OL arbitrage explained
Right now OPENLOOT (OL) trades on 3 venues we scan: 2 perpetual markets, 2 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.007049 and the highest bid on Gate spot at $0.00706.
The widest OL perpetual spread is between MEXC and OKX: long OL on MEXC at $0.007049 and short on OKX at $0.00704 for -0.13% gross, or -0.29% 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 OL route is to buy spot on Gate and short the perpetual on MEXC: -0.34% gross, -0.54% net, with +0.030% a day of funding on the short leg.
Spot–spot OL arbitrage (buy on OKX, withdraw, deposit and sell on Gate) shows -0.14% 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 OL 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: OL funding rates · OL spread charts · OPENLOOT price · arbitrage scanner for all coins.