TURTLE arbitrage explained
Right now Turtle (TURTLE) trades on 7 venues we scan: 7 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on KuCoin perp at $0.0415 and the highest bid on Bybit perp at $0.0416.
The widest TURTLE perpetual spread is between KuCoin and Bybit: long TURTLE on KuCoin at $0.0415 and short on Bybit at $0.0416 for +0.14% gross, or -0.02% 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 TURTLE route is to buy spot on Gate and short the perpetual on Bybit: +0.05% gross, -0.15% net, with +0.030% a day of funding on the short leg.
Spot–spot TURTLE arbitrage (buy on Gate, withdraw, deposit and sell on Binance) 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 TURTLE 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: TURTLE funding rates · TURTLE spread charts · Turtle price · arbitrage scanner for all coins.