DIA arbitrage explained
Right now DIA trades on 7 venues we scan: 6 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $0.1752 and the highest bid on Variational perp at $0.1754.
The widest DIA perpetual spread is between Binance and Variational: long DIA on Binance at $0.1752 and short on Variational at $0.1754 for +0.11% gross, or -0.05% 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 pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best DIA route is to buy spot on Binance and short the perpetual on Variational: -0.11% gross, -0.31% net, with +0.030% a day of funding on the short leg.
Spot–spot DIA arbitrage (buy on Binance, withdraw, deposit and sell on Gate) shows -0.14% 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 DIA 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: DIA funding rates · DIA spread charts · DIA price · arbitrage scanner for all coins.