Extended vs trade.xyz Funding Arbitrage
22 shared markets · net of estimated fees · updated every few minutesExtended and trade.xyz both quote 22 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 SOXL — long trade.xyz / short Extended at 101.1% net APR — but the median across all shared markets is 17.8%, 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 Extended and 10 on trade.xyz. 15 markets clear 5% net APR, 14 clear 10%.
How this pair behaves
Extended pays funding every 1h on 153 markets; trade.xyz pays every 1h on 92 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 153 perpetual markets in total and trade.xyz quotes 92; the 22 they share are what this page ranks. Across its own book Extended runs a median funding rate of 5.3% and trade.xyz 1.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 22 of 22 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| SKHY | Extended | trade.xyz | 128.4% | 131.9% | +2.0% | $25K |
| SOXL | trade.xyz | Extended | 101.1% | 105.1% | +7.2% | $2.9M |
| QNT | Extended | trade.xyz | 91.9% | 98.7% | +9.2% | $288K |
| MRVL | trade.xyz | Extended | 65.2% | 68.3% | -3.7% | $261K |
| BE | trade.xyz | Extended | 47.3% | 51.4% | -0.5% | $995K |
| ASML | trade.xyz | Extended | 36.3% | 41.5% | +0.3% | $258K |
| UNITREE | Extended | trade.xyz | 31.5% | 36.5% | +23.6% | $1.8M |
| AVGO | trade.xyz | Extended | 29.0% | 32.7% | -3.1% | $483K |
| ARM | trade.xyz | Extended | 24.6% | 28.5% | -7.6% | $260K |
| QCOM | trade.xyz | Extended | 19.8% | 24.9% | -5.6% | $615K |
| XAU | trade.xyz | Extended | 18.8% | 20.8% | +1.0% | $34.2M |
| SPCX | Extended | trade.xyz | 16.8% | 19.9% | -3.1% | $6.4M |
| WTI | Extended | trade.xyz | 15.6% | 18.5% | +24.3% | $15.9M |
| XAG | trade.xyz | Extended | 14.3% | 17.2% | +12.7% | $5.0M |
| AAOI | Extended | trade.xyz | 5.2% | 9.8% | +17.2% | $1.0M |
| EUR | Extended | trade.xyz | 4.1% | 7.5% | +1.6% | $139K |
| GOOGL | Extended | trade.xyz | 2.6% | 5.5% | +6.2% | $3.6M |
| DRAM | Extended | trade.xyz | 2.1% | 5.5% | +3.2% | $1.5M |
| DELL | Extended | trade.xyz | 1.6% | 5.5% | +5.3% | $425K |
| NBIS | Extended | trade.xyz | 1.5% | 5.5% | +2.8% | $1.0M |
| RKLB | Extended | trade.xyz | 1.3% | 5.5% | +11.3% | $730K |
| XCU | trade.xyz | Extended | 0.9% | 4.1% | +7.7% | $2.5M |
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.
Extended vs trade.xyz — FAQ
How many markets can you arbitrage between Extended and trade.xyz?
22 perpetual markets are quoted on both Extended and trade.xyz right now. 15 of them show a net spread of at least 5% APR after estimated fees, and 11 have at least $1M of 24h volume on the smaller leg.
What is the best Extended / trade.xyz funding spread right now?
SOXL: long trade.xyz and short Extended for about 101.1% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 22 shared markets is 17.8%, so the top of the list is not typical.
Which side pays on the Extended / trade.xyz pair?
It varies by market: Extended is the long (funding-receiving) leg in 12 of the shared markets and trade.xyz in the other 10. The direction is set per market by which venue currently prices funding lower.
Trading the Extended / trade.xyz 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: Extended funding rates · trade.xyz funding rates; the full calculation is in the methodology.