Funding arb · Price arb /

SOPH

all SOPH markets

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 +0.034%

Price spread now: BingX against Gate0.000%7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$340as in the Funding arb table

Net, price: spread back to 7d avg − costs−$216as in the Price arb table

costs, in and out, $10k−$2142.138% of the position

Long on Gate Short on BingX

What this pair did over the last

the charts below follow

Funding, last 7 days−1.260%−$126 on $10k

Price spread, last 4 days (all we have)+0.080%+$8 · spread now 0.000%, 7d avg +0.025%

Together, before fees−1.180%−$118 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: BingX is 0.025% cheaper against Gate than usual: you would sell low and buy high, −$3 on $10k if it goes back to its 7-day average of +0.025%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SOPH_USDT	0.004484	0.0100	pay 0.0050% / 4h	3h 42m	$740K	$164K	25x
Short	BingX SOPH-USDT	0.004484	0.0100	get 0.0050% / 4h	3h 42m	—	$6.6M	—

Funding history

latest

Range statsloading…

Price spread between the two exchanges

BingX against Gate. 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 GatebpFee BingXbpOrdersPrice spread, now 0.000%Rate

Funding earned: $0
Price spread: 0.000% → +0.025%: −$2.54
Slippage, 4 orders: −$188.85
Fee Gate: 7.5 bp × 2 orders: −$15
Fee BingX: 5 bp × 2 orders: −$10
Net: −$216.38
Costs to cover: 2.138%
Break-even: never at this rate

Slippage from Gate: live order book, 29 min ago; BingX: live order book, 5 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 Gate live order book, 29 min ago	4.45 bp	77.6 bp −$78	doesn't fit	doesn't fit	doesn't fit
Sell BingX live order book, 5 min ago	3.35 bp	12.2 bp −$12	23.1 bp −$231	828.8 bp −$82.9K	1430.8 bp −$715.4K

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	0.004482	−0.045%	$531K	$161K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004487	+0.066%	$5.4M	$5.6M	25x	as long as short
Bybit SOPHUSDT	+0.0100%	4h	0.004488	+0.089%	$1.8M	$1.0M	25x	as long as short
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004483	−0.022%	$998K	$1.5M	10x	as long as short
Gate SOPH_USDTlong	+0.0100%	4h	0.004484	long leg	$740K	$164K	25x
MEXC SOPH_USDT	+0.0100%	4h	0.004484	0.000%	$1.0M	$175K	20x	as long as short
KuCoin SOPHUSDTM	+0.0100%	4h	0.004483	−0.022%	$954K	$42K	30x	as long as short
Bitget SOPHUSDT	+0.0100%	4h	0.004487	+0.067%	$656K	$230K	25x	as long as short
BingX SOPH-USDTshort	+0.0100%	4h	0.004484	0.000%	—	$6.6M	—