S arbitrage explained
Right now Sonic (S) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $0.0399 and the highest bid on Bybit spot at $0.04.
The widest S perpetual spread is between Gate and Binance: long S on Gate at $0.0399 and short on Binance at $0.0399 for +0.10% gross, or -0.06% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is -0.056% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best S route is to buy spot on Bitget and short the perpetual on Binance: -0.13% gross, -0.33% net, with -0.026% a day of funding on the short leg.
Spot–spot S arbitrage (buy on Bitget, withdraw, deposit and sell on Bybit) shows 0.00% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small S gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: S funding rates · S spread charts · Sonic price · arbitrage scanner for all coins.