NEO arbitrage explained
Right now NEO trades on 9 venues we scan: 9 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $2.36 and the highest bid on Bitget spot at $2.37.
The widest NEO perpetual spread is between Variational and Binance: long NEO on Variational at $2.36 and short on Binance at $2.37 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 +0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best NEO route is to buy spot on Gate and short the perpetual on Binance: -0.17% gross, -0.37% net, with +0.030% a day of funding on the short leg.
Spot–spot NEO arbitrage (buy on Gate, withdraw, deposit and sell on Bitget) shows +0.04% 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 NEO 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: NEO funding rates · NEO spread charts · NEO price · arbitrage scanner for all coins.