OPEN arbitrage explained
Right now OpenLedger (OPEN) trades on 7 venues we scan: 6 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.113 and the highest bid on Bitget perp at $0.113.
The widest OPEN perpetual spread is between Bybit and Bitget: long OPEN on Bybit at $0.113 and short on Bitget at $0.113 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 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best OPEN route is to buy spot on KuCoin and short the perpetual on Bitget: +0.01% gross, -0.19% net, with +0.030% a day of funding on the short leg.
Spot–spot OPEN arbitrage (buy on Binance, withdraw, deposit and sell on KuCoin) shows -0.02% 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 OPEN 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: OPEN funding rates · OPEN spread charts · OpenLedger price · arbitrage scanner for all coins.