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 Gate spot at $0.006194 and the highest bid on MEXC perp at $0.006229.
The widest XNY perpetual spread is between Bybit and Binance: long XNY on Bybit at $0.006223 and short on Binance at $0.006229 for +0.10% gross, or -0.06% 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 -0.154% 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 Gate and short the perpetual on Binance: +0.57% gross, +0.37% net, with -0.124% a day of funding on the short leg.
Spot–spot XNY arbitrage (buy on Gate, withdraw, deposit and sell on KuCoin) shows +0.10% 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.