ZORA arbitrage explained
Right now Zora (ZORA) trades on 10 venues we scan: 10 perpetual markets, 6 spot markets and 0 DEX pools. The lowest ask is on Variational perp at $0.007104 and the highest bid on KuCoin spot at $0.007121.
The widest ZORA perpetual spread is between Variational and KuCoin: long ZORA on Variational at $0.007104 and short on KuCoin at $0.007112 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 +0.012% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ZORA route is to buy spot on OKX and short the perpetual on KuCoin: -0.04% gross, -0.24% net, with +0.008% a day of funding on the short leg.
Spot–spot ZORA arbitrage (buy on OKX, withdraw, deposit and sell on KuCoin) shows +0.08% 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 ZORA 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: ZORA funding rates · ZORA spread charts · Zora price · arbitrage scanner for all coins.