SPELL arbitrage explained
Right now Spell (SPELL) trades on 6 venues we scan: 6 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $0.0000929 and the highest bid on Binance spot at $0.0000931.
The widest SPELL perpetual spread is between Gate and Bitget: long SPELL on Gate at $0.0000929 and short on Bitget at $0.00009303 for +0.14% gross, or -0.02% 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 SPELL route is to buy spot on Gate and short the perpetual on Bitget: +0.06% gross, -0.14% net, with +0.030% a day of funding on the short leg.
Spot–spot SPELL arbitrage (buy on Gate, withdraw, deposit and sell on Binance) 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 SPELL 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: SPELL funding rates · SPELL spread charts · Spell price · arbitrage scanner for all coins.