CNPY arbitrage explained
Right now Canopy (CNPY) trades on 4 venues we scan: 3 perpetual markets, 3 spot markets and 0 DEX pools.
The widest CNPY perpetual spread is between Gate and MEXC: long CNPY on Gate at $0.2884 and short on MEXC at $0.2883 for -0.03% gross, or -0.19% 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 CNPY route is to buy spot on Gate and short the perpetual on MEXC: -0.03% gross, -0.23% net, with +0.030% a day of funding on the short leg.
Spot–spot CNPY arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows -0.16% 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 CNPY 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: CNPY funding rates · CNPY spread charts · Canopy price · arbitrage scanner for all coins.