Funding arb · Price arb /

SOPH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 04:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.026%

Price spread now: MEXC against Bybit+0.022%7-day average −0.035% · you sell dearer than you buy

Net, funding: paid 7d − costs−$76as in the Funding arb table

Net, price: spread back to 7d avg − costs−$39as in the Price arb table

costs, in and out, $10k−$440.443% of the position

Long on Bybit Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−0.319%−$32 on $10k

Price spread, last 7 days−0.043%−$4 · spread now +0.022%, 7d avg −0.035%

Together, before fees−0.363%−$36 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: MEXC is 0.058% dearer against Bybit than usual: you sell high and buy low, +$6 on $10k if it goes back to its 7-day average of −0.035%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOPHUSDT	0.004475	0.0100	pay 0.0050% / 4h	1h 35m	$1.8M	$1.0M	25x
Short	MEXC SOPH_USDT	0.004476	0.0100	get 0.0050% / 4h	1h 35m	$1.0M	$176K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.022%Rate

Funding earned: $0
Price spread: +0.022% → −0.035%: $5.76
Slippage, 4 orders: −$29.29
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$38.53
Costs to cover: 0.443%
Break-even: never at this rate

Slippage from Bybit: live order book, 1 min ago; MEXC: live order book, just now.

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, 1 min ago	2.23 bp	19.4 bp −$19	113.3 bp −$1,133	doesn't fit	doesn't fit
Sell MEXC live order book, just now	1.12 bp	3.1 bp −$3	19.7 bp −$197	192.2 bp −$19.2K	447.7 bp −$223.8K

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	0.004477	+0.045%	$524K	$163K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004478	+0.067%	$5.4M	$5.5M	25x	as long as short
Bybit SOPHUSDTlong	+0.0100%	4h	0.004475	long leg	$1.8M	$1.0M	25x
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004475	0.000%	$990K	$1.5M	10x	as long as short
Gate SOPH_USDT	+0.0100%	4h	0.004471	−0.089%	$727K	$164K	25x	as long as short
MEXC SOPH_USDTshort	+0.0100%	4h	0.004476	+0.022%	$1.0M	$176K	20x
KuCoin SOPHUSDTM	+0.0100%	4h	0.004470	−0.112%	$950K	$42K	30x	as long as short
Bitget SOPHUSDT	+0.0100%	4h	0.004472	−0.067%	$645K	$229K	25x	as long as short
BingX SOPH-USDT	+0.0100%	4h	0.004471	−0.089%	—	$6.6M	—	as long as short