APR arbitrage explained
Right now Capricorn (APR) trades on 9 venues we scan: 9 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Bitget spot at $0.1175 and the highest bid on HTX perp at $0.1177.
The widest APR perpetual spread is between Bitget and HTX: long APR on Bitget at $0.1175 and short on HTX at $0.1177 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 -0.015% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best APR route is to buy spot on Bitget and short the perpetual on HTX: +0.21% gross, +0.01% net, with +0.015% a day of funding on the short leg.
Spot–spot APR arbitrage (buy on Bitget, withdraw, deposit and sell on KuCoin) shows -0.04% 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 APR 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: APR funding rates · APR spread charts · Capricorn price · arbitrage scanner for all coins.