KSM arbitrage explained
Right now Kusama (KSM) trades on 8 venues we scan: 8 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $4.78 and the highest bid on Bitget spot at $4.79.
The widest KSM perpetual spread is between Bybit and Binance: long KSM on Bybit at $4.78 and short on Binance at $4.78 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 -0.005% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best KSM route is to buy spot on KuCoin and short the perpetual on Binance: -0.08% gross, -0.28% net, with +0.025% a day of funding on the short leg.
Spot–spot KSM arbitrage (buy on KuCoin, withdraw, deposit and sell on Bitget) shows +0.13% 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 KSM 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: KSM funding rates · KSM spread charts · Kusama price · arbitrage scanner for all coins.