ME arbitrage explained
Right now Magic Eden (ME) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on MEXC perp at $0.0718 and the highest bid on Binance spot at $0.0719.
The widest ME perpetual spread is between Binance and Bybit: long ME on Binance at $0.0718 and short on Bybit at $0.0718 for +0.06% gross, or -0.10% 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 -0.013% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ME route is to buy spot on Gate and short the perpetual on Bybit: 0.00% gross, -0.20% net, with +0.013% a day of funding on the short leg.
Spot–spot ME arbitrage (buy on Gate, withdraw, deposit and sell on Binance) shows +0.06% 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 ME 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: ME funding rates · ME spread charts · Magic Eden price · arbitrage scanner for all coins.