O arbitrage explained
Right now o1.exchange (O) trades on 9 venues we scan: 9 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Bitget spot at $0.4711 and the highest bid on Bybit perp at $0.4715.
The widest O perpetual spread is between MEXC and Binance: long O on MEXC at $0.4713 and short on Binance at $0.4715 for +0.04% gross, or -0.12% 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 +0.094% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best O route is to buy spot on Bitget and short the perpetual on Binance: +0.08% gross, -0.12% net, with +0.030% a day of funding on the short leg.
Spot–spot O arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows -0.08% 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 O 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: O funding rates · O spread charts · o1.exchange price · arbitrage scanner for all coins.