $32.82K · $31.28M
HHOOD	Long	+0.00%	Polymarket+29.00%	+21.70%+29.00% gross · 42h to break evenbooks $160.38K · $49.70K
LLINEA	Short	+10.95%	Bybit-21.15%	+21.15%+32.10% gross · 2.4d to break evenbooks $98 · $342.70K
SSPX	Long	+10.95%	Lighter+40.30%	+19.96%+29.35% gross · 2.2d to break evenbooks $70.11K · $77.37K
MMSTR	Long	+3.36%	Paradex+31.31%	+17.52%+27.95% gross · 2.6d to break evenbooks $439.56K · —
ZZK	Long	-16.83%	Binance+10.95%	+17.35%+27.78% gross · 2.6d to break evenbooks $2.24K · $3.33M
UUNI	Long	-7.66%	N1+18.40%	+17.20%+26.06% gross · 2.4d to break evenbooks $404.36K · $80
AAPT	Short	-8.02%	Lighter-34.16%	+16.76%+26.15% gross · 2.5d to break evenbooks $110.18K · $125.27K
WWLD	Long	-15.62%	Pacifica+10.95%	+16.14%+26.57% gross · 2.7d to break evenbooks $93.01K · $118.35K
XXAG	Long	+0.00%	Polymarket+22.35%	+15.05%+22.35% gross · 2.3d to break evenbooks $6.34M · $324.98K
CCOIN	Long	+0.00%	Hyperliquid+23.19%	+14.33%+23.19% gross · 2.7d to break evenbooks $388.96K · $1.78M
AAAPL	Short	+0.00%	Nado-23.78%	+13.35%+23.78% gross · 3.1d to break evenbooks $1.14M · —
IICP	Long	-11.86%	Extended+11.39%	+12.82%+23.25% gross · 3.1d to break evenbooks $40.40K · $56.60K
SSTBL	Long	+10.95%	Bybit+33.54%	+11.64%+22.59% gross · 3.4d to break evenbooks $6.15K · $553.46K
XXLM	Short	+10.95%	Extended-10.51%	+11.03%+21.46% gross · 3.4d to break evenbooks $4.67K · $2.98K
WWIF	Long	-9.19%	Extended+11.39%	+10.15%+20.58% gross · 3.5d to break evenbooks $74.74K · —
DDOT	Short	+10.95%	Backpack-11.47%	+8.86%+22.42% gross · 4.2d to break evenbooks $3.17K · $21.87K
XXPT	Long	+0.00%	Paradex+18.54%	+8.11%+18.54% gross · 3.9d to break evenbooks $326.33K · $602
AAAVE	Long	-4.19%	RiseX+13.94%	+7.70%+18.13% gross · 4.0d to break evenbooks $940.93K · $127.72K
BBCH	Long	-6.54%	Aster+10.95%	+7.06%+17.49% gross · 4.2d to break evenbooks $6.90K · $78.87K
TTRX	Long	-6.49%	Aster+10.95%	+7.01%+17.44% gross · 4.2d to break evenbooks $89.34K · $174.60K
AARB	Long	-6.17%	Aster+10.95%	+6.69%+17.12% gross · 4.3d to break evenbooks $161.02K · $5.58K
ZZORA	Short	+10.95%	Backpack-8.54%	+5.93%+19.49% gross · 4.9d to break evenbooks $3.06K · $58.99K
MMEGA	Short	+10.95%	Nado-5.39%	+5.91%+16.34% gross · 4.5d to break evenbooks $8.09K · —
LLTC	Long	-4.56%	Aster+10.95%	+5.08%+15.51% gross · 4.7d to break evenbooks $47.22K · $203.64K
AAMD	Long	+0.00%	Nado+15.48%	+5.05%+15.48% gross · 4.7d to break evenbooks $368.94K · —
IINTC	Long	+0.00%	Nado+13.61%	+3.18%+13.61% gross · 5.4d to break evenbooks $413.17K · —
SSKY	Long	-1.67%	Aster+10.95%	+2.19%+12.62% gross · 5.8d to break evenbooks $48.58K · $2.04K
LLINK	Long	-1.07%	Extended+11.39%	+2.03%+12.46% gross · 5.9d to break evenbooks $390.65K · $116.07K
QQQQ	Short	+0.00%	Nado-12.24%	+1.81%+12.24% gross · 6.0d to break evenbooks $11.30M · —
TTSLA	Long	+0.00%	Nado+11.76%	+1.33%+11.76% gross · 6.2d to break evenbooks $1.21M · —
NNVDA	Long	+0.00%	Nado+11.75%	+1.32%+11.75% gross · 6.2d to break evenbooks $1.77M · —
PPOPCAT	Short	+10.95%	Lighter+0.88%	+0.68%+10.07% gross · 6.5d to break evenbooks $18.12K · $52.08K
CCRCL	Long	+0.00%	Pacifica+10.95%	+0.52%+10.95% gross · 6.7d to break evenbooks $338.65K · $21.55K
GGOOGL	Long	+0.00%	Orderly+10.95%	+0.52%+10.95% gross · 6.7d to break evenbooks $917.84K · $1.27K
PPLTR	Long	+0.00%	Pacifica+10.95%	+0.52%+10.95% gross · 6.7d to break evenbooks $233.71K · $15.43K
SSNDK	Long	+0.00%	Pacifica+10.95%	+0.52%+10.95% gross · 6.7d to break evenbooks $1.94M · $345.48K
XXAU	Long	+0.00%	Orderly+10.95%	+0.52%+10.95% gross · 6.7d to break evenbooks $31.66M · $33.04K
LLDO	Short	+10.95%	Backpack-2.52%	-0.09%+13.47% gross · 7.0d to break evenbooks $11.25K · $44.50K
MMSFT	Short	+0.00%	Nado-10.28%	-0.15%+10.28% gross · 7.1d to break evenbooks $233.58K · —
MMNT	Long	+1.31%	Extended+11.39%	-0.36%+10.07% gross · 7.2d to break evenbooks $16.50K · —
SSTRC	Long	+0.00%	Hyperliquid+5.48%	-3.38%+5.48% gross · 11.3d to break evenbooks $83.78K · $574.85K
MMETA	Short	+0.00%	Nado-6.74%	-3.69%+6.74% gross · 10.8d to break evenbooks $421.67K · —
AAMZN	Short	+0.00%	Nado-6.65%	-3.78%+6.65% gross · 11.0d to break evenbooks $831.33K · —
BBERA	Long	+10.95%	N1+15.77%	-4.04%+4.82% gross · 12.9d to break evenbooks $1.38K · $62
UUSELESS	Short	+10.95%	Orderly+4.98%	-4.46%+5.97% gross · 12.2d to break evenbooks $197.51K · $22.66K
XXPD	Long	+0.00%	Lighter+3.50%	-5.89%+3.50% gross · 18.8d to break evenbooks $79.38K · $11.39K
BBMNR	Short	+0.00%	Bybit-5.02%	-5.93%+5.02% gross · 15.3d to break evenbooks $163.04K · $331.49K
AAZTEC	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $41 · $14.02K
CCRO	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $46.35K · $10.27K
DDASH	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $167.21K · $71.90K
DDOLO	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $1.81K · $18.85K
FFOGO	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $56.96K · $81.58K
GGMX	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $1.05K · $9.77K
GGRASS	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $39.44K · $53.93K
MMYX	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $10 · $679
NNMR	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $893 · $8.03K
PPYTH	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $145 · $9.92K
SSYRUP	Short	+10.95%	Lighter+10.51%	-8.95%+0.44% gross · 150.0d to break evenbooks $43.26K · $43.99K
PPENDLE	Short	+10.95%	Orderly+9.57%	-9.05%+1.38% gross · 52.9d to break evenbooks $7.38K · $235.34K
DDUSK	Long	+10.95%	Extended+11.39%	-9.99%+0.44% gross · 166.7d to break evenbooks $32 · —

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 110 perpetuals Variational quotes, with the funding rate each one is paying right now.

Every perpetual market on Variational, with its mark price, annualized funding rate, funding interval, 24-hour volume and open interest.

BBTC	$78,193.56	+10.82%	8h	$186.17M	$168.00M
EETH	$2,453.11	+4.21%	8h	$78.48M	$118.16M
SSOL	$105.13	-11.91%	8h	$50.84M	$28.56M
HHYPE	$83.26	-6.86%	8h	$35.64M	$30.08M
XXAU	$4,470.54	+0.00%	4h	$31.66M	$58.46M
ZZEC	$838.20	+10.95%	8h	$13.78M	$26.71M
QQQQ	$717.49	+0.00%	8h	$11.30M	$23.50M
XXAG	$66.69	+0.00%	4h	$6.34M	$11.11M
EENA	$0.1563	+10.95%	4h	$3.12M	$2.34M
TTRUMP	$2.67	-4.27%	4h	$2.44M	$1.47M
XXRP	$1.40	-3.44%	8h	$2.26M	$2.46M
SSNDK	$1,488.42	+0.00%	8h	$1.94M	$3.82M
NNVDA	$218.95	+0.00%	8h	$1.77M	$5.56M
BBNB	$693.35	-10.97%	8h	$1.74M	$4.41M
TTSLA	$350.59	+0.00%	8h	$1.21M	$2.70M
AAAPL	$320.56	+0.00%	8h	$1.14M	$2.15M
AAAVE	$123.92	-4.19%	8h	$940.93K	$2.96M
GGOOGL	$346.25	+0.00%	8h	$917.84K	$3.74M
TTAO	$237.66	+10.95%	4h	$892.77K	$1.63M
XXMR	$467.68	+109.96%	8h	$846.75K	$4.77M
AAMZN	$265.85	+0.00%	8h	$831.33K	$2.56M
MMON	$0.0267	-14.89%	8h	$673.74K	$604.70K
FFARTCOIN	$0.1967	+16.79%	4h	$638.93K	$1.14M
VVVV	$16.51	+10.95%	4h	$526.20K	$981.68K
NNEAR	$1.86	-5.44%	8h	$519.23K	$2.13M
MMSTR	$129.13	+3.36%	8h	$439.56K	$2.71M
MMETA	$578.26	+0.00%	8h	$421.67K	$2.63M
IINTC	$90.17	+0.00%	8h	$413.17K	$2.52M
UUNI	$4.69	-7.66%	8h	$404.36K	$2.35M
LLINK	$11.44	-1.07%	8h	$390.65K	$2.49M
CCOIN	$179.79	+0.00%	8h	$388.96K	$1.05M
AAMD	$468.05	+0.00%	8h	$368.94K	$669.20K
CCRCL	$88.14	+0.00%	8h	$338.65K	$1.37M
PPAXG	$4,460.33	+10.95%	4h	$334.50K	$13.12M
XXPT	$1,841.27	+0.00%	4h	$326.33K	$304.19K
DDOGE	$0.0854	+10.95%	8h	$319.45K	$442.46K
AAVAX	$7.32	-3.43%	8h	$258.46K	$996.69K
PPLTR	$186.00	+0.00%	8h	$233.71K	$902.77K
MMSFT	$515.27	+0.00%	8h	$233.58K	$1.36M
SSTRK	$0.0251	-21.23%	4h	$231.35K	$287.09K
PPENGU	$0.009109	-24.42%	4h	$227.42K	$593.49K
UUSELESS	$0.0628	+10.95%	4h	$197.51K	$448.58K
SSUI	$0.7460	-1.89%	8h	$169.44K	$1.07M
DDASH	$41.97	+10.95%	8h	$167.21K	$156.53K
VVIRTUAL	$0.7014	-24.96%	4h	$166.75K	$577.46K
BBMNR	$24.35	+0.00%	8h	$163.04K	$193.57K
AARB	$0.0879	-6.17%	8h	$161.02K	$722.15K
HHOOD	$104.81	+0.00%	8h	$160.38K	$755.74K
AADA	$0.2013	+7.04%	8h	$153.49K	$2.44M
AAERO	$0.4916	+10.95%	4h	$138.53K	$597.49K
CCRV	$0.3030	-22.97%	8h	$126.83K	$427.75K
XXPL	$0.0867	+10.95%	4h	$115.28K	$668.62K
AAPT	$0.5457	-8.02%	8h	$110.18K	$566.00K
WWLD	$0.3762	-15.62%	8h	$93.01K	$1.11M
SS	$0.0299	-11.98%	4h	$89.99K	$330.65K
TTRX	$0.3386	-6.49%	8h	$89.34K	$656.44K
OONDO	$0.3535	-2.68%	4h	$88.64K	$278.84K
SSTRC	$97.56	+0.00%	8h	$83.78K	$1.36M
XXPD	$1,437.09	+0.00%	4h	$79.38K	$644.58K
WWIF	$0.2034	-9.19%	4h	$74.74K	$25.76K
SSPX	$0.5209	+10.95%	4h	$70.11K	$700.62K
SSTABLE	$0.0265	+10.95%	4h	$65.14K	$221.66K
JJTO	$0.4933	+10.95%	4h	$63.88K	$258.80K
EETHFI	$0.5339	-1.78%	4h	$61.13K	$596.69K
ZZRO	$1.09	+10.95%	4h	$60.00K	$2.48M
FFOGO	$0.007656	+10.95%	4h	$56.96K	$80.47K
SSKY	$0.0680	-1.67%	4h	$48.58K	$102.43K
LLTC	$48.77	-4.56%	8h	$47.22K	$1.24M
CCRO	$0.0575	+10.95%	8h	$46.35K	$65.03K
JJUP	$0.2185	-6.30%	4h	$45.17K	$908.09K
SSYRUP	$0.1759	+10.95%	4h	$43.26K	$128.81K
IICP	$2.51	-11.86%	8h	$40.40K	$614.48K
GGRASS	$0.3650	+10.95%	4h	$39.44K	$1.11M
MMORPHO	$2.39	+10.95%	4h	$33.78K	$162.46K
AASTER	$0.6963	+8.12%	4h	$32.82K	$1.55M
WWLFI	$0.0579	+10.95%	4h	$27.30K	$418.34K
HHBAR	$0.0754	-30.90%	8h	$27.04K	$289.86K
OOP	$0.0894	-32.16%	8h	$21.98K	$220.79K
PPOPCAT	$0.0543	+10.95%	4h	$18.12K	$533.81K
EEIGEN	$0.1948	-1.69%	4h	$18.10K	$259.88K
SSEI	$0.0461	-39.38%	8h	$16.61K	$242.98K
MMNT	$0.5187	+1.31%	8h	$16.50K	$109.28K
RRIVER	$1.67	+10.95%	4h	$13.25K	$63.04K
PPROVE	$0.1689	+10.95%	4h	$12.48K	$13.20K
LLDO	$0.3614	+10.95%	8h	$11.25K	$172.49K
CCC	$0.1176	+10.95%	4h	$9.50K	$284.53K
PPOL	$0.1031	+1.14%	4h	$8.88K	$870.29K
TTIA	$0.3395	+10.95%	4h	$8.64K	$205.04K
MMEGA	$0.0383	+10.95%	4h	$8.09K	$127.62K
FFIL	$0.6811	+10.95%	8h	$7.92K	$109.16K
PPENDLE	$1.71	+10.95%	8h	$7.38K	$522.64K
BBCH	$246.95	-6.54%	8h	$6.90K	$95.15K
SSTBL	$0.0291	+10.95%	4h	$6.15K	$6.92K
XXLM	$0.1794	+10.95%	8h	$4.67K	$169.28K
DDOT	$0.8402	+10.95%	8h	$3.17K	$481.56K
ZZORA	$0.006083	+10.95%	4h	$3.06K	$103.09K
ZZK	$0.008263	-16.83%	4h	$2.24K	$51.06K
DDOLO	$0.0254	+10.95%	4h	$1.81K	$11.89K
BBERA	$0.1698	+10.95%	4h	$1.38K	$84.98K
GGMX	$8.17	+10.95%	8h	$1.05K	$20.80K
NNMR	$9.04	+10.95%	4h	$893	$47.80K
AKAITO	$0.3156	+2.29%	4h	$374	$634.86K
AAVNT	$0.1002	+10.95%	4h	$303	$20.33K
PPYTH	$0.0481	+10.95%	4h	$145	$32.06K
LLINEA	$0.002474	+10.95%	4h	$98	$121.11K
AAZTEC	$0.0135	+10.95%	4h	$41	$21.19K
DDUSK	$0.0666	+10.95%	8h	$32	$2.37K
AAPEX	$0.2663	+10.95%	4h	$18	$69.07K
MMYX	$0.0716	+10.95%	4h	$10	$3.09K
AAXS	$0.9016	+10.95%	8h	—	$26.33K

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 110 perpetual markets on Variational right now, the average annualized funding is +2.49%, which means the venue as a whole is currently charging longs to hold. Ignoring the direction, the average market pays or charges 9.47% 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 110 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, Backpack: shorting HYPE on Variational against the opposite leg on Backpack opens a gross funding spread of +84.84% annualized, which is +71.28% after both venues' taker fees. That is one snapshot of a rate that floats — 5 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: 5 of Variational's 110 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.