USDC arbitrage explained
Right now USDC trades on 8 venues we scan: 7 perpetual markets, 7 spot markets and 1 DEX pool. The lowest ask is on Gate perp at $0.9994 and the highest bid on OKX perp at $1.00.
The widest USDC perpetual spread is between Gate and OKX: long USDC on Gate at $0.9994 and short on OKX at $1.00 for +0.08% gross, or -0.08% 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 -0.029% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best USDC route is to buy spot on KuCoin and short the perpetual on OKX: +0.01% gross, -0.19% net.
Spot–spot USDC arbitrage (buy on KuCoin, 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 USDC 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: USDC funding rates · USDC spread charts · USDC price · arbitrage scanner for all coins.