YB arbitrage explained
Right now Yield Basis (YB) trades on 9 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.0792 and the highest bid on Variational perp at $0.0792.
The widest YB perpetual spread is between OKX and Variational: long YB on OKX at $0.0792 and short on Variational at $0.0792 for +0.10% gross, or -0.06% 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 pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best YB route is to buy spot on MEXC and short the perpetual on Variational: -0.09% gross, -0.29% net, with +0.030% a day of funding on the short leg.
Spot–spot YB arbitrage (buy on MEXC, withdraw, deposit and sell on Bybit) shows -0.10% 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 YB 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: YB funding rates · YB spread charts · Yield Basis price · arbitrage scanner for all coins.