JOE arbitrage explained
Right now JOE trades on 6 venues we scan: 5 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on OKX spot at $0.0391 and the highest bid on Gate perp at $0.0392.
The widest JOE perpetual spread is between Binance and Gate: long JOE on Binance at $0.0391 and short on Gate at $0.0392 for +0.13% gross, or -0.03% 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 JOE route is to buy spot on OKX and short the perpetual on Gate: +0.18% gross, -0.02% net, with +0.030% a day of funding on the short leg.
Spot–spot JOE arbitrage (buy on OKX, withdraw, deposit and sell on Binance) shows +0.05% 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 JOE 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: JOE funding rates · JOE spread charts · JOE price · arbitrage scanner for all coins.