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 MEXC spot at $0.047 and the highest bid on MEXC perp at $0.0468.
The widest ZCAT perpetual spread is between Gate and MEXC: long ZCAT on Gate at $0.0474 and short on MEXC at $0.0468 for -1.31% gross, or -1.47% 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 +0.090% 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 MEXC and short the perpetual on MEXC: -0.34% gross, -0.54% net, with +0.120% a day of funding on the short leg.
Spot–spot ZCAT arbitrage (buy on MEXC, withdraw, deposit and sell on Gate) shows -0.89% 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.