TST arbitrage explained
Right now Test (TST) trades on 3 venues we scan: 3 perpetual markets, 2 spot markets and 0 DEX pools. The lowest ask is on Binance spot at $0.0176 and the highest bid on MEXC perp at $0.0177.
The widest TST perpetual spread is between Binance and MEXC: long TST on Binance at $0.0177 and short on MEXC at $0.0177 for -0.06% gross, or -0.22% 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 TST route is to buy spot on Binance and short the perpetual on Binance: +0.06% gross, -0.14% net, with +0.030% a day of funding on the short leg.
Spot–spot TST arbitrage (buy on Binance, withdraw, deposit and sell on MEXC) shows -0.12% 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 TST 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: TST funding rates · TST spread charts · Test price · arbitrage scanner for all coins.