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 −0.062%

Price spread now: KuCoin against Bybit−0.133%7-day average −0.051% · you buy dearer than you sell

Net, funding: paid 7d − costs−$830as in the Funding arb table

Net, price: spread back to 7d avg − costs−$857as in the Price arb table

costs, in and out, $10k−$8488.483% of the position

Long on Bybit Short on KuCoin

What this pair did over the last

the charts below follow

Funding, last 7 days+0.179%+$18 on $10k

Price spread, last 4 days (all we have)+0.158%+$16 · spread now −0.133%, 7d avg −0.051%

Together, before fees+0.337%+$34 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 0.082% cheaper against Bybit than usual: you would sell low and buy high, −$8 on $10k if it goes back to its 7-day average of −0.051%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bybit SOPHUSDT	0.004499	0.0100	pay 0.0050% / 4h	1h 23m	$1.8M	$1.1M	25x
Short	KuCoin SOPHUSDTM	0.004493	0.0100	get 0.0050% / 4h	1h 23m	$958K	$42K	30x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

KuCoin against Bybit. 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 BybitbpFee KuCoinbpOrdersPrice spread, now −0.133%Rate

Funding earned: $0
Price spread: −0.133% → −0.051%: −$8.23
Slippage, 4 orders: −$825.33
Fee Bybit: 5.5 bp × 2 orders: −$11
Fee KuCoin: 6 bp × 2 orders: −$12
Net: −$856.56
Costs to cover: 8.483%
Break-even: never at this rate

Slippage from Bybit: live order book, 3 min ago; KuCoin: live order book, 51 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 Bybit live order book, 3 min ago	1.11 bp	18.8 bp −$19	138.7 bp −$1,387	doesn't fit	doesn't fit
Sell KuCoin live order book, 51 min ago	12.21 bp	388.1 bp −$388	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	0.004498	−0.022%	$535K	$158K	3x	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.004498	−0.022%	$5.4M	$5.7M	25x	as long as short
Bybit SOPHUSDTlong	+0.0100%	4h	0.004499	long leg	$1.8M	$1.1M	25x
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.004494	−0.111%	$998K	$1.6M	10x	as long as short
Gate SOPH_USDT	+0.0100%	4h	0.004497	−0.044%	$744K	$198K	25x	as long as short
MEXC SOPH_USDT	+0.0100%	4h	0.004498	−0.022%	$1.0M	$176K	20x	as long as short
KuCoin SOPHUSDTMshort	+0.0100%	4h	0.004493	−0.133%	$958K	$42K	30x
Bitget SOPHUSDT	+0.0100%	4h	0.004497	−0.044%	$660K	$232K	25x	as long as short
BingX SOPH-USDT	+0.0100%	4h	0.004498	−0.022%	—	$6.5M	—	as long as short