NES arbitrage explained
Right now Nesa (NES) trades on 6 venues we scan: 5 perpetual markets, 5 spot markets and 0 DEX pools. The lowest ask is on OKX perp at $0.1374 and the highest bid on Gate perp at $0.1378.
The widest NES perpetual spread is between MEXC and Gate: long NES on MEXC at $0.1374 and short on Gate at $0.1378 for +0.29% gross, or +0.13% 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 NES route is to buy spot on OKX and short the perpetual on Gate: +0.15% gross, -0.05% net, with +0.030% a day of funding on the short leg.
Spot–spot NES arbitrage (buy on OKX, withdraw, deposit and sell on KuCoin) shows +0.09% 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 NES 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: NES funding rates · NES spread charts · Nesa price · arbitrage scanner for all coins.