FF arbitrage explained
Right now Falcon Finance (FF) trades on 7 venues we scan: 7 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.1058 and the highest bid on Gate spot at $0.1061.
The widest FF perpetual spread is between Bybit and Gate: long FF on Bybit at $0.1058 and short on Gate at $0.1061 for +0.20% gross, or +0.04% 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 FF route is to buy spot on Bybit and short the perpetual on Gate: +0.08% gross, -0.12% net, with +0.030% a day of funding on the short leg.
Spot–spot FF arbitrage (buy on Bybit, withdraw, deposit and sell on Gate) shows +0.12% 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 FF 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: FF funding rates · FF spread charts · Falcon Finance price · arbitrage scanner for all coins.