SUSHI arbitrage explained
Right now Sushi (SUSHI) trades on 11 venues we scan: 11 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.234 and the highest bid on Variational perp at $0.2431.
The widest SUSHI perpetual spread is between Bitget and Variational: long SUSHI on Bitget at $0.234 and short on Variational at $0.2431 for +3.89% gross, or +3.73% 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 -0.005% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best SUSHI route is to buy spot on MEXC and short the perpetual on Variational: +3.80% gross, +3.60% net, with +0.025% a day of funding on the short leg.
Spot–spot SUSHI arbitrage (buy on MEXC, withdraw, deposit and sell on Binance) shows +1.54% 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 SUSHI 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: SUSHI funding rates · SUSHI spread charts · Sushi price · arbitrage scanner for all coins.