SWARMS arbitrage explained
Right now Swarms (SWARMS) trades on 5 venues we scan: 5 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on MEXC spot at $0.008121 and the highest bid on MEXC perp at $0.008137.
The widest SWARMS perpetual spread is between KuCoin and MEXC: long SWARMS on KuCoin at $0.008128 and short on MEXC at $0.008137 for +0.11% gross, or -0.05% 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 +0.035% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best SWARMS route is to buy spot on MEXC and short the perpetual on MEXC: +0.20% gross, -0.00% net, with +0.065% a day of funding on the short leg.
Spot–spot SWARMS arbitrage (buy on MEXC, withdraw, deposit and sell on KuCoin) 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 SWARMS 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: SWARMS funding rates · SWARMS spread charts · Swarms price · arbitrage scanner for all coins.