Table of Contents
- Perpetual-Leverage Arbitrage Strategy
- Cross-Margin Contract Arbitrage
- Borrow-Lend Arbitrage
- Key Takeaways
Perpetual-Leverage Arbitrage Strategy
Core Concept
Cryptocurrency derivatives markets offer arbitrage opportunities due to discrepancies between perpetual contract funding rates and spot leverage interest rates. By simultaneously taking opposite positions in leveraged spot trading and perpetual contracts, traders can exploit fixed vs. floating rate differentials.
👉 Explore advanced arbitrage techniques
High-Yield Execution via Unified Accounts
Classic Account Limitations:
- Separate margins for spot and perpetual accounts.
- No盈亏相抵 (profit-loss offsetting), requiring lower leverage (e.g., 3X) to avoid liquidation.
Unified Account Advantages:
- Shared margins and盈亏相抵 enable higher leverage (10X–75X).
- Example: ETH trade with 15X avg. leverage only liquidates if ETH drops ~74.5%, versus 33% in classic mode.
- Result: 425.12% yield (4.8X classic mode) with 56.42% lower risk.
| Metric | Classic Mode | Unified Mode |
|----------------------|-------------|--------------|
| Capital Efficiency | 85% | 100% |
| Max Leverage | 3X | 15X |
Cross-Margin Contract Arbitrage
Core Concept
Exploit funding rate differences between USDT-margined and coin-margined perpetual contracts (e.g., ADAUSD vs. ADAUSDT).
Execution
Classic Mode:
- 3X leverage; 153 USDT + 100 ADA margins.
Unified Mode:
- 30X leverage; 164.6 USD shared margin.
- Liquidation Threshold: ADA price must surge 42.4% to trigger.
Outcome: 10X yield boost, 7.8% capital savings.
👉 Optimize cross-margin strategies
Borrow-Lend Arbitrage
Core Concept
Use OKX’s interest-free borrowing (within limits) to:
- Short-sell BTC spot with 10X leverage.
- Long equivalent BTCUSDT perpetual.
Math Highlights
- Liquidation: Requires BTC to rise 27X (unlikely).
- Yield: 0.5% daily (182.5% annualized).
Key Takeaways
Steps for Arbitrage:
- Select strategy → Model risk/reward → Allocate capital → Open positions → Close profitably.
Unified Account Benefits:
- 8%+ capital efficiency, 5X+ yield, reduced liquidation risk.
Caution:
- Avoid over-leverage to prevent auto-deleveraging (ADL).
- Adjust for coin-specific factors (e.g., USD conversion rates).
FAQ
Q: What’s the minimum capital for borrow-lend arbitrage?
A: ~5,000 USDT to short 1 BTC at 10X leverage.
Q: Does unified account work for small traders?
A: Yes—especially with interest-free borrowing for amounts ≤1 BTC.
Q: How to estimate liquidation prices?
A: Use插值法 (interpolation) on 3D risk curves (leverage vs. price change vs. margin).