CRV arbitrage explained
Right now Curve DAO (CRV) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.3609 and the highest bid on OKX spot at $0.3613.
The widest CRV perpetual spread is between Bybit and Variational: long CRV on Bybit at $0.3609 and short on Variational at $0.361 for +0.03% gross, or -0.13% 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 -0.041% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best CRV route is to buy spot on Binance and short the perpetual on Variational: -0.08% gross, -0.28% net, with -0.048% a day of funding on the short leg.
Spot–spot CRV arbitrage (buy on Binance, withdraw, deposit and sell on OKX) shows 0.00% 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 CRV 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: CRV funding rates · CRV spread charts · Curve DAO price · arbitrage scanner for all coins.