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 Gate spot at $0.0856 and the highest bid on Bybit perp at $0.0858.
The widest ONG perpetual spread is between Gate and Bybit: long ONG on Gate at $0.0856 and short on Bybit at $0.0858 for +0.26% gross, or +0.10% 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 -0.129% 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 Gate and short the perpetual on Bybit: +0.30% gross, +0.10% net, with -0.099% a day of funding on the short leg.
Spot–spot ONG arbitrage (buy on Gate, withdraw, deposit and sell on Binance) 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 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.