CEX-DEX arbitrage is a price arbitrage trade where one leg is on a perpetual DEX, such as Hyperliquid, dYdX or Aster, and the other is on a centralized exchange: go long where the perp is cheaper, short where it is richer, and close both when they converge. The table on this page filters the live price scanner to routes with a DEX leg. For background, read the CEX-DEX arbitrage guide and CEX vs DEX.
How it works
- Fund both sides in advance. Deposit stablecoin collateral on the CEX, and bridge or deposit collateral to the perp DEX from a self-custody wallet. This step can take from minutes to much longer, so it has to happen before you see a spread.
- Find a route. The best bid on one venue is above the best ask on the other.
- Open both legs at once. Long the cheaper perp and short the richer one, in equal notional size. The DEX order settles through the protocol's on-chain system rather than an exchange's internal ledger.
- Hold until the prices converge. Both perps track the spot index, so the gap tends to close. The hedged position is delta-neutral while you wait.
- Close both legs and keep the change in the gap, minus fees on four fills.
Reading the scanner
- Route: which venue is the long (buy) leg and which is the short (sell) leg. One of them is always a perp DEX.
- Net spread: gross spread minus taker fees, with two fills (open and close) on each venue.
- Gross: (best bid on the sell venue − best ask on the buy venue) ÷ best ask.
- Fees: the taker fees on all four fills, at each venue's default rate. DEX fee schedules can differ a lot from CEX schedules; see maker vs taker fees.
- Max size: the smaller of the top-of-book ask and bid quantities, in USD.
- Max profit: max size × net spread.
- 24h volume: perpetual volume for the coin; markets under $100,000 are excluded.
To judge a row, check the DEX leg first. Perp DEX order books can be thinner than large CEX books, so Max size is often the binding limit. Check the funding on both venues, because many perp DEXs pay hourly while many CEXs pay every 8 hours, and a gap in funding rates can work against a position held for more than a few hours. Finally, confirm that the DEX market is the same asset and contract type, since listings on newer DEXs can use unfamiliar tickers.
Costs and risks the scanner does not include
- Bridge and deposit time: collateral may have to cross a bridge to reach the DEX, and withdrawals can be delayed. You cannot rescue a losing leg quickly.
- Gas and network fees: some DEXs charge no gas per order, but moving collateral on and off the chain almost always costs a network fee.
- On-chain settlement risk: smart contract bugs, oracle problems or a halted chain can freeze the DEX leg while the CEX leg keeps moving.
- Slippage: only the top of the book is measured, and thin DEX books add slippage on entry and exit.
- Funding while open on both legs, which the net spread does not include.
- Liquidation: each venue liquidates on its own margin and mark price, so a sharp move can close one leg alone. See what is liquidation.
- Wallet security: the DEX leg depends on keys you control.
See arbitrage risks and the methodology for more.
When it works best
CEX-DEX gaps tend to be widest during volatile markets, when on-chain order books lag, and on coins listed recently on a perp DEX before many arbitrage traders arrive. The strategy suits traders who keep collateral on both sides permanently, are comfortable with self-custody, and size trades to DEX depth. You can also pair DEX and CEX markets for funding income on the funding rate arbitrage scanner, or see all routes on the price arbitrage scanner.