CAT arbitrage explained
Right now Simon's Cat (CAT) trades on 7 venues we scan: 6 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on OKX spot at $0.0000021 and the highest bid on Bybit spot at $0.00000211.
The widest CAT perpetual spread is between Bybit and KuCoin: long CAT on Bybit at $0.0000021 and short on KuCoin at $0.0000021 for +0.10% gross, or -0.06% 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 CAT route is to buy spot on OKX and short the perpetual on KuCoin: +0.10% gross, -0.10% net, with +0.030% a day of funding on the short leg.
Spot–spot CAT arbitrage (buy on OKX, withdraw, deposit and sell on Bybit) shows +0.62% 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 CAT 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: CAT funding rates · CAT spread charts · Simon's Cat price · arbitrage scanner for all coins.