ZK arbitrage explained
Right now ZKsync (ZK) trades on 11 venues we scan: 9 perpetual markets, 7 spot markets and 1 DEX pool. The lowest ask is on Variational perp at $0.012 and the highest bid on OKX spot at $0.012.
The widest ZK perpetual spread is between Variational and Bitget: long ZK on Variational at $0.012 and short on Bitget at $0.012 for +0.25% gross, or +0.09% 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 +0.190% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ZK route is to buy spot on Bybit and short the perpetual on Bitget: -0.13% gross, -0.33% net, with +0.030% a day of funding on the short leg.
Spot–spot ZK arbitrage (buy on Bybit, withdraw, deposit and sell on OKX) shows -0.04% 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 ZK 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: ZK funding rates · ZK spread charts · ZKsync price · arbitrage scanner for all coins.