Funding arb · Price arb /

SOPH

all SOPH markets

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 +0.024%

Price spread now: Bybit against Gate+0.111%7-day average +0.037% · you sell dearer than you buy

Net, funding: paid 7d − costs−$334as in the Funding arb table

Net, price: spread back to 7d avg − costs−$212as in the Price arb table

costs, in and out, $10k−$2202.196% of the position

Long on Gate Short on Bybit

What this pair did over the last

the charts below follow

Funding, last 7 days−1.140%−$114 on $10k

Price spread, last 4 days (all we have)−0.094%−$9 · spread now +0.111%, 7d avg +0.037%

Together, before fees−1.234%−$123 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: Bybit is 0.074% dearer against Gate than usual: you sell high and buy low, +$7 on $10k if it goes back to its 7-day average of +0.037%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SOPH_USDT	0.004508	0.0100	pay 0.0050% / 4h	58m 34s	$745K	$188K	25x
Short	Bybit SOPHUSDT	0.004513	0.0100	get 0.0050% / 4h	58m 34s	$1.8M	$1.1M	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Bybit 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 BybitbpOrdersPrice spread, now +0.111%Rate

Funding earned: $0
Price spread: +0.111% → +0.037%: $7.4
Slippage, 4 orders: −$193.58
Fee Gate: 7.5 bp × 2 orders: −$15
Fee Bybit: 5.5 bp × 2 orders: −$11
Net: −$212.18
Costs to cover: 2.196%
Break-even: never at this rate

Slippage from Gate: live order book, 18 min ago; Bybit: live order book, 3 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, 18 min ago	3.33 bp	92.4 bp −$92	doesn't fit	doesn't fit	doesn't fit
Sell Bybit live order book, 3 min ago	2.22 bp	17.0 bp −$17	100.6 bp −$1,006	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	0.004512	+0.089%	$535K	$160K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004512	+0.084%	$5.4M	$5.7M	25x	as long as short
Bybit SOPHUSDTshort	+0.0100%	4h	0.004513	+0.111%	$1.8M	$1.1M	25x
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004511	+0.067%	$1.0M	$1.6M	10x	as long as short
Gate SOPH_USDTlong	+0.0100%	4h	0.004508	long leg	$745K	$188K	25x
MEXC SOPH_USDT	+0.0100%	4h	0.004510	+0.044%	$1.0M	$172K	20x	as long as short
KuCoin SOPHUSDTM	+0.0100%	4h	0.004509	+0.022%	$962K	$42K	30x	as long as short
Bitget SOPHUSDT	+0.0100%	4h	0.004510	+0.044%	$661K	$233K	25x	as long as short
BingX SOPH-USDT	+0.0100%	4h	0.004513	+0.111%	—	$6.6M	—	as long as short