Arcus and Sodex both quote 17 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 HYPE — long Sodex / short Arcus at 91.2% net APR — but the median across all shared markets is 43.8%, 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 12 markets go long on Arcus and 5 on Sodex. 16 markets clear 5% net APR, 15 clear 10%.

Arcus pays funding every 1h on 64 markets; Sodex pays every 1h on 71 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 64 perpetual markets in total and Sodex quotes 71; the 17 they share are what this page ranks. Across its own book Arcus runs a median funding rate of 10.9% and Sodex 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.

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: Arcus and Sodex share 17 markets, 3 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.