If there’s always a price difference in a token among exchanges, isn’t the price gap going to be positive relative to at least one exchange?How can a gap be negative?

Answer

Arbitrage in this context is not price difference between exchanges. It is the price difference between Spot Market and the Futures Market. Thats why the bot is named Spot-Futures Arbitration.

The gap becomes negative when the futures market price is lower than the index price. You can check the explanation of spot-futures arbitrage bot here : https://www.pionex.com/blog/pionex-arbitrage-bot/

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