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Options Arbitrage Scanner

Cross-exchange options on BTC, ETH, SOL, XRP and more — price & IV dispersion, put-call parity and true-lock detection.

The same option — identical underlying, strike and expiry — is often priced differently on different exchanges. This scanner matches those instruments across Deribit, Bybit, OKX and Binance, and shows the executable spread and the implied-volatility gap in real time. On top of that it watches put-call parity inside each venue, where all three legs settle on one exchange.

Open scanner
4 exchangesReal-timeTelegram alerts

What the scanner gives you

Cross-exchange spread scanner

Matches identical contracts across four venues and shows the executable spread — the bid on one exchange against the ask on the other, after fees — not a cosmetic gap between mid prices.

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Put-call parity & synthetics

Conversion and reversal inside a single exchange: call, put and the underlying at the same strike. All three legs sit on one venue, so margin nets and there is no cross-exchange liquidation risk.

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Every listed underlying

No longer BTC and ETH only. SOL, XRP, DOGE and any other underlying quoted on at least two venues show up automatically as the exchanges list them.

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Mid-price spread

When order books are wide, the executable spread hides the real dislocation. The mid spread — (bid+ask)/2 on each leg — exposes it, and sorts side by side with the net spread.

Implied-volatility dispersion

The IV gap on one and the same contract between venues. Often the cleanest sign of a stale or mispriced book, even when the cash spread still looks small.

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Spread history & charts

Every bundle is snapshotted on a 15-minute grid, so you can tell a one-off print from a dislocation that has been open for hours — for both cross-exchange spreads and parity deviations.

Telegram alerts & signals

Personal thresholds per bundle (net %, IV spread) plus a subscription to true-lock events with your own filters. Real dislocations appear at night and during shocks — the bot does not sleep.

Filters, favorites & greeks

Filter by underlying, option type, signal class, exchanges, minimum net %, IV spread, distance from ATM and days to expiry. Save bundles to favorites; every card shows both legs with bid/ask, IV, delta, gamma, theta, vega and open interest.

What is options arbitrage?

Options are one of the fastest-growing corners of crypto. Because the market is young and split across many exchanges, the very same contract is often priced differently from one venue to another. Options arbitrage is the practice of spotting those gaps — in price or in implied volatility — and trading them.

This tool does the hard part for you: it watches four exchanges around the clock, lines up identical contracts (same coin, strike and expiry), and labels every gap by how tradeable it really is. Below is everything a newcomer needs to get started.

Signal types

True lock

Same settlement, positive after fees — a rare near risk-free lock (e.g. a market maker dropped out).

Relative value

Positive after fees but cross-settlement (COIN↔USDT): relative value with basis/currency risk.

Watch

There is a price crossing, but fees eat it — worth watching.

IV only

No price crossing, but a notable implied-volatility gap between exchanges.

Put-call parity — arbitrage inside one exchange

Same-strike call vs put vs the underlying — single-exchange synthetic arbitrage (conversion / reversal). All three legs on one venue, so margin nets.

For the same strike and expiry, a call minus a put behaves like the underlying: Call − Put = Spot − Strike (crypto, short-dated). When this relationship breaks, you can lock a profit with three legs on a single exchange.

1

Conversion (call is rich): sell the call, buy the put, buy the underlying (spot or perp). At expiry the legs settle against the same price and you keep the locked difference.

2

Reversal (call is cheap): buy the call, sell the put, short the underlying.

3

Because all three legs are on ONE exchange, margin nets across them — no cross-exchange liquidation risk, unlike cross-venue option spreads.

4

The strike nearest to spot (ATM) is the most liquid and reliable. Use the % from ATM filter to stay near the money.

How to start

1. Open the scanner

Pick an underlying and a signal class — start with true-lock and relative value, they are the most actionable.

2. Open the bundle card

Both legs, greeks, implied volatility, moneyness and the spread history are on one page, with a step-by-step guide on how the trade is put on.

3. Set an alert

Give the bundle a net % or IV threshold and connect Telegram — the bot pings you when the spread widens to your level.

How it works & risks

The scanner matches identical options (same underlying, strike, expiry) across exchanges and shows the executable spread (buy at ask on one venue, sell at bid on the other) and the implied-volatility gap. A truly risk-free lock is rare: cross-exchange margin on the short leg is not netted against the long leg on another venue, and coin-settled vs USDT-settled options are different instruments (basis/currency risk). Fees and slippage beyond top-of-book also apply. Use true-lock alerts to catch the rare dislocations; treat other rows as relative-value signals, not guaranteed profit.

Exchanges we track

Deribit
Bybit
OKX
Binance

Options arbitrage FAQ — for beginners

An option is a contract that gives the right — but not the obligation — to buy (a call) or sell (a put) an asset at a fixed price (the strike) before a set date (the expiry). In crypto that is usually BTC or ETH, but options on SOL, XRP, DOGE and other coins are listed too. You pay a price for that right, called the premium.
Each exchange has its own order book, its own market makers and its own traders. When supply and demand differ between venues, an identical contract — same underlying, strike and expiry — can trade at different prices for short periods. That gap is exactly what this scanner surfaces.
The idea is to buy an option where it is cheaper and sell the identical option where it is more expensive, keeping the difference. In the cleanest case both legs cancel out at expiry and you keep the spread. In practice most opportunities are relative-value rather than risk-free — see the risks below.
Implied volatility is the market's expectation of how much the asset will move, baked into the option price. If the same option shows a higher IV on one exchange than on another, the market is pricing the same risk differently — an IV spread. Volatility traders trade these gaps.
It continuously pulls option prices from Deribit, Bybit, OKX and Binance, matches identical contracts across them, and shows the executable price spread and the IV gap in real time — with a signal type for every row and 24/7 Telegram alerts.
No. A truly risk-free lock is rare. Most rows carry risk: cross-exchange margin, different settlement currencies, fees and slippage. Treat the scanner as a professional relative-value tool, not a money printer — and use true-lock alerts to catch the rare genuinely lockable moments.
A true lock is when a same-settlement option is strictly cheaper to buy on exchange A than to sell on exchange B, even after fees — a near risk-free spread. It usually appears only for seconds, during high volatility or when a market maker drops out. Our 24/7 monitoring exists precisely to catch these fleeting windows and alert you instantly.
  • Cross-exchange margin: the short leg's margin can balloon on one exchange while your offsetting gain sits on another — they do not net, so you can be liquidated.
  • Settlement currency: a coin-settled option and a USDT-settled one are different instruments (basis / currency risk).
  • Fees and slippage beyond the top of the book can erase a thin spread.
Coin-settled options (Deribit, OKX) are margined and settled in crypto (BTC/ETH), so they carry embedded crypto exposure. USDT-settled options (Bybit, Binance) are margined in a stablecoin. Comparing across these classes adds currency/basis risk, which is why a same-settlement match is 'cleaner' and can qualify as a true lock.
Per-row alerts ping you when a specific opportunity crosses your net % or IV threshold. Telegram signals are a 24/7 subscription: pick your thresholds, assets and exchanges, and — importantly — enable 'always alert on any true-lock' so you never miss a rare risk-free window.
Deribit, Bybit, OKX and Binance — the four largest crypto options venues. Deribit has the deepest liquidity; the others are matched against it for every underlying that at least two venues list.
For one strike and expiry a call minus a put behaves like the underlying itself: Call − Put ≈ Spot − Strike. When that relationship breaks on an exchange, you can build a three-leg position — option, option and the underlying — and lock the deviation. Because all three legs sit on the same venue, margin nets across them and there is no cross-exchange liquidation risk, which is the main danger of cross-venue option spreads. The scanner has a dedicated Parity mode for these setups.
Every underlying that the connected exchanges quote and that appears on at least two of them — BTC and ETH have the deepest books, and SOL, XRP, DOGE and others show up as the venues list them. Nothing is hard-coded: new underlyings appear on their own. Coins quoted on a single exchange have nothing to match against, so they do not produce cross-exchange rows (they can still appear in parity mode).
Open the scanner with the IV only and Relative value filters to see where prices and volatility diverge. Read the risk notes, open a row's details to study both legs and their Greeks, and subscribe to Telegram true-lock alerts. Trade small until you understand how margin behaves on each exchange.

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