XNY arbitrage explained
Right now Codatta (XNY) trades on 7 venues we scan: 7 perpetual markets, 3 spot markets and 0 DEX pools. The lowest ask is on KuCoin spot at $0.006481 and the highest bid on Gate perp at $0.006495.
The widest XNY perpetual spread is between MEXC and Gate: long XNY on MEXC at $0.006485 and short on Gate at $0.006495 for +0.15% gross, or -0.01% 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 -0.134% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best XNY route is to buy spot on KuCoin and short the perpetual on Gate: +0.22% gross, +0.02% net, with +0.116% a day of funding on the short leg.
Spot–spot XNY arbitrage (buy on KuCoin, withdraw, deposit and sell on MEXC) shows -0.05% 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 XNY 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: XNY funding rates · XNY spread charts · Codatta price · arbitrage scanner for all coins.