Paper Arbitrage Monitor
A book that opens both legs of a spread between two venues when the executable gap is wide enough — long on the cheap venue, short on the expensive one — and closes when the gap comes back. Every entry and exit below is marked on the real bid and ask of a real order book. No order is placed anywhere: this is a paper book, and it is published as it happens, including the days it loses.
Try it on paper → Open the same kind of hedge yourself with a virtual balance on 13 exchanges. Free account, paper only; the current entry threshold, the time limit and the paused bands are shown next to every pair.
| 交易对 | Route | Size | Entry bps | Gross | Fees | 净收入 | Net bps | 退出 |
|---|---|---|---|---|---|---|---|---|
| DGAI perpetual | bybit → bingx | +$100 | 57.9 | +$0.04 | -$0.20 | -$0.16 | -16.1 | max_hold |
| POLYMARKET perpetual | htx → bingx | +$100 | 139.8 | -$0.27 | -$0.20 | -$0.48 | -47.7 | max_hold |
| BTW perpetual | okx → kucoin | +$100 | 68.9 | +$0.89 | -$0.20 | +$0.60 | 60.5 | converged |
| SHEIN perpetual | htx → mexc | +$100 | 65.2 | -$1.05 | -$0.20 | -$1.25 | -125.2 | max_hold |
| SKYAI perpetual | kucoin → htx | +$100 | 59.1 | -$0.40 | -$0.20 | -$0.47 | -47.4 | max_hold |
| DOPE perpetual | bingx → mexc | +$100 | 55.2 | +$0.51 | -$0.20 | +$0.31 | 30.6 | converged |
| KIOXIA perpetual | okx → bitget | +$100 | 54.5 | +$0.60 | -$0.20 | +$0.40 | 40.0 | converged |
| XP perpetual | bingx → bitget | +$100 | 74.7 | +$1.34 | -$0.20 | +$1.14 | 113.6 | converged |
| VALE perpetual | bingx → bitget | +$100 | 58.7 | +$0.60 | -$0.20 | +$0.40 | 40.0 | converged |
| MITO perpetual | gate → mexc | +$100 | 57.8 | +$0.57 | -$0.20 | +$0.37 | 37.3 | converged |
| FLY perpetual | bingx → bitget | +$100 | 65.6 | +$0.67 | -$0.20 | +$0.45 | 44.6 | converged |
| CENT perpetual | mexc → bingx | +$100 | 66.9 | -$1.50 | -$0.20 | -$1.71 | -170.8 | forced_no_quote |
| DOPE perpetual | mexc → bingx | +$100 | 133.8 | +$1.46 | -$0.20 | +$1.26 | 125.6 | converged |
| STAR perpetual | mexc → kucoin | +$100 | 55.6 | -$2.47 | -$0.20 | -$2.54 | -254.3 | forced_no_quote |
| SECZ perpetual | bingx → bybit | +$100 | 51.0 | +$0.22 | -$0.20 | +$0.07 | 7.0 | max_hold |
| URI perpetual | bingx → mexc | +$100 | 51.8 | +$0.55 | -$0.20 | +$0.35 | 34.7 | converged |
| HOOKED perpetual | gate → mexc | +$100 | 114.8 | +$0.98 | -$0.20 | +$0.82 | 82.5 | converged |
| DOOD perpetual | okx → bybit | +$100 | 98.3 | +$1.21 | -$0.20 | -$0.08 | -7.7 | converged |
| BIRB perpetual | bitget → blofin | +$100 | 59.8 | +$0.12 | -$0.20 | +$0.48 | 47.5 | max_hold |
| AGENCY perpetual | mexc → gate | +$100 | 272.0 | +$2.27 | -$0.20 | +$2.06 | 205.5 | converged |
| 交易对 | Route | Size | Entry bps | Mark net | Last mark |
|---|---|---|---|---|---|
| IOST perpetual | blofin → bybit | +$100 | 113.3 | +$0.31 | 2026-10-26T21:00:02Z |
| MOCA perpetual | bybit → mexc | +$100 | 57.1 | +$0.02 | 2026-10-26T21:00:02Z |
| ZIL perpetual | mexc → kucoin | +$100 | 126.6 | +$0.30 | 2026-10-26T21:00:02Z |
| ANTHROPIC perpetual | bingx → gate | +$100 | 228.0 | +$0.09 | 2026-10-26T21:00:02Z |
| UMC perpetual | htx → bingx | +$100 | 63.1 | -$1.60 | 2026-10-26T21:00:02Z |
| LULU perpetual | mexc → bingx | +$100 | 87.1 | -$0.12 | 2026-10-26T21:00:02Z |
| MSFU perpetual | bingx → mexc | +$100 | 56.2 | -$0.45 | 2026-10-26T21:00:02Z |
| UNITREE perpetual | htx → deepcoin | +$100 | 57.5 | +$0.88 | 2026-10-26T21:00:02Z |
| DODO perpetual | kucoin → mexc | +$100 | 101.8 | +$0.49 | 2026-10-26T21:00:02Z |
| FUTU perpetual | mexc → bingx | +$100 | 53.0 | -$0.54 | 2026-10-26T21:00:02Z |
| 龙虾 perpetual | binance → htx | +$100 | 57.0 | -$0.32 | 2026-10-26T21:00:02Z |
| T perpetual | kucoin → bybit | +$100 | 140.1 | +$2.49 | 2026-10-26T21:00:02Z |
| STEEM perpetual | kucoin → bybit | +$100 | 85.4 | +$0.63 | 2026-10-26T21:00:02Z |
| RECALL perpetual | kucoin → binance | +$100 | 52.6 | -$0.11 | 2026-10-26T21:00:02Z |
| MYX perpetual | kucoin → xt | +$100 | 50.9 | -$0.40 | 2026-10-26T21:00:02Z |
| MOONSHOT perpetual | xt → kucoin | +$100 | 93.7 | -$0.27 | 2026-10-26T21:00:02Z |
| MTL perpetual | bitget → gate | +$100 | 56.7 | -$0.04 | 2026-10-26T21:00:02Z |
| RGTI perpetual | kucoin → bingx | +$100 | 58.6 | -$0.45 | 2026-10-26T21:00:02Z |
| FCX perpetual | mexc → bingx | +$100 | 99.5 | -$0.75 | 2026-10-26T21:00:02Z |
| SIREN perpetual | gate → bitget | +$100 | 115.7 | -$0.61 | 2026-10-26T21:00:02Z |
How the book works
Plain language, no hindsight
What counts as an entry
The book watches the same instrument on several venues. When one venue's ask sits far enough below another venue's bid for the same asset, it takes both legs at those displayed prices — the price you would actually pay, not the midpoint. The threshold is a wide gap, so a paper trade only appears when the spread is large enough to survive fees.
What it costs
Four fills per round trip: two to open, two to close. Each is charged 5 basis points, so a completed trade carries 20 bps of fees before it can show any profit. Fees are published on their own line above and in every row of the table, because a gross number without costs is a story, not a result.
Why open positions are shown next to closed ones
A position that is still open has not earned anything yet: spread convergence can reverse. Keeping open marks in a separate, clearly labelled figure prevents an unrealised number from quietly becoming part of a headline. The total is stated as the sum of the two parts, with both parts visible.
When it closes
A spread closes when the gap converges back to a small fraction of the entry gap, or when the position reaches its holding limit, or when a leg loses its quote. The exit reasons are counted in the rail so the mixture is visible rather than averaged away.
Why the timestamp is on the page
The book mark above is the newest timestamp actually present in the data, not the moment this page was built. If the feed stops, the mark stops with it and the page says so. That is deliberate: a stale figure wearing a fresh date is worse than an obvious gap.