RUNE arbitrage explained
Right now THORChain (RUNE) trades on 8 venues we scan: 8 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.7249 and the highest bid on Binance spot at $0.726.
The widest RUNE perpetual spread is between Bybit and Hyperliquid: long RUNE on Bybit at $0.7249 and short on Hyperliquid at $0.7258 for +0.12% gross, or -0.04% 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 +0.175% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best RUNE route is to buy spot on MEXC and short the perpetual on Hyperliquid: +0.02% gross, -0.18% net, with +0.030% a day of funding on the short leg.
Spot–spot RUNE arbitrage (buy on MEXC, withdraw, deposit and sell on Binance) shows +0.06% 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 RUNE 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: RUNE funding rates · RUNE spread charts · THORChain price · arbitrage scanner for all coins.