MINA arbitrage explained
Right now Mina Protocol (MINA) trades on 9 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Hyperliquid perp at $0.1114 and the highest bid on Gate spot at $0.1118.
The widest MINA perpetual spread is between Hyperliquid and Bybit: long MINA on Hyperliquid at $0.1114 and short on Bybit at $0.1116 for +0.19% gross, or +0.03% 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 +0.537% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best MINA route is to buy spot on OKX and short the perpetual on Bybit: -0.12% gross, -0.32% net, with -0.240% a day of funding on the short leg.
Spot–spot MINA arbitrage (buy on OKX, withdraw, deposit and sell on Gate) shows +0.01% 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 MINA 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: MINA funding rates · MINA spread charts · Mina Protocol price · arbitrage scanner for all coins.