PIPPIN arbitrage explained
Right now pippin (PIPPIN) trades on 9 venues we scan: 9 perpetual markets, 2 spot markets and 0 DEX pools. The lowest ask is on HTX perp at $0.0175 and the highest bid on Bybit perp at $0.0176.
The widest PIPPIN perpetual spread is between HTX and Bybit: long PIPPIN on HTX at $0.0175 and short on Bybit at $0.0176 for +0.29% gross, or +0.13% 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 +0.174% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best PIPPIN route is to buy spot on Gate and short the perpetual on Bybit: +0.27% gross, +0.07% net, with +0.189% a day of funding on the short leg.
Spot–spot PIPPIN arbitrage (buy on Gate, withdraw, deposit and sell on MEXC) 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 PIPPIN 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: PIPPIN funding rates · PIPPIN spread charts · pippin price · arbitrage scanner for all coins.