KERNEL arbitrage explained
Right now KernelDAO (KERNEL) trades on 7 venues we scan: 7 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.0506 and the highest bid on Gate perp at $0.0507.
The widest KERNEL perpetual spread is between Bitget and Gate: long KERNEL on Bitget at $0.0506 and short on Gate at $0.0507 for +0.12% gross, or -0.04% 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 KERNEL route is to buy spot on Bitget and short the perpetual on Gate: +0.10% gross, -0.10% net, with +0.030% a day of funding on the short leg.
Spot–spot KERNEL arbitrage (buy on Bitget, withdraw, deposit and sell on Binance) shows 0.00% 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 KERNEL 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: KERNEL funding rates · KERNEL spread charts · KernelDAO price · arbitrage scanner for all coins.