APEX arbitrage explained
Right now APEX trades on 4 venues we scan: 4 perpetual markets, 2 spot markets and 0 DEX pools. The lowest ask is on Bybit spot at $0.2456 and the highest bid on Bybit perp at $0.2457.
The widest APEX perpetual spread is between Bybit and MEXC: long APEX on Bybit at $0.246 and short on MEXC at $0.2457 for -0.12% gross, or -0.28% 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 APEX route is to buy spot on Bybit and short the perpetual on Bybit: +0.04% gross, -0.16% net, with +0.030% a day of funding on the short leg.
Spot–spot APEX arbitrage (buy on MEXC, withdraw, deposit and sell on Bybit) shows -0.08% 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 APEX 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: APEX funding rates · APEX spread charts · APEX price · arbitrage scanner for all coins.