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    [Daily Discussion] Saturday, September 01, 2018 Bitcoin Markets

    September 01, 2018

    [Daily Discussion] Saturday, September 01, 2018 Bitcoin Markets

    [Daily Discussion] Saturday, September 01, 2018

    Posted: 31 Aug 2018 09:06 PM PDT

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    [Altcoin Discussion] Saturday, September 01, 2018

    Posted: 31 Aug 2018 09:06 PM PDT

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    Arbitraging Perpetual Contracts on BitMEX, Deribit, and CryptoFacilities

    Posted: 01 Sep 2018 12:20 AM PDT

    So now there are three perpetual contracts out there where you can use Bitcoin and trade XBTUSD with no expiration:

    BitMEX: 8 hour discreet payout (measured over 8 hours) -- Contract specs https://www.bitmex.com/app/perpetualContractsGuide

    Deribit: 8 hour continuous (measured realtime) -- Contract specs https://www.deribit.com/main#/pages/docs/perpetual

    CryptoFacilities: 8 hour continuous (measured every 4 hours) -- Contract specs https://www.cryptofacilities.com/resources/hc/en-us/articles/360008643453-Perpetual-Futures-Contract-Specifications

    BitMEX has XBTUSD and ETHUSD, Deribit has XBTUSD (with ETHUSD coming), and CryptoFacilities has XBTUSD, ETHUSD, BCHUSD, XRPUSD, and LTCUSD.

    Given that they have the same premium realisation period of 8 hours, the rates are easily comparable. However, there are a few complications as i see them:

    ​

    1. The uncertainty in the variable rates, i.e., Deribit rate is measured realtime so it is highly uncertain compared to the others.
    2. The mark price considerations especially on BitMEX that arise around the payout time
    3. None of them charge fees on funding, but I still dont quite see how the differences in the rates themselves would be easily arbitraged especially in short-run (intraday)

    ​

    There may end up being medium-term opportunities as the rates smoothen, between Bitfinex/Poloniex margin syntheses.

    ​

    Or maybe it is easiest just to assume the rate mechanism is efficient in all three and focus on arbing any significant price differences of the contracts themselves?

    ​

    Anyone have any thoughts around this?

    Edit: Also, they all three have maker rebate for fees: -0.025% for BitMEX/Deribit and -0.030% for CryptoFacilities, which is an added dimension. (Taker fees are 0.075% on all three)

    ​

    submitted by /u/theswapman
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