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 Gate perp at $0.2182 and the highest bid on OKX spot at $0.2188.
The widest THETA perpetual spread is between Gate and Binance: long THETA on Gate at $0.2182 and short on Binance at $0.2184 for +0.09% gross, or -0.07% 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 -0.059% 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: -0.05% gross, -0.25% net, with -0.029% a day of funding on the short leg.
Spot–spot THETA arbitrage (buy on Gate, withdraw, deposit and sell on OKX) 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 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.