Funding arb · Price arb /

SOPH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 00:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h +0.014%

Price spread now: Bitget against Bybit−0.111%7-day average −0.042% · you buy dearer than you sell

Net, funding: paid 7d − costs−$92as in the Funding arb table

Net, price: spread back to 7d avg − costs−$112as in the Price arb table

costs, in and out, $10k−$1061.055% of the position

Long on Bybit Short on Bitget

What this pair did over the last

the charts below follow

Funding, last 7 days+0.138%+$14 on $10k

Price spread, last 4 days (all we have)+0.167%+$17 · spread now −0.111%, 7d avg −0.042%

Together, before fees+0.305%+$31 on $10k · with fees, hour by hour

Funding between these two exchanges is close to zero, so right now this pair is about the price spread alone: Bitget is 0.069% cheaper against Bybit than usual: you would sell low and buy high, −$7 on $10k if it goes back to its 7-day average of −0.042%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOPHUSDT	0.004505	0.0100	pay 0.0050% / 4h	8m 17s	$1.8M	$1.1M	25x
Short	Bitget SOPHUSDT	0.004500	0.0100	get 0.0050% / 4h	8m 17s	$660K	$230K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bitget against Bybit. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BybitbpFee BitgetbpOrdersPrice spread, now −0.111%Rate

Funding earned: $0
Price spread: −0.111% → −0.042%: −$6.88
Slippage, 4 orders: −$82.54
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee Bitget: 6 bp × 2 orders: −$12
Net: −$112.42
Costs to cover: 1.055%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; Bitget: live order book, 2 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bybit live order book, 3 min ago	2.22 bp	18.3 bp −$18	113.3 bp −$1,133	doesn't fit	doesn't fit
Sell Bitget live order book, 2 min ago	4.44 bp	35.8 bp −$36	283.2 bp −$2,832	doesn't fit	doesn't fit

SOPH on 9 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid SOPH	+0.0100%	1h	0.004504	−0.022%	$533K	$160K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004506	+0.021%	$5.4M	$5.7M	25x	as long as short
Bybit SOPHUSDTlong	+0.0100%	4h	0.004505	long leg	$1.8M	$1.1M	25x
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004502	−0.067%	$1.0M	$1.6M	10x	as long as short
Gate SOPH_USDT	+0.0100%	4h	0.004503	−0.044%	$744K	$190K	25x	as long as short
MEXC SOPH_USDT	+0.0100%	4h	0.004505	0.000%	$1.0M	$177K	20x	as long as short
KuCoin SOPHUSDTM	+0.0100%	4h	0.004498	−0.155%	$959K	$43K	30x	as long as short
Bitget SOPHUSDTshort	+0.0100%	4h	0.004500	−0.111%	$660K	$230K	25x
BingX SOPH-USDT	+0.0100%	4h	0.004502	−0.067%	—	$6.6M	—	as long as short