TRB arbitrage explained
Right now Tellor Tributes (TRB) trades on 10 venues we scan: 10 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $19.90 and the highest bid on Bybit perp at $19.95.
The widest TRB perpetual spread is between Variational and Bybit: long TRB on Variational at $19.90 and short on Bybit at $19.95 for +0.21% 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 +0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best TRB route is to buy spot on Bitget and short the perpetual on Bybit: +0.08% gross, -0.12% net, with +0.030% a day of funding on the short leg.
Spot–spot TRB arbitrage (buy on Bitget, withdraw, deposit and sell on Binance) shows 0.00% 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 TRB 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: TRB funding rates · TRB spread charts · Tellor Tributes price · arbitrage scanner for all coins.