USD1 arbitrage explained
Right now USD1 trades on 8 venues we scan: 3 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.9991 and the highest bid on Bybit spot at $0.9997.
The widest USD1 perpetual spread is between Bybit and Aster: long USD1 on Bybit at $0.9991 and short on Aster at $0.9991 for 0.00% gross, or -0.16% 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 USD1 route is to buy spot on KuCoin and short the perpetual on Aster: -0.05% gross, -0.25% net, with +0.030% a day of funding on the short leg.
Spot–spot USD1 arbitrage (buy on KuCoin, withdraw, deposit and sell on Bybit) shows +0.01% 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 USD1 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: USD1 funding rates · USD1 spread charts · USD1 price · arbitrage scanner for all coins.