SWAP Variational swaps against perps
Swaps track total return and carry flat, SOFR-benchmarked financing that is set daily and differs for longs and shorts. The perps below pay floating funding. The gap between the two is the carry. Each row shows the best perp for that swap. Click a row to see every perp on the same underlying, including Variational's own.
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Longs and shorts have separate rates. A swap trade uses the long rate when you are long the swap and the short rate when you are short. Negative means you pay.
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Variational swap vs Variational perp
Both legs on Variational.
All Variational markets
Best counter-venue for each market after trading costs: Variational's bid-ask at your size, the other venue's taker fee and bid-ask, entering and exiting once over your hold period. Click a row to see every venue.
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