KMNO arbitrage explained
Right now Kamino (KMNO) trades on 8 venues we scan: 7 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.0369 and the highest bid on Bitget spot at $0.037.
The widest KMNO perpetual spread is between Bitget and Gate: long KMNO on Bitget at $0.0369 and short on Gate at $0.037 for +0.11% gross, or -0.05% 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 KMNO route is to buy spot on MEXC and short the perpetual on Gate: 0.00% gross, -0.20% net, with +0.030% a day of funding on the short leg.
Spot–spot KMNO arbitrage (buy on MEXC, withdraw, deposit and sell on Bitget) 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 KMNO 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: KMNO funding rates · KMNO spread charts · Kamino price · arbitrage scanner for all coins.