ILV arbitrage explained
Right now Illuvium (ILV) trades on 8 venues we scan: 7 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on MEXC perp at $3.91 and the highest bid on KuCoin perp at $3.92.
The widest ILV perpetual spread is between Binance and KuCoin: long ILV on Binance at $3.91 and short on KuCoin at $3.92 for +0.26% gross, or +0.10% 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 ILV route is to buy spot on KuCoin and short the perpetual on KuCoin: +0.23% gross, +0.03% net, with +0.030% a day of funding on the short leg.
Spot–spot ILV arbitrage (buy on KuCoin, withdraw, deposit and sell on Binance) shows +0.20% 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 ILV 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: ILV funding rates · ILV spread charts · Illuvium price · arbitrage scanner for all coins.