BOBA arbitrage explained
Right now Boba Network (BOBA) trades on 5 venues we scan: 3 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.0207 and the highest bid on Gate spot at $0.0206.
The widest BOBA perpetual spread is between Bybit and MEXC: long BOBA on Bybit at $0.0207 and short on MEXC at $0.0206 for -0.24% gross, or -0.40% 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 -0.004% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BOBA route is to buy spot on Bybit and short the perpetual on Bybit: -0.29% gross, -0.49% net, with -0.105% a day of funding on the short leg.
Spot–spot BOBA arbitrage (buy on Bybit, withdraw, deposit and sell on Gate) shows -0.24% 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 BOBA 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: BOBA funding rates · BOBA spread charts · Boba Network price · arbitrage scanner for all coins.