ALICE arbitrage explained
Right now My Neighbor Alice (ALICE) trades on 8 venues we scan: 8 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Binance perp at $0.1737 and the highest bid on Variational perp at $0.181.
The widest ALICE perpetual spread is between Binance and Variational: long ALICE on Binance at $0.1737 and short on Variational at $0.181 for +4.20% gross, or +4.04% 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 pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ALICE route is to buy spot on Gate and short the perpetual on Variational: +2.98% gross, +2.78% net, with +0.030% a day of funding on the short leg.
Spot–spot ALICE arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows +0.47% 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 ALICE 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: ALICE funding rates · ALICE spread charts · My Neighbor Alice price · arbitrage scanner for all coins.