CAP arbitrage between Kraken and KuCoin: we compare the price of CAP on Kraken (spot) and KuCoin (spot) in real time — the executable spread (buy at the ask, sell at the bid), basis, volume and deposit/withdrawal status. You can see whether the gap holds or is a one-second blip you would never get into.

About Cap

Cap is a covered credit application consisting of a digital dollar, a credit platform, and a financial guarantee market to underwrite individual loans. The digital dollar is backed by dollar assets, such as regulated money market funds and payment stablecoins. These reserve assets are lent to institutions via credit to generate yield for depositors. All borrowers must secure their loans via Cap’s financial guarantee market

Decentralized Finance (DeFi), BNB Chain Ecosystem, Lending/Borrowing Protocols, Ethereum Ecosystem

Over the past 24 hours the spread between Kraken and KuCoin stayed between 0.31% and 0.87%, median 0.61% across 17 samples (spot to spot).

CAP: KuCoin — deposit open, withdrawal open.

Open interest in CAP right now — $41.2M: Binance $15.4M, OKX $11.6M, Bybit $9.3M, KuCoin $2.6M, Bitget $2.2M. See OI CAP.

About CAP arbitrage

How do I read the CAP spread?

The spread is how many percent higher CAP trades on one exchange than on the other. We measure it at tradeable prices (ask/bid) net of fees; “net” is closer to what you actually keep.

Is this arbitrage worth taking?

Look past the spread: check volume, order-book depth and the deposit/withdrawal status on Kraken and KuCoin. If deposits or withdrawals are shut, or the book is thin, the spread exists on paper but you cannot trade into it.

How do I get CAP alerts?

Build a rule in the the builder with the spread threshold you want — the notification arrives as a Telegram direct message within seconds.