# PENGU Arbitrage: Live Price Spreads Across Exchanges

As of 2026-10-03 15:13 UTC, ArbTide tracks PENGU spot and perpetual prices across exchanges. On spot markets, the best route has a 0.04% gross spread, which fees turn into a -0.16% net loss. On perpetual markets, the best route has a 0.22% gross spread, which fees turn into a -0.02% net loss.

## Spot prices by exchange

| Exchange | Market | Bid | Ask | Book spread | 24h volume | Taker fee |
| --- | --- | --- | --- | --- | --- | --- |
| WEEX | [PENGU/USDT](https://www.weex.com/spot/PENGU-USDT) | 0.009175 | 0.009177 | 0.022% | $237.2K | 0.100% |
| DigiFinex | [PENGU/USDT](https://www.digifinex.com/en-ww/trade/USDT/PENGU) | 0.009171 | 0.009178 | 0.076% | $580.5K | 0.200% |
| Bitstamp | [PENGU/USD](https://www.bitstamp.net/markets/pengu/usd/) | 0.0091733 | 0.0091781 | 0.052% | $1.7M | 0.400% |
| Bybit | [PENGU/USDT](https://www.bybit.com/en/trade/spot/PENGU/USDT) | 0.009177 | 0.00918 | 0.033% | $5.7M | 0.100% |
| Gate | [PENGU/USDT](https://www.gate.com/trade/PENGU_USDT) | 0.009174 | 0.00918 | 0.065% | $4.9M | 0.200% |
| Kraken | [PENGU/USD](https://pro.kraken.com/app/trade/pengu-usd) | 0.009178 | 0.009181 | 0.033% | $3.1M | 0.260% |
| Crypto.com | [PENGU/USD](https://crypto.com/exchange/trade/PENGU_USD) | 0.009179 | 0.009181 | 0.022% | $12.3K | 0.500% |
| Binance | [PENGU/USDT](https://www.binance.com/en/trade/PENGU_USDT?type=spot) | 0.009181 | 0.009182 | 0.011% | $20.5M | 0.100% |
| Bitget | [PENGU/USDT](https://www.bitget.com/spot/PENGUUSDT) | 0.009179 | 0.009182 | 0.033% | $600.6K | 0.100% |
| KuCoin | [PENGU/USDT](https://www.kucoin.com/trade/PENGU-USDT) | 0.009179 | 0.009182 | 0.033% | $1.5M | 0.100% |
| BingX | [PENGU/USDT](https://bingx.com/en/spot/PENGUUSDT) | 0.00918 | 0.009182 | 0.022% | $689.1K | 0.100% |
| XT.COM | [PENGU/USDT](https://www.xt.com/en/trade/pengu_usdt) | 0.009181 | 0.009182 | 0.011% | $2M | 0.200% |
| BTSE | [PENGU/USD](https://www.btse.com/en/trading/PENGU-USD) | 0.009178 | 0.009183 | 0.054% | $118.4K | 0.020% |
| Toobit | [PENGU/USDT](https://www.toobit.com/en-US/spot/PENGU_USDT) | 0.009181 | 0.009183 | 0.022% | $2.2M | 0.100% |
| OKX | [PENGU/USDT](https://www.okx.com/trade-spot/pengu-usdt) | 0.009181 | 0.009184 | 0.033% | $5.9M | 0.150% |
| MEXC | [PENGU/USDT](https://www.mexc.com/exchange/PENGU_USDT) | 0.009177 | 0.009185 | 0.087% | $422.6K | 0.080% |
| Deepcoin | [PENGU/USDT](https://www.deepcoin.com/en/spot/PENGU-USDT) | 0.00918 | 0.009185 | 0.054% | $1.2M | 0.150% |
| HitBTC | PENGU/USDT | 0.009167 | 0.009187 | 0.218% | — | 0.250% |
| Revolut X | [PENGU/USD](https://exchange.revolut.com/trade/PENGU-USD) | 0.00917 | 0.00919 | 0.218% | $105.5K | 0.090% |
| WhiteBIT | PENGU/USDT | 0.009172 | 0.009192 | 0.218% | $2.2M | 0.100% |
| BtcTurk | [PENGU/USDT](https://kripto.btcturk.com/pro/al-sat/PENGU_USDT) | 0.0091621 | 0.0091945 | 0.352% | $264K | 0.090% |
| HTX | [PENGU/USDT](https://www.htx.com/trade/pengu_usdt) | 0.00917 | 0.00922 | 0.542% | $1.4M | 0.200% |
| BigONE | [PENGU/USDT](https://big.one/en/trade/PENGU-USDT) | 0.009171 | 0.009227 | 0.607% | $137.8K | 0.100% |

### Spot net spread for every exchange pair

Rows are where you buy at the ask, columns are where you sell at the bid; figures are after taker fees on every fill.

| Buy on ↓, sell on → | Binance | XT.COM | Toobit | OKX | BingX | Deepcoin | Crypto.com | Bitget | KuCoin | Kraken | BTSE | Bybit | MEXC | WEEX | Gate | Bitstamp | WhiteBIT | DigiFinex | BigONE | Revolut X | HTX | HitBTC | BtcTurk |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| WEEX | -0.16% | -0.26% | -0.16% | -0.21% | -0.17% | -0.22% | -0.58% | -0.18% | -0.18% | -0.35% | -0.11% | -0.20% | -0.18% | — | -0.33% | -0.54% | -0.25% | -0.37% | -0.27% | -0.27% | -0.38% | -0.46% | -0.35% |
| DigiFinex | -0.27% | -0.37% | -0.27% | -0.32% | -0.28% | -0.33% | -0.69% | -0.29% | -0.29% | -0.46% | -0.22% | -0.31% | -0.29% | -0.33% | -0.44% | -0.65% | -0.37% | — | -0.38% | -0.38% | -0.49% | -0.57% | -0.46% |
| Bitstamp | -0.47% | -0.57% | -0.47% | -0.52% | -0.48% | -0.53% | -0.89% | -0.49% | -0.49% | -0.66% | -0.42% | -0.51% | -0.49% | -0.53% | -0.64% | — | -0.57% | -0.68% | -0.58% | -0.58% | -0.69% | -0.77% | -0.66% |
| Bybit | -0.19% | -0.29% | -0.19% | -0.24% | -0.20% | -0.25% | -0.61% | -0.21% | -0.21% | -0.38% | -0.14% | — | -0.21% | -0.25% | -0.37% | -0.57% | -0.29% | -0.40% | -0.30% | -0.30% | -0.41% | -0.49% | -0.38% |
| Gate | -0.29% | -0.39% | -0.29% | -0.34% | -0.30% | -0.35% | -0.71% | -0.31% | -0.31% | -0.48% | -0.24% | -0.33% | -0.31% | -0.35% | — | -0.67% | -0.39% | -0.50% | -0.40% | -0.40% | -0.51% | -0.59% | -0.48% |
| Kraken | -0.36% | -0.46% | -0.36% | -0.41% | -0.37% | -0.42% | -0.78% | -0.38% | -0.38% | — | -0.31% | -0.40% | -0.38% | -0.43% | -0.54% | -0.74% | -0.46% | -0.57% | -0.47% | -0.47% | -0.58% | -0.66% | -0.56% |
| Crypto.com | -0.60% | -0.70% | -0.60% | -0.65% | -0.61% | -0.66% | — | -0.62% | -0.62% | -0.79% | -0.55% | -0.64% | -0.62% | -0.67% | -0.78% | -0.98% | -0.70% | -0.81% | -0.71% | -0.71% | -0.82% | -0.90% | -0.80% |
| Binance | — | -0.31% | -0.21% | -0.26% | -0.22% | -0.27% | -0.63% | -0.23% | -0.23% | -0.40% | -0.16% | -0.25% | -0.23% | -0.28% | -0.39% | -0.59% | -0.31% | -0.42% | -0.32% | -0.32% | -0.43% | -0.51% | -0.41% |
| Bitget | -0.21% | -0.31% | -0.21% | -0.26% | -0.22% | -0.27% | -0.63% | — | -0.23% | -0.40% | -0.16% | -0.25% | -0.23% | -0.28% | -0.39% | -0.59% | -0.31% | -0.42% | -0.32% | -0.32% | -0.43% | -0.51% | -0.41% |
| KuCoin | -0.21% | -0.31% | -0.21% | -0.26% | -0.22% | -0.27% | -0.63% | -0.23% | — | -0.40% | -0.16% | -0.25% | -0.23% | -0.28% | -0.39% | -0.59% | -0.31% | -0.42% | -0.32% | -0.32% | -0.43% | -0.51% | -0.41% |
| BingX | -0.21% | -0.31% | -0.21% | -0.26% | — | -0.27% | -0.63% | -0.23% | -0.23% | -0.40% | -0.16% | -0.25% | -0.23% | -0.28% | -0.39% | -0.59% | -0.31% | -0.42% | -0.32% | -0.32% | -0.43% | -0.51% | -0.41% |
| XT.COM | -0.31% | — | -0.31% | -0.36% | -0.32% | -0.37% | -0.73% | -0.33% | -0.33% | -0.50% | -0.26% | -0.35% | -0.33% | -0.38% | -0.49% | -0.69% | -0.41% | -0.52% | -0.42% | -0.42% | -0.53% | -0.61% | -0.51% |
| BTSE | -0.14% | -0.24% | -0.14% | -0.19% | -0.15% | -0.20% | -0.56% | -0.16% | -0.16% | -0.33% | — | -0.19% | -0.17% | -0.21% | -0.32% | -0.53% | -0.24% | -0.35% | -0.25% | -0.25% | -0.36% | -0.44% | -0.34% |
| Toobit | -0.22% | -0.32% | — | -0.27% | -0.23% | -0.28% | -0.64% | -0.24% | -0.24% | -0.41% | -0.17% | -0.27% | -0.25% | -0.29% | -0.40% | -0.61% | -0.32% | -0.43% | -0.33% | -0.33% | -0.44% | -0.52% | -0.42% |
| OKX | -0.28% | -0.38% | -0.28% | — | -0.29% | -0.34% | -0.70% | -0.30% | -0.30% | -0.48% | -0.24% | -0.33% | -0.31% | -0.35% | -0.46% | -0.67% | -0.38% | -0.49% | -0.39% | -0.39% | -0.50% | -0.59% | -0.48% |
| MEXC | -0.22% | -0.32% | -0.22% | -0.27% | -0.23% | -0.28% | -0.65% | -0.25% | -0.25% | -0.42% | -0.18% | -0.27% | — | -0.29% | -0.40% | -0.61% | -0.32% | -0.43% | -0.33% | -0.33% | -0.44% | -0.53% | -0.42% |
| Deepcoin | -0.29% | -0.39% | -0.29% | -0.34% | -0.30% | — | -0.72% | -0.32% | -0.32% | -0.49% | -0.25% | -0.34% | -0.32% | -0.36% | -0.47% | -0.68% | -0.39% | -0.50% | -0.40% | -0.40% | -0.51% | -0.60% | -0.49% |
| HitBTC | -0.42% | -0.52% | -0.42% | -0.47% | -0.43% | -0.48% | -0.84% | -0.44% | -0.44% | -0.61% | -0.37% | -0.46% | -0.44% | -0.48% | -0.59% | -0.80% | -0.51% | -0.62% | -0.52% | -0.53% | -0.64% | — | -0.61% |
| Revolut X | -0.29% | -0.39% | -0.29% | -0.34% | -0.30% | -0.35% | -0.71% | -0.31% | -0.31% | -0.48% | -0.24% | -0.33% | -0.31% | -0.35% | -0.46% | -0.67% | -0.39% | -0.50% | -0.40% | — | -0.51% | -0.59% | -0.48% |
| WhiteBIT | -0.32% | -0.42% | -0.32% | -0.37% | -0.33% | -0.38% | -0.74% | -0.34% | -0.34% | -0.51% | -0.27% | -0.36% | -0.34% | -0.38% | -0.50% | -0.70% | — | -0.53% | -0.43% | -0.43% | -0.54% | -0.62% | -0.52% |
| BtcTurk | -0.34% | -0.44% | -0.34% | -0.39% | -0.35% | -0.40% | -0.76% | -0.36% | -0.36% | -0.53% | -0.29% | -0.38% | -0.36% | -0.40% | -0.51% | -0.72% | -0.43% | -0.55% | -0.45% | -0.45% | -0.56% | -0.64% | — |
| HTX | -0.72% | -0.82% | -0.72% | -0.77% | -0.73% | -0.78% | -1.14% | -0.74% | -0.74% | -0.92% | -0.68% | -0.77% | -0.75% | -0.79% | -0.90% | -1.11% | -0.82% | -0.93% | -0.83% | -0.83% | — | -1.02% | -0.92% |
| BigONE | -0.70% | -0.80% | -0.70% | -0.75% | -0.71% | -0.76% | -1.12% | -0.72% | -0.72% | -0.89% | -0.65% | -0.74% | -0.72% | -0.76% | -0.87% | -1.08% | -0.80% | -0.91% | — | -0.81% | -0.92% | -1.00% | -0.89% |

## Perpetual prices by exchange

| Exchange | Market | Bid | Ask | Book spread | 24h volume | Taker fee |
| --- | --- | --- | --- | --- | --- | --- |
| Extended | [PENGU/USDC:USDC](https://app.extended.exchange/perp/PENGU-USD) | 0.009168 | 0.009169 | 0.011% | $43K | 0.200% |
| Bybit | [PENGU/USDT:USDT](https://www.bybit.com/trade/usdt/PENGUUSDT) | 0.00917 | 0.009171 | 0.011% | $24.1M | 0.060% |
| Crypto.com | [PENGU/USD:USD](https://crypto.com/exchange/trade/PENGUUSD-PERP) | 0.00917 | 0.009171 | 0.011% | $98.8K | 0.500% |
| MEXC | [PENGU/USDT:USDT](https://www.mexc.com/futures/PENGU_USDT) | 0.00917 | 0.009172 | 0.022% | $7.7M | 0.000% |
| Backpack | [PENGU/USDC:USDC](https://backpack.exchange/trade/PENGU_USDC_PERP) | 0.009172 | 0.009173 | 0.011% | $117.5K | 0.100% |
| Gate | [PENGU/USDT:USDT](https://www.gate.com/futures/USDT/PENGU_USDT) | 0.009172 | 0.009174 | 0.022% | $6.6M | 0.050% |
| BingX | [PENGU/USDT:USDT](https://bingx.com/en/perpetual/PENGU-USDT) | 0.009175 | 0.009176 | 0.011% | $3M | 0.050% |
| Binance | [PENGU/USDT:USDT](https://www.binance.com/en/futures/PENGUUSDT) | 0.009176 | 0.009177 | 0.011% | $95.7M | 0.050% |
| OKX | [PENGU/USDT:USDT](https://www.okx.com/trade-swap/pengu-usdt-swap) | 0.009176 | 0.009177 | 0.011% | $32.3M | 0.050% |
| Toobit | [PENGU/USDT:USDT](https://www.toobit.com/en-US/futures/PENGU-SWAP-USDT) | 0.009176 | 0.009177 | 0.011% | $10.1M | 0.100% |
| XT.COM | [PENGU/USDT:USDT](https://www.xt.com/en/futures/trade/pengu_usdt) | 0.009175 | 0.009178 | 0.033% | $94.6M | 0.060% |
| BTSE | [PENGU/USDT:USDT](https://www.btse.com/en/futures/PENGU-PERP) | 0.009173 | 0.009179 | 0.065% | $891.7K | 0.055% |
| WOOFi Pro | [PENGU/USDC:USDC](https://pro.woofi.com/en/trade/PENGU_PERP) | 0.009166 | 0.009179 | 0.142% | $1.4M | 0.050% |
| KuCoin | [PENGU/USDT:USDT](https://www.kucoin.com/trade/futures/PENGUUSDTM) | 0.009178 | 0.00918 | 0.022% | $12.6M | 0.060% |
| WEEX | [PENGU/USDT:USDT](https://www.weex.com/futures/PENGU-USDT) | 0.009179 | 0.00918 | 0.011% | $7.3M | 0.080% |
| Aster | [PENGU/USDT:USDT](https://www.asterdex.com/en/trade/pro/futures/PENGUUSDT) | 0.009176 | 0.00918 | 0.044% | $663K | 0.035% |
| Hyperliquid | [PENGU/USDC:USDC](https://app.hyperliquid.xyz/trade/PENGU) | 0.009177 | 0.009181 | 0.044% | $7.3M | 0.045% |
| WhiteBIT | [PENGU/USDT:USDT](https://whitebit.com/trade/PENGU-PERP?type=futures) | 0.009163 | 0.009183 | 0.218% | $8.2M | 0.055% |
| HTX | [PENGU/USDT:USDT](https://www.htx.com/futures/linear_swap/exchange#contract_code=PENGU-USDT&contract_type=swap&type=cross) | 0.009165 | 0.009191 | 0.283% | $156K | 0.050% |
| Kraken | [PENGU/USD:USD](https://pro.kraken.com/app/trade/futures-pengu-usd-perp) | 0.009185 | 0.009191 | 0.065% | $1.3M | 0.050% |
| Bitget | [PENGU/USDT:USDT](https://www.bitget.com/futures/usdt/PENGUUSDT) | 0.009191 | 0.009192 | 0.011% | $8.4M | 0.060% |

### Perpetual net spread for every exchange pair

Rows are where you buy at the ask, columns are where you sell at the bid; figures are after taker fees on every fill.

| Buy on ↓, sell on → | Bitget | Kraken | WEEX | KuCoin | Hyperliquid | Binance | OKX | Toobit | Aster | BingX | XT.COM | BTSE | Backpack | Gate | Bybit | Crypto.com | MEXC | Extended | WOOFi Pro | HTX | WhiteBIT |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Extended | -0.28% | -0.33% | -0.45% | -0.42% | -0.40% | -0.42% | -0.42% | -0.52% | -0.39% | -0.43% | -0.45% | -0.47% | -0.57% | -0.47% | -0.51% | -1.39% | -0.39% | — | -0.53% | -0.54% | -0.58% |
| Bybit | -0.02% | -0.07% | -0.19% | -0.16% | -0.14% | -0.17% | -0.17% | -0.27% | -0.14% | -0.18% | -0.20% | -0.21% | -0.31% | -0.21% | — | -1.13% | -0.13% | -0.55% | -0.27% | -0.29% | -0.32% |
| Crypto.com | -0.90% | -0.95% | -1.07% | -1.04% | -1.02% | -1.05% | -1.05% | -1.15% | -1.02% | -1.06% | -1.08% | -1.09% | -1.19% | -1.09% | -1.13% | — | -1.01% | -1.43% | -1.15% | -1.17% | -1.20% |
| MEXC | +0.09% | +0.04% | -0.08% | -0.05% | -0.04% | -0.06% | -0.06% | -0.16% | -0.03% | -0.07% | -0.09% | -0.10% | -0.20% | -0.10% | -0.14% | -1.02% | — | -0.44% | -0.17% | -0.18% | -0.21% |
| Backpack | -0.12% | -0.17% | -0.29% | -0.27% | -0.25% | -0.27% | -0.27% | -0.37% | -0.24% | -0.28% | -0.30% | -0.31% | — | -0.31% | -0.35% | -1.23% | -0.23% | -0.65% | -0.38% | -0.39% | -0.42% |
| Gate | -0.03% | -0.08% | -0.21% | -0.18% | -0.16% | -0.18% | -0.18% | -0.28% | -0.15% | -0.19% | -0.21% | -0.22% | -0.32% | — | -0.26% | -1.14% | -0.14% | -0.57% | -0.29% | -0.30% | -0.33% |
| BingX | -0.06% | -0.10% | -0.23% | -0.20% | -0.18% | -0.20% | -0.20% | -0.30% | -0.17% | — | -0.23% | -0.24% | -0.34% | -0.24% | -0.29% | -1.17% | -0.17% | -0.59% | -0.31% | -0.32% | -0.35% |
| Binance | -0.07% | -0.11% | -0.24% | -0.21% | -0.19% | — | -0.21% | -0.31% | -0.18% | -0.22% | -0.24% | -0.25% | -0.35% | -0.25% | -0.30% | -1.18% | -0.18% | -0.60% | -0.32% | -0.33% | -0.36% |
| OKX | -0.07% | -0.11% | -0.24% | -0.21% | -0.19% | -0.21% | — | -0.31% | -0.18% | -0.22% | -0.24% | -0.25% | -0.35% | -0.25% | -0.30% | -1.18% | -0.18% | -0.60% | -0.32% | -0.33% | -0.36% |
| Toobit | -0.17% | -0.21% | -0.34% | -0.31% | -0.29% | -0.31% | -0.31% | — | -0.28% | -0.32% | -0.34% | -0.35% | -0.45% | -0.35% | -0.40% | -1.28% | -0.28% | -0.70% | -0.42% | -0.43% | -0.46% |
| XT.COM | -0.10% | -0.14% | -0.27% | -0.24% | -0.22% | -0.24% | -0.24% | -0.34% | -0.21% | -0.25% | — | -0.28% | -0.39% | -0.29% | -0.33% | -1.21% | -0.21% | -0.63% | -0.35% | -0.36% | -0.39% |
| BTSE | -0.10% | -0.14% | -0.27% | -0.24% | -0.22% | -0.24% | -0.24% | -0.34% | -0.21% | -0.25% | -0.27% | — | -0.39% | -0.29% | -0.33% | -1.21% | -0.21% | -0.63% | -0.35% | -0.36% | -0.39% |
| WOOFi Pro | -0.09% | -0.13% | -0.26% | -0.23% | -0.21% | -0.23% | -0.23% | -0.33% | -0.20% | -0.24% | -0.26% | -0.28% | -0.38% | -0.28% | -0.32% | -1.20% | -0.20% | -0.62% | — | -0.35% | -0.38% |
| KuCoin | -0.12% | -0.17% | -0.29% | — | -0.24% | -0.26% | -0.26% | -0.36% | -0.23% | -0.27% | -0.29% | -0.31% | -0.41% | -0.31% | -0.35% | -1.23% | -0.23% | -0.65% | -0.37% | -0.38% | -0.42% |
| WEEX | -0.16% | -0.21% | — | -0.30% | -0.28% | -0.30% | -0.30% | -0.40% | -0.27% | -0.31% | -0.33% | -0.35% | -0.45% | -0.35% | -0.39% | -1.27% | -0.27% | -0.69% | -0.41% | -0.42% | -0.46% |
| Aster | -0.07% | -0.12% | -0.24% | -0.21% | -0.19% | -0.21% | -0.21% | -0.31% | — | -0.22% | -0.24% | -0.26% | -0.36% | -0.26% | -0.30% | -1.18% | -0.18% | -0.60% | -0.32% | -0.33% | -0.37% |
| Hyperliquid | -0.10% | -0.15% | -0.27% | -0.24% | — | -0.24% | -0.24% | -0.34% | -0.21% | -0.26% | -0.28% | -0.29% | -0.39% | -0.29% | -0.33% | -1.21% | -0.21% | -0.63% | -0.35% | -0.36% | -0.40% |
| WhiteBIT | -0.14% | -0.19% | -0.31% | -0.28% | -0.27% | -0.29% | -0.29% | -0.39% | -0.26% | -0.30% | -0.32% | -0.33% | -0.43% | -0.33% | -0.37% | -1.25% | -0.25% | -0.67% | -0.40% | -0.41% | — |
| HTX | -0.22% | -0.27% | -0.39% | -0.36% | -0.34% | -0.36% | -0.36% | -0.46% | -0.33% | -0.37% | -0.39% | -0.41% | -0.51% | -0.41% | -0.45% | -1.33% | -0.33% | -0.75% | -0.47% | — | -0.51% |
| Kraken | -0.22% | — | -0.39% | -0.36% | -0.34% | -0.36% | -0.36% | -0.46% | -0.33% | -0.37% | -0.39% | -0.41% | -0.51% | -0.41% | -0.45% | -1.33% | -0.33% | -0.75% | -0.47% | -0.48% | -0.51% |
| Bitget | — | -0.30% | -0.42% | -0.39% | -0.37% | -0.39% | -0.39% | -0.49% | -0.36% | -0.40% | -0.42% | -0.44% | -0.54% | -0.44% | -0.48% | -1.36% | -0.36% | -0.78% | -0.50% | -0.51% | -0.55% |

## Frequently asked questions

### Is there a PENGU arbitrage opportunity right now?

No. The best PENGU routes do not cover taker fees at the moment.

### Which exchange has the cheapest PENGU?

Lowest ask price: Spot: WEEX at 0.009177; Perpetual: Extended at 0.009169.

### How is the net spread calculated?

Net spread = (best bid on the sell exchange − best ask on the buy exchange) ÷ best ask − taker fees. Spot routes pay one taker fee per exchange. Perpetual routes pay two per exchange, to open and to close. Max profit is read from both order books, so it includes slippage, and spot routes also subtract the withdrawal fee.