BICO arbitrage explained
Right now Biconomy (BICO) trades on 10 venues we scan: 9 perpetual markets, 7 spot markets and 1 DEX pool. The lowest ask is on MEXC perp at $0.0205 and the highest bid on Variational perp at $0.0206.
The widest BICO perpetual spread is between MEXC and Variational: long BICO on MEXC at $0.0205 and short on Variational at $0.0206 for +0.39% gross, or +0.23% 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 pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BICO route is to buy spot on Gate and short the perpetual on Variational: +0.34% gross, +0.14% net, with +0.030% a day of funding on the short leg.
Spot–spot BICO arbitrage (buy on Gate, withdraw, deposit and sell on Bybit) shows +0.05% 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 BICO 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: BICO funding rates · BICO spread charts · Biconomy price · arbitrage scanner for all coins.