ArbiLayer

COW arbitrage

live

Live CoW Protocol price differences between exchanges: perpetual, spot and DEX spreads after fees, with funding and depth.

Best net spread-0.03%Binance → Bybit · Perp–Perp
Best perp–perp spread+0.13%Binance → Bybit
Markets tracked138 venues · 8 perp · 5 spot · 0 DEX
Price range0.28%$0.1484 – $0.1488

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Binance logoBinance$0.1485Bybit logoBybit$0.1487 +0.13%-0.03% +0.13%— 0.000%— LS Chart →
Bitget logoBitget$0.1485Bybit logoBybit$0.1487 +0.13%-0.03% +0.13%— 0.000%— LS Chart →
MEXC logoMEXC$0.1485Bybit logoBybit$0.1487 +0.13%-0.03% +0.13%— 0.000%— LS Chart →
KuCoin logoKuCoin$0.1485Bybit logoBybit$0.1487 +0.13%-0.03% +0.13%— 0.000%— LS Chart →
Aster logoAster$0.1486Bybit logoBybit$0.1487 +0.06%-0.10% +0.06%— 0.000%— LS Chart →
Binance logoBinance$0.1485Gate logoGate$0.1485 0.00%-0.16% 0.00%— 0.000%— LS Chart →
Bitget logoBitget$0.1485Gate logoGate$0.1485 0.00%-0.16% 0.00%— 0.000%— LS Chart →
MEXC logoMEXC$0.1485Gate logoGate$0.1485 0.00%-0.16% 0.00%— 0.000%— LS Chart →
KuCoin logoKuCoin$0.1485Gate logoGate$0.1485 0.00%-0.16% 0.00%— 0.000%— LS Chart →
Gate logoGate$0.1487Bybit logoBybit$0.1487 -0.01%-0.17% -0.01%— 0.000%— LS Chart →
Aster logoAster$0.1486Gate logoGate$0.1485 -0.07%-0.23% -0.07%— 0.000%— LS Chart →
Binance logoBinance$0.1485Bitget logoBitget$0.1484 -0.07%-0.23% -0.07%— 0.000%— LS Chart →
Binance logoBinance$0.1485MEXC logoMEXC$0.1484 -0.07%-0.23% -0.07%— 0.000%— LS Chart →
Binance logoBinance$0.1485Variational logoVariational$0.1484 -0.07%-0.23% -0.07%— -0.000%— LS Chart →
Bitget logoBitget$0.1485Binance logoBinance$0.1484 -0.07%-0.23% -0.07%— 0.000%— LS Chart →
Long = where you buy, Short = where you sell. Net subtracts a two-leg taker fee model; Spread+F adds the next funding payment.Updates every 15 seconds. Not investment advice.

COW price on every exchange

ExchangeMarketBidAskPricevs medianFunding 24hVolume 24h
Bybit logoBybitPerpetual · COWUSDTPerpetual $0.1487$0.1488$0.1488+0.14% +0.030%$410.6K
Bitget logoBitgetPerpetual · COWUSDTPerpetual $0.1484$0.1485$0.1485-0.07% +0.030%$208.2K
MEXC logoMEXCPerpetual · COW_USDTPerpetual $0.1484$0.1485$0.1485-0.07% +0.030%$137.1K
KuCoin logoKuCoinPerpetual · COWUSDTMPerpetual $0.1483$0.1485$0.1484-0.10% +0.030%$46.8K
Gate logoGatePerpetual · COW_USDTPerpetual $0.1485$0.1487$0.1486+0.03% +0.030%$33.4K
Gate logoGateSpot · COW_USDTSpot $0.1485$0.1486$0.14860.00% —$28.3K
Bitget logoBitgetSpot · COWUSDTSpot $0.1484$0.1486$0.1485-0.03% —$19.2K
KuCoin logoKuCoinSpot · COW-USDTSpot $0.1484$0.1487$0.14860.00% —$12.8K
Variational logoVariationalPerpetual · COWPerpetual $0.1484$0.149$0.1487+0.10% +0.030%$1.1K
Binance logoBinancePerpetual · COWUSDTPerpetual $0.1484$0.1485$0.1485-0.07% +0.030%—
Aster logoAsterPerpetual · COWUSDTPerpetual $0.1481$0.1486$0.1484-0.13% +0.030%—
Binance logoBinanceSpot · COWUSDTSpot $0.1485$0.1486$0.14860.00% ——
MEXC logoMEXCSpot · COWUSDTSpot $0.1485$0.1486$0.14860.00% ——
Price is the bid/ask midpoint. "vs median" compares each market with the median of all centralized venues.

COW arbitrage explained

Right now CoW Protocol (COW) trades on 8 venues we scan: 8 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.1485 and the highest bid on Bybit perp at $0.1487.

The widest COW perpetual spread is between Binance and Bybit: long COW on Binance at $0.1485 and short on Bybit at $0.1487 for +0.13% gross, or -0.03% 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 collects while it is open.

For a spot–perpetual (cash-and-carry) trade, the best COW route is to buy spot on Binance and short the perpetual on Bybit: +0.06% gross, -0.14% net, with +0.030% a day of funding on the short leg.

Spot–spot COW arbitrage (buy on Binance, withdraw, deposit and sell on Gate) shows -0.07% 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 COW 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: COW funding rates · COW spread charts · CoW Protocol price · arbitrage scanner for all coins.

Is there a COW arbitrage opportunity right now?

The best COW route right now is to buy on Binance → sell on Bybit (Perp–Perp): +0.13% gross and -0.03% after fees. After fees it is not profitable, which is normal for liquid coins.

Which exchange has the cheapest COW?

Bitget (perp) has the lowest COW ask at $0.1485, and Bybit (perp) the highest bid at $0.1487. Prices update every 15 seconds on this page.

How many exchanges list COW?

ArbiLayer tracks 13 COW markets on 8 venues: 8 perpetual, 5 spot and 0 DEX pools.

How do I arbitrage COW without transferring coins?

Use two perpetual contracts: go long COW on the cheaper exchange (Binance now) and short it on the more expensive one (Bybit), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

CRO +18.72%BLAST +17.01%UPC +7.25%BDX +6.82%ONE +6.71%ESPORTS +6.37%OPENAI +5.14%AI +3.79%SPCX +3.72%ANTHROPIC +3.67%CATE +3.62%H100 +3.47%BEN +3.29%ZIL +3.10%OURA +2.88%APPSTOCK +2.12%EGLD +2.02%2U2 +1.87%