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 −0.003%

Price spread now: KuCoin against OKX−0.134%7-day average −0.002% · you buy dearer than you sell

Net, funding: paid 7d − costs−$514as in the Funding arb table

Net, price: spread back to 7d avg − costs−$584as in the Price arb table

costs, in and out, $10k−$5715.709% of the position

Long on OKX Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.570%+$57 on $10k

Price spread, last 4 days (all we have)+0.164%+$16 · spread now −0.134%, 7d avg −0.002%

Together, before fees+0.734%+$73 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 0.132% cheaper against OKX than usual: you would sell low and buy high, −$13 on $10k if it goes back to its 7-day average of −0.002%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	OKX SOPH-USDT-SWAP	0.004488	0.0100	pay 0.0050% / 4h	3h 21m	$998K	$1.5M	10x
Short	KuCoin SOPHUSDTM	0.004482	0.0100	get 0.0050% / 4h	3h 21m	$955K	$42K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against OKX. 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 OKXbpFee KuCoinbpOrdersPrice spread, now −0.134%Rate

Funding earned: $0
Price spread: −0.134% → −0.002%: −$13.17
Slippage, 4 orders: −$548.91
Fee OKX: 5 bp × 2 orders: −$10
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$584.08
Costs to cover: 5.709%
Break-even: never at this rate

Slippage from OKX: live order book, 5 min ago; KuCoin: live order book, 43 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 OKX live order book, 5 min ago	1.12 bp	28.4 bp −$28	doesn't fit	doesn't fit	doesn't fit
Sell KuCoin live order book, 43 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	0.004489	+0.022%	$528K	$165K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004489	+0.016%	$5.4M	$5.6M	25x	as long as short
Bybit SOPHUSDT	+0.0100%	4h	0.004486	−0.045%	$1.8M	$1.0M	25x	as long as short
OKX SOPH-USDT-SWAPlong	+0.0100%	4h	0.004488	long leg	$998K	$1.5M	10x
Gate SOPH_USDT	+0.0100%	4h	0.004487	−0.022%	$738K	$168K	25x	as long as short
MEXC SOPH_USDT	+0.0100%	4h	0.004488	0.000%	$1.0M	$177K	20x	as long as short
KuCoin SOPHUSDTMshort	+0.0100%	4h	0.004482	−0.134%	$955K	$42K	30x
Bitget SOPHUSDT	+0.0100%	4h	0.004489	+0.022%	$658K	$230K	25x	as long as short
BingX SOPH-USDT	+0.0100%	4h	0.004490	+0.045%	—	$6.6M	—	as long as short