NPC arbitrage explained
Right now Non-Playable Coin (NPC) trades on 4 venues we scan: 2 perpetual markets, 4 spot markets and 0 DEX pools. The lowest ask is on MEXC spot at $0.0216 and the highest bid on Bitget spot at $0.0217.
The widest NPC perpetual spread is between MEXC and KuCoin: long NPC on MEXC at $0.0217 and short on KuCoin at $0.0216 for -0.64% gross, or -0.80% 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 -0.090% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best NPC route is to buy spot on MEXC and short the perpetual on KuCoin: -0.19% gross, -0.39% net, with +0.030% a day of funding on the short leg.
Spot–spot NPC arbitrage (buy on MEXC, withdraw, deposit and sell on Bitget) shows +0.12% 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 NPC 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: NPC funding rates · NPC spread charts · Non-Playable Coin price · arbitrage scanner for all coins.