ONG arbitrage explained
Right now Ontology Gas (ONG) trades on 8 venues we scan: 8 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on MEXC perp at $0.0873 and the highest bid on Bybit perp at $0.0875.
The widest ONG perpetual spread is between Binance and Bybit: long ONG on Binance at $0.0873 and short on Bybit at $0.0875 for +0.16% gross, or +0.00% 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 -0.234% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ONG route is to buy spot on MEXC and short the perpetual on Bybit: +0.03% gross, -0.17% net, with -0.204% a day of funding on the short leg.
Spot–spot ONG arbitrage (buy on MEXC, withdraw, deposit and sell on Binance) shows -0.07% 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 ONG 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: ONG funding rates · ONG spread charts · Ontology Gas price · arbitrage scanner for all coins.