ZCAT arbitrage explained
Right now Anonymous Cat (ZCAT) trades on 3 venues we scan: 3 perpetual markets, 2 spot markets and 0 DEX pools. The lowest ask is on Gate perp at $0.0583 and the highest bid on MEXC perp at $0.0591.
The widest ZCAT perpetual spread is between Gate and MEXC: long ZCAT on Gate at $0.0583 and short on MEXC at $0.0591 for +1.42% gross, or +1.26% 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 +0.029% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ZCAT route is to buy spot on Gate and short the perpetual on MEXC: +1.18% gross, +0.98% net, with +0.072% a day of funding on the short leg.
Spot–spot ZCAT arbitrage (buy on Gate, withdraw, deposit and sell on MEXC) shows -0.41% 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 ZCAT 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: ZCAT funding rates · ZCAT spread charts · Anonymous Cat price · arbitrage scanner for all coins.