SOON arbitrage explained
Right now SOON trades on 9 venues we scan: 8 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Bitget spot at $0.322 and the highest bid on Variational perp at $0.3228.
The widest SOON perpetual spread is between Bitget and Variational: long SOON on Bitget at $0.3222 and short on Variational at $0.3228 for +0.19% gross, or +0.03% 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 -0.007% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best SOON route is to buy spot on Bitget and short the perpetual on Variational: +0.25% gross, +0.05% net, with +0.023% a day of funding on the short leg.
Spot–spot SOON arbitrage (buy on Bitget, withdraw, deposit and sell on Gate) shows -0.02% 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 SOON 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: SOON funding rates · SOON spread charts · SOON price · arbitrage scanner for all coins.