GMTrade vs Sodex Funding Arbitrage
21 shared markets · net of estimated fees · updated every few minutesGMTrade and Sodex both quote 21 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 GMTrade / short Sodex at 6.5% net APR — but the median across all shared markets is 4.8%, 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 21 markets go long on GMTrade and 0 on Sodex. 10 markets clear 5% net APR, 1 clear 10%.
How this pair behaves
GMTrade pays funding every 1h on 49 markets; Sodex pays every 1h on 47 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. GMTrade quotes 49 perpetual markets in total and Sodex quotes 47; the 21 they share are what this page ranks. Across its own book GMTrade runs a median funding rate of 0.3% and Sodex 10.9%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 21 of 21 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| AMZN | GMTrade | Sodex | 22.9% | 27.0% | +38.8% | $59K |
| BNB | GMTrade | Sodex | 6.6% | 10.9% | +10.8% | $29K |
| ETH | GMTrade | Sodex | 6.5% | 10.7% | +8.3% | $104.7M |
| BTC | GMTrade | Sodex | 6.5% | 10.5% | +8.6% | $119.6M |
| LIT | GMTrade | Sodex | 6.3% | 10.5% | +4.5% | $1.3M |
| SOL | GMTrade | Sodex | 6.3% | 10.5% | +7.5% | $2.0M |
| ZEC | GMTrade | Sodex | 6.1% | 10.3% | +5.7% | $6.3M |
| ONDO | GMTrade | Sodex | 5.9% | 10.4% | +10.1% | $25K |
| NEAR | GMTrade | Sodex | 5.9% | 10.4% | +9.4% | $164K |
| HYPE | GMTrade | Sodex | 5.8% | 10.6% | +7.9% | $323K |
| ARB | GMTrade | Sodex | 4.8% | 9.0% | +2.9% | $236K |
| XRP | GMTrade | Sodex | 4.7% | 8.9% | +8.4% | $71K |
| SUI | GMTrade | Sodex | 4.6% | 8.9% | -1.0% | $910K |
| AVAX | GMTrade | Sodex | 4.6% | 8.9% | -8.7% | $51K |
| META | GMTrade | Sodex | 1.8% | 5.9% | -10.1% | $15K |
| MSFT | GMTrade | Sodex | 1.4% | 5.5% | +5.5% | $96K |
| SPCX | GMTrade | Sodex | 1.3% | 5.5% | +16.2% | $44K |
| AAPL | GMTrade | Sodex | 1.2% | 5.4% | -1.7% | $15K |
| TSLA | GMTrade | Sodex | 1.2% | 5.3% | +28.9% | $37K |
| NVDA | GMTrade | Sodex | 1.2% | 5.3% | -9.2% | $16K |
| GOOGL | GMTrade | Sodex | 0.9% | 5.2% | -25.4% | $382K |
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.
GMTrade vs Sodex — FAQ
How many markets can you arbitrage between GMTrade and Sodex?
21 perpetual markets are quoted on both GMTrade and Sodex right now. 10 of them show a net spread of at least 5% APR after estimated fees, and 5 have at least $1M of 24h volume on the smaller leg.
What is the best GMTrade / Sodex funding spread right now?
ETH: long GMTrade and short Sodex for about 6.5% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 21 shared markets is 4.8%, so the top of the list is not typical.
Which side pays on the GMTrade / Sodex pair?
It varies by market: GMTrade is the long (funding-receiving) leg in 21 of the shared markets and Sodex in the other 0. The direction is set per market by which venue currently prices funding lower.
Trading the GMTrade / Sodex 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: GMTrade funding rates · Sodex funding rates; the full calculation is in the methodology.