M arbitrage explained
Right now MemeCore (M) trades on 7 venues we scan: 7 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $1.04 and the highest bid on Gate spot at $1.04.
The widest M perpetual spread is between Gate and Bybit: long M on Gate at $1.04 and short on Bybit at $1.04 for +0.08% gross, or -0.08% 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 M route is to buy spot on Bitget and short the perpetual on Bybit: -0.00% gross, -0.20% net, with +0.030% a day of funding on the short leg.
Spot–spot M arbitrage (buy on Bitget, withdraw, deposit and sell on Gate) shows +0.02% 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 M 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: M funding rates · M spread charts · MemeCore price · arbitrage scanner for all coins.