BARD arbitrage explained
Right now Lombard (BARD) trades on 9 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.1236 and the highest bid on Bitget spot at $0.1239.
The widest BARD perpetual spread is between Bitget and Bybit: long BARD on Bitget at $0.1236 and short on Bybit at $0.1237 for +0.11% gross, or -0.05% 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 +0.075% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BARD route is to buy spot on Bitget and short the perpetual on Bybit: -0.20% gross, -0.40% net, with +0.030% a day of funding on the short leg.
Spot–spot BARD arbitrage (buy on Binance, withdraw, deposit and sell on Bitget) shows -0.07% 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 BARD 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: BARD funding rates · BARD spread charts · Lombard price · arbitrage scanner for all coins.