Arcus vs GMTrade Funding Arbitrage
15 shared markets · net of estimated fees · updated every few minutesArcus and GMTrade both quote 15 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 GOOGL — long Arcus / short GMTrade at 167.1% net APR — but the median across all shared markets is 6.3%, 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 1 markets go long on Arcus and 14 on GMTrade. 12 markets clear 5% net APR, 1 clear 10%.
How this pair behaves
Arcus pays funding every 1h on 59 markets; GMTrade pays every 1h on 48 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. Arcus quotes 59 perpetual markets in total and GMTrade quotes 48; the 15 they share are what this page ranks. Across its own book Arcus runs a median funding rate of 4.4% and GMTrade 0.1%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 15 of 15 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| GOOGL | Arcus | GMTrade | 167.1% | 171.2% | -2.0% | $4.4M |
| BTC | GMTrade | Arcus | 6.9% | 10.9% | +8.2% | $73.6M |
| ZEC | GMTrade | Arcus | 6.7% | 10.9% | +9.8% | $7.2M |
| ETH | GMTrade | Arcus | 6.6% | 10.6% | +10.0% | $22.7M |
| LIT | GMTrade | Arcus | 6.6% | 10.9% | +10.7% | $3.0M |
| TAO | GMTrade | Arcus | 6.6% | 10.9% | +8.9% | $316K |
| HYPE | GMTrade | Arcus | 6.4% | 10.9% | +10.9% | $532K |
| BNB | GMTrade | Arcus | 6.3% | 10.9% | +9.5% | $253K |
| AAVE | GMTrade | Arcus | 5.8% | 10.9% | +1.7% | $379K |
| NEAR | GMTrade | Arcus | 5.5% | 10.0% | +9.6% | $6.2M |
| UNI | GMTrade | Arcus | 5.5% | 9.8% | +9.7% | $756K |
| ONDO | GMTrade | Arcus | 5.4% | 10.9% | +9.9% | $378K |
| DOGE | GMTrade | Arcus | 4.6% | 8.9% | +9.1% | $138K |
| SUI | GMTrade | Arcus | 4.6% | 10.9% | -2.8% | $221K |
| PUMP | GMTrade | Arcus | 3.9% | 8.5% | +9.9% | $2.4M |
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.
Arcus vs GMTrade — FAQ
How many markets can you arbitrage between Arcus and GMTrade?
15 perpetual markets are quoted on both Arcus and GMTrade right now. 12 of them show a net spread of at least 5% APR after estimated fees, and 7 have at least $1M of 24h volume on the smaller leg.
What is the best Arcus / GMTrade funding spread right now?
GOOGL: long Arcus and short GMTrade for about 167.1% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 15 shared markets is 6.3%, so the top of the list is not typical.
Which side pays on the Arcus / GMTrade pair?
It varies by market: Arcus is the long (funding-receiving) leg in 1 of the shared markets and GMTrade in the other 14. The direction is set per market by which venue currently prices funding lower.
Trading the Arcus / GMTrade spread
The trade is one position split across two venues: long the exchange paying the more negative funding, short the one paying the more positive, in the same size. What limits it is not the headline APR but the smaller leg's liquidity, the fees on both sides, and how long the spread survives — funding decays and flips, often within hours. Venue detail: Arcus funding rates · GMTrade funding rates; the full calculation is in the methodology.