Sodex vs trade.xyz Funding Arbitrage
19 shared markets · net of estimated fees · updated every few minutesSodex and trade.xyz both quote 19 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 right now is UNITREE — long trade.xyz / short Sodex at 291.5% net APR — but the median across all shared markets is 30.0%, 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 2 markets go long on Sodex and 17 on trade.xyz. 18 markets clear 5% net APR, 17 clear 10%.
How this pair behaves
Sodex pays funding every 1h on 57 markets; trade.xyz pays every 1h on 91 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. Sodex quotes 57 perpetual markets in total and trade.xyz quotes 91; the 19 they share are what this page ranks. Across its own book Sodex runs a median funding rate of 10.9% and trade.xyz 7.1%, so the edge here comes from individual markets rather than from a standing gap between the venues.
Spreads by market
top 19 of 19 by net APR| Market | Long | Short | Net APR | Gross | 7d avg | Thin leg vol |
|---|---|---|---|---|---|---|
| UNITREE | trade.xyz | Sodex | 291.5% | 296.2% | -3.5% | $463K |
| CXMT | trade.xyz | Sodex | 81.0% | 85.9% | +87.0% | $13K |
| SNDK | trade.xyz | Sodex | 62.9% | 66.7% | +45.8% | $326K |
| MU | trade.xyz | Sodex | 52.6% | 56.4% | +44.4% | $48K |
| GOOGL | trade.xyz | Sodex | 41.4% | 45.1% | +2.2% | $53K |
| NVDA | trade.xyz | Sodex | 41.3% | 44.8% | +7.4% | $11K |
| SKHX | trade.xyz | Sodex | 38.3% | 41.9% | +48.9% | $17K |
| LITE | Sodex | trade.xyz | 36.0% | 42.7% | -1.6% | $42K |
| MRVL | trade.xyz | Sodex | 31.9% | 36.0% | +22.8% | $33K |
| MRNA | trade.xyz | Sodex | 30.0% | 33.8% | +21.6% | $109K |
| SKHY | trade.xyz | Sodex | 23.0% | 26.6% | +32.2% | $13K |
| CRWD | trade.xyz | Sodex | 22.6% | 28.2% | +10.3% | $373K |
| SPCX | trade.xyz | Sodex | 20.1% | 23.7% | +7.5% | $13K |
| CRWV | trade.xyz | Sodex | 18.3% | 22.6% | +22.4% | $354K |
| PLTR | trade.xyz | Sodex | 13.9% | 17.9% | +6.1% | $14K |
| AMD | trade.xyz | Sodex | 13.4% | 17.2% | +27.9% | $31K |
| ORCL | trade.xyz | Sodex | 11.9% | 15.8% | +8.6% | $28K |
| CRCL | trade.xyz | Sodex | 8.9% | 12.9% | +3.9% | $22K |
| KORU | Sodex | trade.xyz | 0.8% | 5.7% | -15.9% | $398K |
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: Sodex and trade.xyz share 19 markets, 0 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.
Sodex vs trade.xyz — FAQ
How many markets can you arbitrage between Sodex and trade.xyz?
19 perpetual markets are quoted on both Sodex and trade.xyz right now. 18 of them show a net spread of at least 5% APR after estimated fees, and 0 have at least $1M of 24h volume on the smaller leg.
What is the best Sodex / trade.xyz funding spread right now?
UNITREE: long trade.xyz and short Sodex for about 291.5% net APR after estimated fees. The median across all 19 shared markets is 30.0%, so the top of the list is not typical.
Which side pays on the Sodex / trade.xyz pair?
It varies by market: Sodex is the long (funding-receiving) leg in 2 of the shared markets and trade.xyz in the other 17. The direction is set per market by which venue currently prices funding lower.
Trading the Sodex / 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: Sodex funding rates · trade.xyz funding rates; the full calculation is in the methodology.