Pionexvs
Variational
Funding rates, fees, liquidity and airdrop status compared for perpetual-futures traders.
Funding setups between these venues
Across 43 liquid markets shared by Pionex and Variational, the best funding setup over the past 7 days is $LTC (long Variational, short Pionex): it paid 20.0% APR, 14.8% after costs, and held 95% of the time.
43 common liquid markets. Ranked by what the setup actually paid over 7 days after entry and exit costs — not by the instantaneous APR.
“7d avg” is the funding spread the pair actually paid over the last 7 days. “After costs” subtracts taker fees for opening and closing both legs over a 7-day hold. “Holds” is the share of hours the spread kept the same sign and at least 5% APR.
| Pionex | Variational | |
|---|---|---|
| Type | CEX | DEX |
| Taker fee | 0.05% | 0%✓ |
| Maker fee | 0.02% | 0%✓ |
| Open Interest | $346.6M | $1.06B✓ |
| 24h Volume | $5.50B✓ | $1.04B |
| Avg Funding APR | 16.34% | 5.85% |
| Markets | 443 | 522✓ |
| Airdrop / token | Listed | Points Active |
Pionex and Variational are both perpetual-futures venues tracked on ORBIT. On fees, Variational is cheaper (0% vs 0.05% taker). On liquidity, Variational is deeper with $1.06B open interest, which means less slippage at size.
For a funding-arbitrage trader the practical answer is rarely “one or the other” — you often use both, going long on whichever venue has the lower funding for a given asset and short on the other. Open the Funding Screener to see where Pionex and Variational diverge right now, then verify the pair in the backtester.
Frequently asked questions
- Which funding setup between Pionex and Variational pays most?
- Across 43 liquid markets shared by Pionex and Variational, the best funding setup over the past 7 days is $LTC (long Variational, short Pionex): it paid 20.0% APR, 14.8% after costs, and held 95% of the time. Ranking is by the 7-day payout after costs, not by the instantaneous APR.
- Is Pionex or Variational cheaper?
- Pionex charges 0.05% taker / 0.02% maker; Variational charges 0% taker / 0% maker. Variational has the lower taker fee, which matters most for funding arbitrage since entries and exits are taker orders.
- Which has deeper liquidity, Pionex or Variational?
- Pionex has $346.6M open interest across 443 markets; Variational has $1.06B across 522. Variational is deeper, which means lower slippage at size.
- Can I run funding arbitrage between Pionex and Variational?
- Yes — when an asset's funding diverges between the two, go long on the lower-funding venue and short on the higher one. Find live divergences on the ORBIT screener and backtest the exact pair before sizing it.