ZEN arbitrage explained
Right now Horizen (ZEN) trades on 9 venues we scan: 9 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $6.59 and the highest bid on KuCoin spot at $6.60.
The widest ZEN perpetual spread is between Bybit and Variational: long ZEN on Bybit at $6.59 and short on Variational at $6.59 for +0.11% gross, or -0.05% 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 -0.042% per day, which the position pays while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ZEN route is to buy spot on Binance and short the perpetual on Variational: -0.01% gross, -0.21% net, with -0.084% a day of funding on the short leg.
Spot–spot ZEN arbitrage (buy on Binance, withdraw, deposit and sell on KuCoin) shows +0.06% 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 ZEN 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: ZEN funding rates · ZEN spread charts · Horizen price · arbitrage scanner for all coins.