MEW arbitrage explained
Right now cat in a dogs world (MEW) trades on 8 venues we scan: 8 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.000488 and the highest bid on OKX spot at $0.000489.
The widest MEW perpetual spread is between OKX and Binance: long MEW on OKX at $0.000488 and short on Binance at $0.000489 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 MEW route is to buy spot on Bitget and short the perpetual on Binance: +0.02% gross, -0.18% net, with +0.030% a day of funding on the short leg.
Spot–spot MEW arbitrage (buy on Bitget, withdraw, deposit and sell on Bybit) 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 MEW 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: MEW funding rates · MEW spread charts · cat in a dogs world price · arbitrage scanner for all coins.