ON arbitrage explained
Right now Orochi Network (ON) trades on 5 venues we scan: 5 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on Gate spot at $0.1065 and the highest bid on MEXC perp at $0.1065.
The widest ON perpetual spread is between KuCoin and Binance: long ON on KuCoin at $0.1066 and short on Binance at $0.1065 for -0.07% gross, or -0.23% 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 -0.043% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ON route is to buy spot on Gate and short the perpetual on Binance: +0.03% gross, -0.17% net, with +0.030% a day of funding on the short leg.
Spot–spot ON arbitrage (buy on Gate, withdraw, deposit and sell on KuCoin) shows -0.16% 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 ON 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: ON funding rates · ON spread charts · Orochi Network price · arbitrage scanner for all coins.