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 −0.046%

Price spread now: KuCoin against Bitget−0.156%7-day average −0.009% · you buy dearer than you sell

Net, funding: paid 7d − costs−$580as in the Funding arb table

Net, price: spread back to 7d avg − costs−$599as in the Price arb table

costs, in and out, $10k−$5845.839% of the position

Long on Bitget Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.040%+$4 on $10k

Price spread, last 4 days (all we have)+0.097%+$10 · spread now −0.156%, 7d avg −0.009%

Together, before fees+0.137%+$14 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: KuCoin is 0.147% cheaper against Bitget than usual: you would sell low and buy high, −$15 on $10k if it goes back to its 7-day average of −0.009%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget SOPHUSDT	0.004482	0.0100	pay 0.0050% / 4h	3h 49m	$655K	$231K	25x
Short	KuCoin SOPHUSDTM	0.004475	0.0100	get 0.0050% / 4h	3h 49m	$952K	$43K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bitget. 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 BitgetbpFee KuCoinbpOrdersPrice spread, now −0.156%Rate

Funding earned: $0
Price spread: −0.156% → −0.009%: −$14.68
Slippage, 4 orders: −$559.89
Fee Bitget: 6 bp × 2 orders: −$12
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$598.57
Costs to cover: 5.839%
Break-even: never at this rate

Slippage from Bitget: live order book, 21 min ago; KuCoin: live order book, 15 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 Bitget live order book, 21 min ago	4.44 bp	34.8 bp −$35	305.5 bp −$3,055	doesn't fit	doesn't fit
Sell KuCoin live order book, 15 min ago	5.55 bp	294.4 bp −$294	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	0.004480	−0.045%	$531K	$161K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004481	−0.026%	$5.4M	$5.6M	25x	as long as short
Bybit SOPHUSDT	+0.0100%	4h	0.004481	−0.022%	$1.8M	$1.0M	25x	as long as short
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004478	−0.089%	$997K	$1.5M	10x	as long as short
Gate SOPH_USDT	+0.0100%	4h	0.004481	−0.022%	$740K	$164K	25x	as long as short
MEXC SOPH_USDT	+0.0100%	4h	0.004479	−0.067%	$1.0M	$174K	20x	as long as short
KuCoin SOPHUSDTMshort	+0.0100%	4h	0.004475	−0.156%	$952K	$43K	30x
Bitget SOPHUSDTlong	+0.0100%	4h	0.004482	long leg	$655K	$231K	25x
BingX SOPH-USDT	+0.0100%	4h	0.004479	−0.067%	—	$6.6M	—	as long as short