ApeX and dYdX both quote 6 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 ETH — long ApeX / short dYdX at 17.2% net APR — but the median across all shared markets is 9.6%, 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 3 markets go long on ApeX and 3 on dYdX. 6 markets clear 5% net APR, 3 clear 10%.

ApeX pays funding every 1h on 14 markets; dYdX pays every 1h on 23 markets. Both sides settle on the same clock, so a position opened here collects or pays on both legs at once — the spread you see is the spread you get. ApeX quotes 14 perpetual markets in total and dYdX quotes 23; the 6 they share are what this page ranks. Across its own book ApeX runs a median funding rate of 10.9% and dYdX 0.0% — the two sit on opposite sides of zero, which is why this combination throws up spreads at all.

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.

Coverage note: ApeX and dYdX share 6 markets, 2 of them with real depth — below the 10 markets / 5 liquid this page treats as full coverage, so this is a thin sample rather than a picture of the pair.