A arbitrage explained
Right now Vaulta (A) trades on 8 venues we scan: 8 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $0.0975 and the highest bid on Bybit spot at $0.0978.
The widest A perpetual spread is between Variational and OKX: long A on Variational at $0.0975 and short on OKX at $0.0977 for +0.14% gross, or -0.02% 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 +0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best A route is to buy spot on Bitget and short the perpetual on OKX: -0.13% gross, -0.33% net, with +0.030% a day of funding on the short leg.
Spot–spot A 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 A 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: A funding rates · A spread charts · Vaulta price · arbitrage scanner for all coins.