YFI arbitrage explained
Right now yearn.finance (YFI) trades on 8 venues we scan: 8 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $2,522.00 and the highest bid on MEXC spot at $2,527.90.
The widest YFI perpetual spread is between Bybit and Gate: long YFI on Bybit at $2,522.00 and short on Gate at $2,522.30 for +0.01% gross, or -0.15% 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 +0.110% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best YFI route is to buy spot on KuCoin and short the perpetual on Gate: -0.05% gross, -0.25% net, with +0.030% a day of funding on the short leg.
Spot–spot YFI arbitrage (buy on KuCoin, withdraw, deposit and sell on MEXC) shows +0.18% 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 YFI 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: YFI funding rates · YFI spread charts · yearn.finance price · arbitrage scanner for all coins.