FHE arbitrage explained
Right now Mind Network (FHE) trades on 7 venues we scan: 6 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on Gate spot at $0.0212 and the highest bid on MEXC perp at $0.0212.
The widest FHE perpetual spread is between Bybit and Binance: long FHE on Bybit at $0.0212 and short on Binance at $0.0212 for 0.00% gross, or -0.16% 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 FHE route is to buy spot on Gate and short the perpetual on Binance: +0.05% gross, -0.15% net, with +0.030% a day of funding on the short leg.
Spot–spot FHE arbitrage (buy on Bitget, withdraw, deposit and sell on Gate) shows -0.09% 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 FHE 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: FHE funding rates · FHE spread charts · Mind Network price · arbitrage scanner for all coins.