ZRO arbitrage explained
Right now LayerZero (ZRO) trades on 10 venues we scan: 10 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bybit perp at $2.19 and the highest bid on Binance spot at $2.19.
The widest ZRO perpetual spread is between Bybit and Hyperliquid: long ZRO on Bybit at $2.19 and short on Hyperliquid at $2.19 for +0.09% gross, or -0.07% 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 0.000% per day, which the position collects while it is open.
For a spot–perpetual (cash-and-carry) trade, the best ZRO route is to buy spot on MEXC and short the perpetual on Hyperliquid: -0.03% gross, -0.23% net, with +0.030% a day of funding on the short leg.
Spot–spot ZRO arbitrage (buy on MEXC, withdraw, deposit and sell on Binance) shows +0.03% 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 ZRO 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: ZRO funding rates · ZRO spread charts · LayerZero price · arbitrage scanner for all coins.