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-0.02%Binance → Gate · Perp–Perp
Best perp–perp spread+0.14%Binance → Gate
Markets tracked138 venues · 8 perp · 5 spot · 0 DEX
Price range0.25%$0.1477 – $0.1481

Spreads between exchanges

Long (buy)Short (sell)SpreadNetSpread+FDepth $Funding 24hFunding 30DD/WChart
Binance logoBinance$0.1478Gate logoGate$0.148 +0.14%-0.02% +0.14%— 0.000%— LS Chart →
MEXC logoMEXC$0.1478Gate logoGate$0.148 +0.14%-0.02% +0.14%— 0.000%— LS Chart →
Binance logoBinance$0.1478Bybit logoBybit$0.148 +0.11%-0.05% +0.11%— 0.000%— LS Chart →
MEXC logoMEXC$0.1478Bybit logoBybit$0.148 +0.11%-0.05% +0.11%— 0.000%— LS Chart →
Bitget logoBitget$0.1479Gate logoGate$0.148 +0.07%-0.09% +0.07%— 0.000%— LS Chart →
KuCoin logoKuCoin$0.1479Gate logoGate$0.148 +0.07%-0.09% +0.07%— 0.000%— LS Chart →
Aster logoAster$0.1479Gate logoGate$0.148 +0.07%-0.09% +0.07%— 0.000%— LS Chart →
Bitget logoBitget$0.1479Bybit logoBybit$0.148 +0.04%-0.12% +0.04%— 0.000%— LS Chart →
KuCoin logoKuCoin$0.1479Bybit logoBybit$0.148 +0.04%-0.12% +0.04%— 0.000%— LS Chart →
Aster logoAster$0.1479Bybit logoBybit$0.148 +0.04%-0.12% +0.04%— 0.000%— LS Chart →
Binance logoBinance$0.1478Bitget logoBitget$0.1478 0.00%-0.16% 0.00%— 0.000%— LS Chart →
MEXC logoMEXC$0.1478Bitget logoBitget$0.1478 0.00%-0.16% 0.00%— 0.000%— LS Chart →
KuCoin logoKuCoin$0.1479Bitget logoBitget$0.1478 -0.07%-0.23% -0.07%— 0.000%— LS Chart →
Aster logoAster$0.1479Bitget logoBitget$0.1478 -0.07%-0.23% -0.07%— 0.000%— LS Chart →
Binance logoBinance$0.1478MEXC logoMEXC$0.1477 -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 $0.148$0.1482$0.1481+0.08% +0.030%$408.6K
Bitget logoBitgetPerpetual · COWUSDTPerpetual $0.1478$0.1479$0.1478-0.07% +0.030%$230.3K
MEXC logoMEXCPerpetual · COW_USDTPerpetual $0.1477$0.1478$0.1478-0.14% +0.030%$134.5K
KuCoin logoKuCoinPerpetual · COWUSDTMPerpetual $0.1475$0.1479$0.1477-0.17% +0.030%$48.6K
Gate logoGatePerpetual · COW_USDTPerpetual $0.148$0.1481$0.1481+0.07% +0.030%$33.7K
Gate logoGateSpot · COW_USDTSpot $0.1479$0.148$0.1480.00% —$28.5K
Bitget logoBitgetSpot · COWUSDTSpot $0.1479$0.1481$0.148+0.03% —$20.0K
KuCoin logoKuCoinSpot · COW-USDTSpot $0.1478$0.1481$0.1480.00% —$13.6K
Variational logoVariationalPerpetual · COWPerpetual $0.1477$0.1483$0.148+0.03% +0.030%$1.1K
Binance logoBinancePerpetual · COWUSDTPerpetual $0.1477$0.1478$0.1478-0.14% +0.030%—
Aster logoAsterPerpetual · COWUSDTPerpetual $0.1475$0.1479$0.1477-0.17% +0.030%—
Binance logoBinanceSpot · COWUSDTSpot $0.1479$0.148$0.1480.00% ——
MEXC logoMEXCSpot · COWUSDTSpot $0.1479$0.148$0.1480.00% ——
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 MEXC perp at $0.1478 and the highest bid on Gate perp at $0.148.

The widest COW perpetual spread is between Binance and Gate: long COW on Binance at $0.1478 and short on Gate at $0.148 for +0.14% gross, or -0.02% 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 Gate: 0.00% gross, -0.20% 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 Gate (Perp–Perp): +0.14% gross and -0.02% after fees. After fees it is not profitable, which is normal for liquid coins.

Which exchange has the cheapest COW?

MEXC (perp) has the lowest COW ask at $0.1478, and Gate (perp) the highest bid at $0.148. 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 (Gate), then close both legs when the spread converges. The coins never move between exchanges.

Arbitrage for other coins

CRO +18.98%BDX +7.10%ONE +6.76%BLAST +5.84%ESPORTS +5.70%OPENAI +5.25%SPCX +3.67%FLYBRAIN +3.61%AI +3.53%ANTHROPIC +3.47%OURA +3.42%H100 +3.40%ZIL +3.11%EGLD +2.69%CATE +2.55%APPSTOCK +2.22%PENGSTOCK +1.67%STAR +1.62%