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 +0.009%

Price spread now: Gate against MEXC−0.221%7-day average −0.025% · you buy dearer than you sell

Net, funding: paid 7d − costs−$52as in the Funding arb table

Net, price: spread back to 7d avg − costs−$211as in the Price arb table

costs, in and out, $10k−$1911.914% of the position

Long on MEXC Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days+1.393%+$139 on $10k

Price spread, last 4 days (all we have)+0.130%+$13 · spread now −0.221%, 7d avg −0.025%

Together, before fees+1.522%+$152 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: Gate is 0.196% cheaper against MEXC than usual: you would sell low and buy high, −$20 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	MEXC SOPH_USDT	0.004523	0.0100	pay 0.0050% / 4h	53m 04s	$1.0M	$173K	20x
Short	Gate SOPH_USDT	0.004513	0.0100	get 0.0050% / 4h	53m 04s	$746K	$188K	25x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against MEXC. 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 MEXCbpFee GatebpOrdersPrice spread, now −0.221%Rate

Funding earned: $0
Price spread: −0.221% → −0.025%: −$19.62
Slippage, 4 orders: −$172.45
Fee MEXC: 2 bp × 2 orders: −$4
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$211.07
Costs to cover: 1.914%
Break-even: never at this rate

Slippage from MEXC: live order book, 8 min ago; Gate: live order book, 23 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 MEXC live order book, 8 min ago	1.11 bp	3.1 bp −$3	28.3 bp −$283	202.1 bp −$20.2K	519.5 bp −$259.8K
Sell Gate live order book, 23 min ago	3.33 bp	92.8 bp −$93	doesn't fit	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	0.004520	−0.066%	$536K	$160K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004523	0.000%	$5.4M	$5.7M	25x	as long as short
Bybit SOPHUSDT	+0.0100%	4h	0.004521	−0.044%	$1.8M	$1.1M	25x	as long as short
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004520	−0.066%	$1.0M	$1.6M	10x	as long as short
Gate SOPH_USDTshort	+0.0100%	4h	0.004513	−0.221%	$746K	$188K	25x
MEXC SOPH_USDTlong	+0.0100%	4h	0.004523	long leg	$1.0M	$173K	20x
KuCoin SOPHUSDTM	+0.0100%	4h	0.004515	−0.177%	$963K	$42K	30x	as long as short
Bitget SOPHUSDT	+0.0100%	4h	0.004520	−0.066%	$662K	$233K	25x	as long as short
BingX SOPH-USDT	+0.0100%	4h	0.004520	−0.066%	—	$6.6M	—	as long as short