BIRB arbitrage explained
Right now Moonbirds (BIRB) trades on 7 venues we scan: 7 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bybit spot at $0.0593 and the highest bid on KuCoin spot at $0.0594.
The widest BIRB perpetual spread is between MEXC and Bybit: long BIRB on MEXC at $0.0593 and short on Bybit at $0.0594 for +0.05% gross, or -0.11% 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 -0.011% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BIRB route is to buy spot on Bybit and short the perpetual on Bybit: +0.12% gross, -0.08% net, with +0.019% a day of funding on the short leg.
Spot–spot BIRB arbitrage (buy on Bybit, withdraw, deposit and sell on KuCoin) shows +0.22% 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 BIRB 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: BIRB funding rates · BIRB spread charts · Moonbirds price · arbitrage scanner for all coins.