FONE arbitrage explained
Right now apeonfone (FONE) trades on 3 venues we scan: 3 perpetual markets, 2 spot markets and 0 DEX pools. The lowest ask is on MEXC spot at $0.004656 and the highest bid on Gate perp at $0.004653.
The widest FONE perpetual spread is between MEXC and Gate: long FONE on MEXC at $0.004666 and short on Gate at $0.004653 for -0.28% gross, or -0.44% 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 -0.090% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best FONE route is to buy spot on MEXC and short the perpetual on Gate: -0.06% gross, -0.26% net, with +0.030% a day of funding on the short leg.
Spot–spot FONE arbitrage (buy on Gate, withdraw, deposit and sell on MEXC) shows -0.67% 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 FONE 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: FONE funding rates · FONE spread charts · apeonfone price · arbitrage scanner for all coins.