ELSA arbitrage explained
Right now Elsa (ELSA) trades on 8 venues we scan: 8 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Bybit spot at $0.0519 and the highest bid on Gate perp at $0.052.
The widest ELSA perpetual spread is between Bybit and Gate: long ELSA on Bybit at $0.0519 and short on Gate at $0.052 for +0.19% 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 ELSA route is to buy spot on Bybit and short the perpetual on Gate: +0.21% gross, +0.01% net, with +0.030% a day of funding on the short leg.
Spot–spot ELSA arbitrage (buy on Bybit, withdraw, deposit and sell on KuCoin) shows +0.04% 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 ELSA 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: ELSA funding rates · ELSA spread charts · Elsa price · arbitrage scanner for all coins.