BTR arbitrage explained
Right now Bitlayer (BTR) trades on 7 venues we scan: 7 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Gate spot at $0.0459 and the highest bid on HTX perp at $0.0461.
The widest BTR perpetual spread is between Binance and HTX: long BTR on Binance at $0.046 and short on HTX at $0.0461 for +0.15% gross, or -0.01% 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 +0.180% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best BTR route is to buy spot on Gate and short the perpetual on HTX: +0.33% gross, +0.13% net, with +0.235% a day of funding on the short leg.
Spot–spot BTR arbitrage (buy on Gate, withdraw, deposit and sell on KuCoin) 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 BTR 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: BTR funding rates · BTR spread charts · Bitlayer price · arbitrage scanner for all coins.