ORDER arbitrage explained
Right now Orderly (ORDER) trades on 8 venues we scan: 8 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.0364 and the highest bid on Gate perp at $0.0364.
The widest ORDER perpetual spread is between Bybit and Gate: long ORDER on Bybit at $0.0364 and short on Gate at $0.0364 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 ORDER route is to buy spot on Bybit and short the perpetual on Gate: +0.11% gross, -0.09% net, with +0.030% a day of funding on the short leg.
Spot–spot ORDER arbitrage (buy on Bybit, withdraw, deposit and sell on Bitget) shows -0.05% 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 ORDER 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: ORDER funding rates · ORDER spread charts · Orderly price · arbitrage scanner for all coins.