TMX arbitrage explained
Right now TermMax (TMX) trades on 5 venues we scan: 3 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.0112 and the highest bid on Bitget spot at $0.0112.
The widest TMX perpetual spread is between Bybit and MEXC: long TMX on Bybit at $0.0112 and short on MEXC at $0.0112 for -0.09% gross, or -0.25% 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 -0.032% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best TMX route is to buy spot on Bitget and short the perpetual on Bybit: -0.20% gross, -0.40% net, with -0.364% a day of funding on the short leg.
Spot–spot TMX arbitrage (buy on Bitget, withdraw, deposit and sell on KuCoin) shows -0.29% 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 TMX 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: TMX funding rates · TMX spread charts · TermMax price · arbitrage scanner for all coins.