TREE arbitrage explained
Right now Tree (TREE) trades on 8 venues we scan: 8 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.0454 and the highest bid on Bybit spot at $0.0455.
The widest TREE perpetual spread is between Bybit and Binance: long TREE on Bybit at $0.0454 and short on Binance at $0.0455 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 +0.001% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best TREE route is to buy spot on Bitget and short the perpetual on Binance: -0.02% gross, -0.22% net, with +0.030% a day of funding on the short leg.
Spot–spot TREE arbitrage (buy on Bitget, withdraw, deposit and sell on Binance) shows +0.02% 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 TREE 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: TREE funding rates · TREE spread charts · Tree price · arbitrage scanner for all coins.