CAP arbitrage explained
Right now Cap (CAP) trades on 9 venues we scan: 9 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $0.0737 and the highest bid on KuCoin spot at $0.0738.
The widest CAP perpetual spread is between Gate and Binance: long CAP on Gate at $0.0737 and short on Binance at $0.0738 for +0.05% gross, or -0.11% after the 0.16% two-leg fee model. No transfer is needed: both positions stay on their exchanges until the prices converge. The funding difference on this pair is 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best CAP route is to buy spot on Bybit and short the perpetual on Binance: 0.00% gross, -0.20% net, with +0.030% a day of funding on the short leg.
Spot–spot CAP arbitrage (buy on Bybit, withdraw, deposit and sell on KuCoin) shows +0.06% gross right now. It only works if withdrawals on the buying exchange and deposits on the selling exchange are open, so check the D/W dots before moving coins.
Small CAP gaps usually disappear after fees, slippage and funding. Look at the Net column, the executable Depth and the spread history before trading: a gap that has been open for days is a different trade from a one-minute spike.
Related: CAP funding rates · CAP spread charts · Cap price · arbitrage scanner for all coins.