ZRX arbitrage explained
Right now 0x Protocol (ZRX) trades on 8 venues we scan: 8 perpetual markets, 7 spot markets and 0 DEX pools. The lowest ask is on Bitget perp at $0.1194 and the highest bid on Bybit spot at $0.1196.
The widest ZRX perpetual spread is between Bitget and Bybit: long ZRX on Bitget at $0.1194 and short on Bybit at $0.1196 for +0.13% gross, or -0.03% 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 ZRX route is to buy spot on Bybit and short the perpetual on Bybit: -0.09% gross, -0.29% net, with +0.030% a day of funding on the short leg.
Spot–spot ZRX arbitrage (buy on MEXC, withdraw, deposit and sell on Bybit) shows -0.09% 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 ZRX 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: ZRX funding rates · ZRX spread charts · 0x Protocol price · arbitrage scanner for all coins.