ATOM arbitrage explained
Right now Cosmos Hub (ATOM) trades on 11 venues we scan: 11 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $1.69 and the highest bid on OKX spot at $1.69.
The widest ATOM perpetual spread is between Variational and KuCoin: long ATOM on Variational at $1.69 and short on KuCoin at $1.69 for +0.10% gross, or -0.06% 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 +0.012% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ATOM route is to buy spot on KuCoin and short the perpetual on KuCoin: -0.08% gross, -0.28% net, with -0.044% a day of funding on the short leg.
Spot–spot ATOM arbitrage (buy on KuCoin, withdraw, deposit and sell on Binance) shows -0.02% 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 ATOM 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: ATOM funding rates · ATOM spread charts · Cosmos Hub price · arbitrage scanner for all coins.