Risex vs Sodex Funding Arbitrage
18 shared markets · net of estimated fees · updated every few minutesRisex and Sodex both quote 18 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 SNDK — long Risex / short Sodex at 51.0% net APR — but the median across all shared markets is 14.2%, 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 14 markets go long on Risex and 4 on Sodex. 15 markets clear 5% net APR, 10 clear 10%.
How this pair behaves
Risex pays funding every 1h on 45 markets; Sodex pays every 1h on 40 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. Risex quotes 45 perpetual markets in total and Sodex quotes 40; the 18 they share are what this page ranks. Across its own book Risex runs a median funding rate of 3.6% and Sodex 9.5%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 18 of 18 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| NEAR | Risex | Sodex | 59.5% | 61.7% | +5.0% | $550K |
| SNDK | Risex | Sodex | 51.0% | 53.0% | +38.7% | $1.3M |
| MU | Risex | Sodex | 41.7% | 43.9% | +28.2% | $70K |
| LIT | Risex | Sodex | 34.7% | 36.8% | +0.1% | $2.0M |
| BNB | Risex | Sodex | 31.5% | 33.5% | +4.2% | $21K |
| TSLA | Risex | Sodex | 29.9% | 31.8% | +25.7% | $29K |
| CL | Risex | Sodex | 29.6% | 32.0% | +19.5% | $412K |
| ETH | Risex | Sodex | 22.8% | 24.9% | +8.3% | $16.0M |
| DOGE | Sodex | Risex | 14.6% | 16.9% | +6.8% | $139K |
| XRP | Risex | Sodex | 13.9% | 16.0% | -2.6% | $189K |
| BTC | Sodex | Risex | 9.9% | 12.0% | -4.8% | $50.6M |
| SPCX | Sodex | Risex | 8.6% | 10.8% | -4.8% | $86K |
| ARB | Sodex | Risex | 7.2% | 9.4% | +7.6% | $231K |
| ENA | Risex | Sodex | 7.1% | 9.8% | +8.2% | $16K |
| HYPE | Risex | Sodex | 5.5% | 7.3% | -2.6% | $883K |
| ZEC | Risex | Sodex | 4.7% | 7.3% | +9.8% | $1.1M |
| META | Risex | Sodex | 3.5% | 5.5% | -4.5% | $12K |
| NVDA | Risex | Sodex | 3.3% | 5.5% | +2.1% | $11K |
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.
Risex vs Sodex — FAQ
How many markets can you arbitrage between Risex and Sodex?
18 perpetual markets are quoted on both Risex and Sodex right now. 15 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 Risex / Sodex funding spread right now?
SNDK: long Risex and short Sodex for about 51.0% net APR after estimated fees, counting only markets with at least $1M of 24h volume on the smaller leg. The median across all 18 shared markets is 14.2%, so the top of the list is not typical.
Which side pays on the Risex / Sodex pair?
It varies by market: Risex is the long (funding-receiving) leg in 14 of the shared markets and Sodex in the other 4. The direction is set per market by which venue currently prices funding lower.
Trading the Risex / 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: Risex funding rates · Sodex funding rates; the full calculation is in the methodology.