HNT arbitrage explained
Right now Helium (HNT) trades on 6 venues we scan: 4 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $0.5061 and the highest bid on Gate spot at $0.5068.
The widest HNT perpetual spread is between Bybit and Gate: long HNT on Bybit at $0.5061 and short on Gate at $0.5063 for +0.04% gross, or -0.12% 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 +0.008% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best HNT route is to buy spot on Bybit and short the perpetual on Gate: -0.14% gross, -0.34% net, with +0.030% a day of funding on the short leg.
Spot–spot HNT arbitrage (buy on Bybit, withdraw, deposit and sell on Gate) 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 HNT 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: HNT funding rates · HNT spread charts · Helium price · arbitrage scanner for all coins.