USDE: Kraken ↔ Bybit arbitrage

USDE arbitrage between Kraken and Bybit: we compare the price of USDE on Kraken (spot) and Bybit (spot) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Ethena USDe

Ethena is a delta-hedged synthetic dollar with native crypto yield derived from staking and perpetual funding rate

Stablecoins, USD Stablecoin, BNB Chain Ecosystem, Solana Ecosystem

News about USDE

• FalconX, Ethena bring USDe backing assets into $1B institutional credit facility
• Ethena, FalconX launch $1 billion USDe lending facility
• Ethena and FalconX Launch $1 Billion Secured Facility for USDe Backing Assets
• Beyond crypto funding rates: Ethena diversifies USDe backing with $1 billion FalconX facility
• Robinhood Chain hits 11.6 million daily transactions as USDe fuels TVL growth

About USDE arbitrage

How do I read the USDE spread?

The spread is how many percent higher USDE trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on Kraken and Bybit. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get USDE alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.