Futures arbitrage on ArbTide is perpetual-to-perpetual price arbitrage: go long a coin's perp on the exchange where it is cheaper, short the same size where it is richer, and close both when the prices converge. The table on this page ranks the widest live gap per coin after four taker fees. For background on the contracts, read futures vs perpetual futures and what is crypto arbitrage.
How it works
- Hold margin on both exchanges. Stablecoin collateral on each venue lets you open both legs at once.
- Find a route. The best bid on one exchange's perp is above the best ask on another's.
- Open both legs together. Buy (long) at the ask on the cheaper exchange and sell (short) at the bid on the richer one, in equal notional size.
- Wait for convergence. Both perps track the same spot index through funding, so gaps between them tend to close. Your hedged position is delta-neutral while you wait.
- Close both legs once the gap has narrowed. Your profit is the change in the gap, minus fees on all four fills.
Unlike spot arbitrage, no coins move between exchanges, so transfer time does not kill the trade. The trade-off is that you must close later, which doubles the fees and exposes you to the gap widening before it narrows.
Reading the scanner
- Route: the long leg (the exchange whose best ask you pay) and the short leg (the exchange whose best bid you hit).
- Net spread: gross spread minus taker fees. This assumes you close at zero gap.
- Gross: (best bid on the short exchange − best ask on the long exchange) ÷ best ask.
- Fees: two taker fees on each exchange, open and close, at each venue's default (non-VIP) rate. A lower fee tier or maker orders reduce this.
- 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, compare the gap with how often it appears. A gap that opens and closes within seconds is hard to capture with manual orders. Check that both contracts are the same kind: the scanner compares linear, stablecoin-margined perps, but a contract multiplier or a different token under the same ticker can create a false gap. Then look at the funding rates of both legs. For example, assume your long leg pays 30% APR in funding and your short leg receives only 5%: the net cost of 25% APR is about 0.07% per day, enough to erase a small price gap within a few days.
Costs and risks the scanner does not include
- Funding while open: every funding interval, each leg pays or receives. The difference can help or hurt.
- Non-convergence: the gap can persist or widen, especially when one venue has different traders or a deposit problem. You may have to close at a loss or wait.
- Liquidation: margin is separate on each exchange. A sharp move can liquidate the losing leg while the winning leg's gain sits elsewhere. Keep leverage low.
- Depth and slippage: only the top of the book is measured. Opening and closing both legs takes four fills, so slippage is paid on entry and again on exit.
- Mark price differences: exchanges liquidate on their own mark price, which can differ from the last trade.
See arbitrage risks for the full list and the methodology for the formulas.
When it works best
Perp price gaps are widest during fast moves, when one exchange's order book lags the others, and on coins listed recently on a few venues. The trade suits traders who already keep margin across exchanges, can size positions to top-of-book depth, and pair routes where funding does not work against them. The arbitrage profit calculator helps size a route, and the full list of routes is on the price arbitrage scanner.