INIT arbitrage explained
Right now Initia (INIT) trades on 10 venues we scan: 10 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.1162 and the highest bid on MEXC perp at $0.1164.
The widest INIT perpetual spread is between Bybit and MEXC: long INIT on Bybit at $0.1162 and short on MEXC at $0.1164 for +0.16% gross, or +0.00% 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 INIT route is to buy spot on Binance and short the perpetual on MEXC: -0.02% gross, -0.22% net, with +0.030% a day of funding on the short leg.
Spot–spot INIT arbitrage (buy on Binance, withdraw, deposit and sell on KuCoin) shows -0.06% 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 INIT 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: INIT funding rates · INIT spread charts · Initia price · arbitrage scanner for all coins.