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 KuCoin spot at $0.0209 and the highest bid on Bitget spot at $0.0211.
The widest NPC perpetual spread is between MEXC and KuCoin: long NPC on MEXC at $0.0211 and short on KuCoin at $0.0208 for -1.38% gross, or -1.54% 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 +0.119% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best NPC route is to buy spot on KuCoin and short the perpetual on KuCoin: -0.40% gross, -0.60% net, with +0.030% a day of funding on the short leg.
Spot–spot NPC arbitrage (buy on KuCoin, withdraw, deposit and sell on Bitget) shows +0.87% 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.