BNB arbitrage explained
Right now BNB trades on 11 venues we scan: 11 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $777.03 and the highest bid on MEXC perp at $780.20.
The widest BNB perpetual spread is between Variational and MEXC: long BNB on Variational at $777.03 and short on MEXC at $780.20 for +0.41% gross, or +0.25% 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 +0.023% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BNB route is to buy spot on MEXC and short the perpetual on MEXC: +0.31% gross, +0.11% net.
Spot–spot BNB arbitrage (buy on MEXC, withdraw, deposit and sell on Bitget) 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 BNB 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: BNB funding rates · BNB spread charts · BNB price · arbitrage scanner for all coins.