IMX arbitrage explained
Right now Immutable (IMX) trades on 9 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $0.1724 and the highest bid on Binance spot at $0.1731.
The widest IMX perpetual spread is between Variational and Hyperliquid: long IMX on Variational at $0.1724 and short on Hyperliquid at $0.1729 for +0.30% gross, or +0.14% 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 IMX route is to buy spot on OKX and short the perpetual on Hyperliquid: -0.10% gross, -0.30% net, with +0.030% a day of funding on the short leg.
Spot–spot IMX arbitrage (buy on OKX, withdraw, deposit and sell on Binance) shows 0.00% 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 IMX 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: IMX funding rates · IMX spread charts · Immutable price · arbitrage scanner for all coins.