THETA arbitrage explained
Right now Theta Network (THETA) trades on 9 venues we scan: 9 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.217 and the highest bid on KuCoin spot at $0.2175.
The widest THETA perpetual spread is between Bybit and Binance: long THETA on Bybit at $0.217 and short on Binance at $0.2171 for +0.05% gross, or -0.11% 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 -0.037% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best THETA route is to buy spot on Gate and short the perpetual on Binance: -0.09% gross, -0.29% net, with -0.016% a day of funding on the short leg.
Spot–spot THETA arbitrage (buy on Gate, withdraw, deposit and sell on Binance) shows +0.09% 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 THETA 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: THETA funding rates · THETA spread charts · Theta Network price · arbitrage scanner for all coins.