Funding arb · Price arb /

SOPH

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 08:00 UTC0.0000%/8h= 0.0% APRnext payment +$0.00 per $10,000 · paid last 24h −0.005%

Price spread now: MEXC against Gate+0.101%7-day average +0.021% · you sell dearer than you buy

Net, funding: paid 7d − costs−$302as in the Funding arb table

Net, price: spread back to 7d avg − costs−$168as in the Price arb table

costs, in and out, $10k−$1761.763% of the position

Long on Gate Short on MEXC

What this pair did over the last

the charts below follow

Funding, last 7 days−1.259%−$126 on $10k

Price spread, last 4 days (all we have)−0.057%−$6 · spread now +0.101%, 7d avg +0.021%

Together, before fees−1.317%−$132 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: MEXC is 0.080% dearer against Gate than usual: you sell high and buy low, +$8 on $10k if it goes back to its 7-day average of +0.021%.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Gate SOPH_USDT	0.003963	0.0100	pay 0.0050% / 4h	1h 50m	$647K	$281K	25x
Short	MEXC SOPH_USDT	0.003967	0.0100	get 0.0050% / 4h	1h 50m	$1.1M	$261K	20x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

MEXC 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 MEXCbpOrdersPrice spread, now +0.101%Rate

Funding earned: $0
Price spread: +0.101% → +0.021%: $7.96
Slippage, 4 orders: −$157.26
Fee Gate: 7.5 bp × 2 orders: −$15
Fee MEXC: 2 bp × 2 orders: −$4
Net: −$168.3
Costs to cover: 1.763%
Break-even: never at this rate

Slippage from Gate: live order book, 56 min ago; MEXC: live order book, 60 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, 56 min ago	4.45 bp	77.7 bp −$78	doesn't fit	doesn't fit	doesn't fit
Sell MEXC live order book, 60 min ago	1.11 bp	3.1 bp −$3	18.8 bp −$188	185.6 bp −$18.6K	527.7 bp −$263.9K

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	−0.0367%	1h	0.003955	−0.202%	$445K	$258K	3x	as long as short
BingX SOPH-USDT	+0.0070%	4h	0.003975	+0.303%	—	$6.6M	—	as long as short
Binance SOPHUSDT	+0.0100%	4h	0.003966	+0.076%	$4.9M	$8.4M	25x	as long as short
Bybit SOPHUSDT	+0.0100%	4h	0.003958	−0.126%	$1.9M	$2.1M	25x	as long as short
OKX SOPH-USDT-SWAP	+0.0100%	4h	0.003970	+0.177%	$834K	$2.2M	10x	as long as short
Gate SOPH_USDTlong	+0.0100%	4h	0.003963	long leg	$647K	$281K	25x
MEXC SOPH_USDTshort	+0.0100%	4h	0.003967	+0.101%	$1.1M	$261K	20x
KuCoin SOPHUSDTM	+0.0100%	4h	0.003959	−0.101%	$845K	$84K	30x	as long as short
Bitget SOPHUSDT	+0.0100%	4h	0.003971	+0.202%	$552K	$353K	25x	as long as short