Extended and Sodex both quote 11 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 LIT — long Extended / short Sodex at 52.0% net APR — but the median across all shared markets is 14.3%, 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 7 markets go long on Extended and 4 on Sodex. 8 markets clear 5% net APR, 6 clear 10%.

Extended pays funding every 1h on 155 markets; Sodex pays every 1h on 35 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. Extended quotes 155 perpetual markets in total and Sodex quotes 35; the 11 they share are what this page ranks. Across its own book Extended runs a median funding rate of 5.3% and Sodex 5.5%, 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.