MTL arbitrage explained
Right now Metal DAO (MTL) trades on 7 venues we scan: 7 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.3066 and the highest bid on Bybit perp at $0.3071.
The widest MTL perpetual spread is between Bitget and Bybit: long MTL on Bitget at $0.3066 and short on Bybit at $0.3071 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 MTL route is to buy spot on Gate and short the perpetual on Bybit: +0.13% gross, -0.07% net, with +0.030% a day of funding on the short leg.
Spot–spot MTL arbitrage (buy on Gate, withdraw, deposit and sell on Binance) 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 MTL 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: MTL funding rates · MTL spread charts · Metal DAO price · arbitrage scanner for all coins.