BASED arbitrage explained
Right now Based (BASED) trades on 9 venues we scan: 9 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.0635 and the highest bid on Bitget perp at $0.0636.
The widest BASED perpetual spread is between OKX and Bitget: long BASED on OKX at $0.0635 and short on Bitget at $0.0636 for +0.22% 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 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BASED route is to buy spot on OKX and short the perpetual on Bitget: +0.11% gross, -0.09% net, with +0.030% a day of funding on the short leg.
Spot–spot BASED arbitrage (buy on OKX, withdraw, deposit and sell on MEXC) shows -0.06% 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 BASED 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: BASED funding rates · BASED spread charts · Based price · arbitrage scanner for all coins.