ZAMA arbitrage explained
Right now Zama (ZAMA) trades on 9 venues we scan: 9 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $0.0781 and the highest bid on Binance spot at $0.0782.
The widest ZAMA perpetual spread is between Binance and OKX: long ZAMA on Binance at $0.0781 and short on OKX at $0.0781 for +0.06% gross, or -0.10% 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 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ZAMA route is to buy spot on Bitget and short the perpetual on OKX: -0.03% gross, -0.23% net, with +0.030% a day of funding on the short leg.
Spot–spot ZAMA arbitrage (buy on Bitget, withdraw, deposit and sell on Binance) shows +0.02% 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 ZAMA 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: ZAMA funding rates · ZAMA spread charts · Zama price · arbitrage scanner for all coins.