Arbitrage is buying something in one place and selling the same thing somewhere else for more. Everyone has heard of it and almost nobody can do it: the gaps are usually smaller than the cost of crossing them, and when they are not there is usually a reason nobody can cross them. Every day this page measures those gaps across crypto, gold, commodities and currencies, fees included, and publishes what it finds. Nothing here is a recommendation.
Buy the coin where it is cheapest, sell it where it is dearest, in the same instant. The table shows what that would have paid after both exchanges' fees, in basis points (hundredths of a percent). Red means the trade loses money. It costs about 15 bps to cross the cheapest pair of venues.
How to read this
Every ten seconds the order book on each exchange is read and a 5,000 dollar order is priced through it: buy on the cheapest venue, sell on the dearest, subtract both taker fees. That is the net edge. Median is the typical best gap over the day; 90th pct a good minute; best minute the single widest gap; gross the raw price gap before fees, so you can see what fees take; minutes above zero how often the trade would have paid at all. Routes through an exchange the coin cannot leave are excluded from the table and counted separately as locked flags.
| Coin | Median | 90th pct | Best minute | Best gross | Minutes above zero |
|---|---|---|---|---|---|
| DOT | -18.1 | -5.8 | +122.1 | +152.1 | 11 / 1369 |
| XRP | -14.7 | -13.0 | +106.7 | +121.7 | 2 / 1369 |
| APT | -21.7 | -19.5 | +96.7 | +111.7 | 2 / 1369 |
| DOGE | -14.0 | -12.8 | +80.3 | +110.3 | 4 / 1369 |
| ETH | -13.6 | -12.3 | +62.6 | +92.6 | 1 / 1369 |
| BCH | -17.1 | -14.9 | +42.4 | +72.4 | 1 / 1369 |
| LTC | -17.1 | -13.2 | +34.5 | +64.5 | 14 / 1369 |
| SOL | -14.2 | -11.2 | +33.1 | +48.1 | 5 / 1369 |
| ADA | -17.9 | -15.0 | +32.1 | +52.1 | 4 / 1369 |
| SUI | -15.0 | -12.6 | +31.2 | +51.2 | 2 / 1369 |
| UNI | -16.2 | -13.3 | +22.1 | +52.1 | 9 / 1369 |
| XLM | -17.9 | -14.9 | +21.9 | +36.9 | 3 / 1369 |
| BTC | -12.8 | -11.6 | +18.9 | +33.9 | 1 / 1369 |
| NEAR | -15.1 | -11.6 | +16.9 | +41.9 | 5 / 1369 |
| AVAX | -17.9 | -15.8 | +10.3 | +40.3 | 3 / 1369 |
| HBAR | -22.5 | -19.9 | +9.1 | +24.1 | 1 / 1369 |
| TRX | -16.2 | -14.0 | +8.4 | +23.4 | 3 / 1369 |
| XAUT | -18.5 | -17.1 | +1.6 | +31.6 | 2 / 1369 |
| AAVE | -17.8 | -16.2 | -0.9 | +24.1 | 0 / 1369 |
| LINK | -16.3 | -14.4 | -4.3 | +15.4 | 0 / 1369 |
| BNB | -14.6 | -13.5 | -10.5 | +18.4 | 0 / 1369 |
| PAXG | -19.7 | -19.0 | -11.0 | +9.0 | 0 / 1369 |
| ATOM | -26.4 | -23.4 | -12.6 | +2.4 | 0 / 1369 |
Best venue pair each minute, 5,000 dollar clip, standard taker tiers, to 07 Oct 2026, 03:32 UTC.
A perpetual is a futures contract that never expires; every eight hours the crowded side pays the other side a small fee to keep it pinned to spot. Hold the coin, short its perpetual, and that fee is your return with no price risk. Green means longs are paying shorts.
How to read this
Basis is how far the perpetual sits from spot right now. Funding now is the current eight-hour rate annualised; 7-day is the trailing average, which is what decides whether the trade pays. It has to clear four exchange fees (in and out on both legs) and stops when funding turns negative. Slow, dull and real.
| Coin | Basis, bps | Funding now, ann. | 7-day, ann. | Round-trip fees |
|---|---|---|---|---|
| BTC | -5.5 | -4.5% | +3.3% | +0.30% |
| DOGE | -5.5 | -7.5% | +7.9% | +0.30% |
| ETH | -5.3 | +1.7% | +4.8% | +0.30% |
| LINK | -6.6 | +8.9% | +5.0% | +0.30% |
| PAXG | -2.4 | +1.5% | +4.5% | +0.30% |
| PAXG | -5.9 | +5.8% | +4.1% | +0.30% |
| SOL | -6.8 | -4.6% | +3.3% | +0.30% |
| XAUT | +3.3 | +5.8% | +4.1% | +0.30% |
| XAUT | -2.7 | +1.9% | +3.0% | +0.30% |
| XRP | -5.5 | -11.2% | +5.7% | +0.30% |
Current period rate annualised at the venue's settlement interval; fees at standard spot and futures taker tiers.
Gold is priced in New York (COMEX futures), as a vault-backed token on crypto exchanges, on the Shanghai Gold Exchange and over the counter in Dubai. Each card is how far that market sits from the COMEX front month. The gaps are the cost, and the licence, of moving bars.
How to read this
Shanghai is the SGE Au99.99 wholesale benchmark. Dubai is the Gold and Jewellery Group retail 24K rate, which sits above spot by construction, so its level is not a premium; watch its change. A Shanghai premium widening means Chinese buyers paying up for physical metal. The token gap is the only one a crypto account could trade, and it usually sits inside fees. As of 07 Oct 2026, 03:32 UTC.
| Market | USD per troy oz | vs COMEX, bps | Source |
|---|---|---|---|
| PAXG on binance | 4,150 | +23 | tokenised gold, crypto exchange |
| Dubai DGJG 24K | 4,239 | +239 | 500.50 AED/g, retail benchmark |
A future has a price for next month and another for the month after. Later months dearer is contango (you pay to hold); later months cheaper is backwardation (you are paid to hold). The roll yield column is that cost or income annualised for a long position.
How to read this
A futures position has to be rolled before it expires: sell the front month, buy the next. In contango every roll sells low and buys high, a small loss each month even if the price never moves; in backwardation the roll earns. Spread is front over next as a percentage, signed as the return to a long. Slope is front to the third contract. Front and next listed months from exchange closes. As of 07 Oct 2026, 03:32 UTC.
| Contract | Front | Next | Spread | Roll yield, ann. | Slope, ann. | Structure |
|---|---|---|---|---|---|---|
| Gold | GCV26.CMX 4,140.10 | GCX26.CMX 4,150.90 | +0.26% | -3.1% | +3.8% | contango |
| Silver | SIV26.CMX 60.88 | SIX26.CMX 60.83 | -0.09% | +1.1% | +1.7% | backwardation |
| Copper | HGV26.CMX 6.61 | HGX26.CMX 6.59 | -0.19% | +2.3% | +1.7% | backwardation |
| Platinum | PLV26.NYM 1,692.70 | PLX26.NYM 1,693.60 | +0.05% | -0.6% | -2.8% | contango |
| Palladium | PAV26.NYM 1,163.60 | PAX26.NYM 1,165.00 | +0.12% | -1.4% | -0.3% | contango |
| Wti Oil | CLX26.NYM 90.12 | CLZ26.NYM 89.13 | -1.10% | +13.2% | -13.8% | backwardation |
| Brent Oil | BZZ26.NYM 101.52 | BZF27.NYM 98.43 | -3.04% | +36.5% | -33.4% | backwardation |
| Nat Gas | NGX26.NYM 3.13 | NGZ26.NYM 3.43 | +9.35% | -112.2% | +129.4% | contango |
| Gasoline | RBX26.NYM 3.33 | RBZ26.NYM 3.14 | -5.88% | +70.5% | -59.9% | backwardation |
| Heating Oil | HOX26.NYM 4.63 | HOZ26.NYM 4.48 | -3.21% | +38.6% | -32.0% | backwardation |
| Wheat | ZWZ26.CBT 704.25 | ZWH27.CBT 717.75 | +1.92% | -7.7% | +6.6% | contango |
| Corn | ZCZ26.CBT 509.25 | ZCH27.CBT 523.25 | +2.75% | -11.0% | +9.9% | contango |
| Soybeans | ZSX26.CBT 1,308.50 | ZSF27.CBT 1,324.50 | +1.22% | -7.3% | +5.7% | contango |
| Coffee | KCZ26.NYB 303.20 | KCH27.NYB 294.60 | -2.84% | +11.3% | -9.2% | backwardation |
| Sugar | SBH27.NYB 20.87 | SBK27.NYB 20.03 | -4.02% | +24.1% | -20.4% | backwardation |
| Cotton | CTV26.NYB 77.48 | CTZ26.NYB 81.14 | +4.72% | -28.3% | +20.5% | contango |
Copper trades in London, New York and Shanghai; crude in London, New York and Shanghai; soybeans in Chicago and Dalian. The prices do not match, and the gaps are closed by ships, warehouses and import licences rather than orders. A Shanghai premium widening is a demand signal; a discount means China is destocking.
How to read this
Each Chinese leg is the dominant contract, converted at the day's USDCNY with VAT removed (13% metals, 9% agriculture), against the western benchmark in the same unit. Delivery months do not match exactly. The Chinese exchanges are not open to overseas retail accounts. LME is the previous day's cash settlement.
| Commodity | Market | Price | vs benchmark, bps | Unit |
|---|---|---|---|---|
| Copper | LME cash | 14,505.0 | benchmark | USD/tonne |
| Copper | COMEX HG front | 14,563.7 | +40 | USD/tonne |
| Copper | SHFE cu ex-VAT | 14,476.5 | -20 | USD/tonne |
| Silver | COMEX SI front | 60.9 | benchmark | USD/troy oz |
| Silver | SHFE ag ex-VAT | 61.5 | +101 | USD/troy oz |
| Crude | ICE Brent front | 101.5 | benchmark | USD/bbl |
| Crude | NYMEX WTI front | 90.1 | -1123 | USD/bbl |
| Crude | INE sc (bonded, no VAT) | 106.0 | +446 | USD/bbl |
| Soybeans | CBOT ZS front | 480.8 | benchmark | USD/tonne |
| Soybeans | DCE b (No.2) ex-VAT | 556.8 | +1580 | USD/tonne |
There is no arbitrage in spot currencies outside the interbank market: every quote comes from the same pool and gaps close in milliseconds. What can be measured is carry, the interest earned or paid for holding one currency against another. Green means holding the pair pays.
How to read this
Buy a high-rate currency with a low-rate one and you collect the difference every day; that is the carry, shown annualised from policy rates. 3m forward points is where the rate difference puts the pair in three months, implied by covered interest parity rather than quoted. 30d spot is the move in the last month. 90d total adds the carry earned to the spot move, so you can see whether the carry was worth having. Quote gap is how far two data sources sat apart on the same price. Rates: AUD 4.35% (FRED IRSTCI01AUM156N, 2026-08-01), CAD 2.25% (FRED IRSTCI01CAM156N, 2026-08-01), CHF 0.00% (set by hand, 2026-09-12), EUR 2.50% (FRED ECBDFR, 2026-10-06), GBP 3.73% (FRED IUDSOIA, 2026-10-02), JPY 0.98% (FRED IRSTCI01JPM156N, 2026-08-01), MXN 5.09% (FRED IRSTCI01MXM156N, 2026-08-01), NOK 4.25% (FRED IRSTCI01NOM156N, 2026-08-01), NZD 2.25% (set by hand, 2026-09-12), SEK 1.75% (set by hand, 2026-09-12), USD 3.88% (FRED DFF, 2026-10-05), ZAR 7.00% (FRED IRSTCI01ZAM156N, 2026-08-01). As of 07 Oct 2026, 03:31 UTC.
| Pair | Spot | Carry, ann. | 3m fwd pts | 30d spot | 90d total | Quote gap, bps |
|---|---|---|---|---|---|---|
| EURUSD | 1.1241 | -1.38% | +0.34% | -3.72% | -3.62% | -2.3 |
| GBPUSD | 1.3255 | -0.15% | +0.04% | -2.87% | -1.52% | -0.3 |
| USDJPY | 158.4020 | +2.90% | -0.72% | -0.52% | -0.26% | +0.2 |
| AUDUSD | 0.6975 | +0.47% | -0.12% | -2.66% | -2.66% | -3.1 |
| USDCHF | 0.8332 | +3.88% | -0.96% | +3.93% | +6.66% | +0.7 |
| USDCAD | 1.4222 | +1.63% | -0.40% | +2.79% | +3.13% | -0.1 |
| NZDUSD | 0.5611 | -1.63% | +0.41% | -6.11% | -5.67% | -2.7 |
| EURGBP | 0.8479 | -1.23% | +0.31% | -0.88% | -2.15% | +0.4 |
| EURJPY | 178.0070 | +1.52% | -0.38% | -4.24% | -3.87% | +0.6 |
| GBPJPY | 209.9390 | +2.75% | -0.68% | -3.38% | -1.76% | +0.9 |
| AUDJPY | 110.4430 | +3.37% | -0.83% | -3.17% | -2.93% | +1.0 |
| EURCHF | 0.9363 | +2.50% | -0.62% | +0.04% | +2.83% | +1.1 |
| USDSEK | 10.0124 | +2.13% | -0.53% | +5.93% | +7.85% | +1.8 |
| USDNOK | 9.5626 | -0.37% | +0.09% | +2.66% | +2.90% | +1.8 |
| USDMXN | 18.0044 | -1.21% | +0.30% | +6.26% | +3.78% | +3.0 |
| USDZAR | 16.5687 | -3.12% | +0.77% | +4.05% | +1.17% | +2.4 |
The page started on 2026-09-12. These five series are the ones most worth watching as the record builds.
Crypto. Public order books on Binance, Bybit, OKX, Kraken, Coinbase, KuCoin, Gate, Bitget, MEXC, HTX, BingX and Crypto.com, read together every ten seconds. Each price is the volume-weighted fill for the stated clip, not a ticker. Fees are standard taker tiers. A route only counts as crossable if the coin can be withdrawn from the buying exchange and deposited at the selling one.
Funding. The venue's current period rate and its trailing seven-day mean, annualised at the venue's settlement interval.
Gold and commodities. COMEX, NYMEX, ICE and CBOT closes; the Shanghai Gold Exchange benchmark; the Dubai Gold and Jewellery Group rate; LME cash settlement; SHFE, INE and DCE dominant contracts. Chinese prices converted at the day's USDCNY and shown ex-VAT.
FX. Daily closes, policy rates from FRED where a current series exists and set by hand with a date where it does not, forwards implied by covered interest parity.
These are readings, not recommendations. Nothing on this page is a signal to trade. Everything on Levanter is educational and not financial advice.