XTZ arbitrage explained
Right now Tezos (XTZ) trades on 8 venues we scan: 8 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $0.3076 and the highest bid on OKX spot at $0.3083.
The widest XTZ perpetual spread is between Variational and OKX: long XTZ on Variational at $0.3076 and short on OKX at $0.3081 for +0.16% gross, or +0.00% 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 +0.092% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best XTZ route is to buy spot on MEXC and short the perpetual on OKX: -0.06% gross, -0.26% net.
Spot–spot XTZ arbitrage (buy on MEXC, withdraw, deposit and sell on Binance) shows 0.00% 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 XTZ 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: XTZ funding rates · XTZ spread charts · Tezos price · arbitrage scanner for all coins.