Cross-exchange price spreads
The same perp on different venues: buy where the ask is lowest, sell where the bid is highest. Top of the book every 15 s where a venue gives one; other prices (impact, mid, mark) are labelled with their source and age.
Live quotes · 08:11:40 UTC
Sources: 21 of 21 venues live
- HyHyperliquid 178
- LiLighter 199
- AsAster 579
- ExExtended 284
- GrGRVT 184
- NaNado 74
- HbHibachi 13
- RxRISEx 36
- VaVariational 563
- 0101 37
- PmPolymarket 12
- OnOndo 65
- LrLighter RH 58
- RwRWA Perp 136
- ArArcus 61
- EnEntropy 10
- BnBinance 744
- ByBybit 795
- BgBitget 832
- GtGate 1033
- MxMEXC 1080
| Buy on | Ask | Sell on | Bid | Age | Source | Flags | Open | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CTSIBnbuy on Binance, sell on GateGt | BnBinanceCEX | 0.0341406 | GtGateCEX | 0.0342005 | 0.175% | −0.075% | 1.13% | 26s·27s | book | 0.0% | $359k | BnGt |
A positive spread is not risk-free arbitrage: only the top of the book is shown, and fills, transfers between venues, funding, latency and exit costs all apply. Not investment advice.
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What the columns and badges mean
- Buy on
- Venue with the lowest ask: where you would buy (long).
- Ask
- Best ask on the buy venue, per coin, in USDC (USDT converted).
- Sell on
- Venue with the highest bid: where you would sell (short).
- Bid
- Best bid on the sell venue, per coin, in USDC (USDT converted).
- Spread
- (bid − ask) / mid between the two venues, before fees. Bold: positive on two updates of both quotes in a row. A pair with a mark leg, or a quote older than 30 s, is ranked and filtered by the spread minus a staleness allowance (in its tooltip). Sorted by spread or net, the rows of two book quotes at most 60 s old come first; rows with a mark, a midpoint or an older quote follow below a line.
- Net
- Spread minus taker fees on both legs, paid on entry and again on exit (exit assumed at zero spread).
- 24h max
- Largest spread of this coin in the last 24 hours between live quotes (all venues, default rules; marks are not recorded).
- Age
- Age of the buy · sell prices at the last refresh of this table (a mark: the age of the funding data it comes from; “+”: the price itself can be up to 15 min older).
- Source
- Where the buy · sell prices come from (one badge when both are the same): book = bid and ask from the order book; impact = Hyperliquid's impact price; mid = midpoint only; mark = mark price from the funding data (indicative).
- Funding Δ
- Funding APR of the short (sell) leg minus the long (buy) leg, from the funding screener. Positive: the position also earns funding.
- Vol 24h
- 24-hour volume of the thinner leg.
- Flags
- Warnings about the quotes behind the spread.
- book
- Bid and ask from the venue's order book: the top of the book.
- impact
- Impact price (Hyperliquid and its HIP-3 market Entropy): the average fill of a market order of a set size ($20k for BTC and ETH, $6k for other coins on Hyperliquid), not the best bid and ask. The best prices are no worse, so the spread at the top of the book is at least the one shown.
- mid
- A midpoint price only, no bid and ask: indicative.
- mark
- A mark price from the funding data (venues without live quotes, such as Pacifica, or a venue whose live feed is down, Lighter and Lighter RH included): indicative, not a price you can trade at. Lighter and Lighter RH marks can be up to ~15 min older than their age shows: the book midpoint is refreshed only every third funding update, otherwise it is the last trade.
- ≠ asset?
- A venue's price is more than 3% from the others: maybe a different asset or contract size. Verify before trading.
- big spread
- Spread above 3%: usually a data or identity problem, rarely a real opportunity.
- indicative
- A leg is a mark or midpoint price, not a quote you can trade at: part of the spread may be the time since it was taken. The row is listed after the rows of fresh quotes, and a pair with a mark leg is ranked and filtered by the spread minus a staleness allowance measured on that venue's marks (see the Spread cell); “Live quotes only” hides such rows.
- old quote
- A live quote older than 60 s (Variational publishes its RFQ quotes up to 120 s old): part of the spread may be the time since it was taken. The row is listed after the rows of fresh quotes and ranked net of a staleness allowance (see the Spread cell).
- timing gap
- The two quotes are more than 5 s apart: part of the spread may be time, not price.
- closed
- The underlying market is closed (session hours): prices can drift.
- no FX
- No fresh USDT/USDC rate: USDT prices (and Hyperliquid's, which follow USDT) are not converted.
- USDT/USD
- The legs settle in different stablecoins (USDT vs USDC or USD).
- RFQ
- Request-for-quote price: the fill you get may differ.
- no size
- No size for this price in the data we read (Hyperliquid's impact prices, Lighter's market summary, or a venue feed that carries no sizes).
- sampled
- Quotes are sampled, not streamed: they may lag.
- API off
- The venue reports this market's API as disabled.