GWEI arbitrage explained
Right now ETHGas (GWEI) trades on 8 venues we scan: 7 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Bitget spot at $0.019 and the highest bid on Bybit perp at $0.019.
The widest GWEI perpetual spread is between Bitget and Binance: long GWEI on Bitget at $0.019 and short on Binance at $0.019 for 0.00% gross, or -0.16% 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 +0.059% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best GWEI route is to buy spot on Gate and short the perpetual on Binance: +0.01% gross, -0.19% net, with +0.030% a day of funding on the short leg.
Spot–spot GWEI arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows -0.08% 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 GWEI 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: GWEI funding rates · GWEI spread charts · ETHGas price · arbitrage scanner for all coins.