WAVES arbitrage explained
Right now Waves (WAVES) trades on 5 venues we scan: 4 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Gate spot at $0.2722 and the highest bid on Bybit perp at $0.2726.
The widest WAVES perpetual spread is between Bybit and MEXC: long WAVES on Bybit at $0.2727 and short on MEXC at $0.2726 for -0.04% gross, or -0.20% 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 WAVES route is to buy spot on Gate and short the perpetual on Bybit: +0.15% gross, -0.05% net, with +0.030% a day of funding on the short leg.
Spot–spot WAVES arbitrage (buy on Gate, withdraw, deposit and sell on Bybit) shows +0.15% 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 WAVES 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: WAVES funding rates · WAVES spread charts · Waves price · arbitrage scanner for all coins.