COOKIE arbitrage explained
Right now Cookie DAO (COOKIE) trades on 7 venues we scan: 7 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.012 and the highest bid on Binance perp at $0.012.
The widest COOKIE perpetual spread is between Bybit and Binance: long COOKIE on Bybit at $0.012 and short on Binance at $0.012 for +0.14% gross, or -0.02% 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 COOKIE route is to buy spot on Bybit and short the perpetual on Binance: -0.02% gross, -0.22% net, with +0.030% a day of funding on the short leg.
Spot–spot COOKIE arbitrage (buy on Bybit, withdraw, deposit and sell on Binance) shows -0.04% 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 COOKIE 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: COOKIE funding rates · COOKIE spread charts · Cookie DAO price · arbitrage scanner for all coins.