Help center
Installation guides, docs and FAQs, all in one place.
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- What is the funding rate: who pays and how it is calculatedThe funding rate is the rate of the periodic payment between longs and shorts on a perpetual contract. It keeps the perpetual price close to spot. When it is positive, longs pay shorts. When it is negative, shorts pay longs.
- Read the market monitorThe market monitor lists opportunities between exchanges in one live table. This page explains the views, the columns, sorting, filters and what you can do with each row.
- Install Trade (start here)A cloud server with 2 CPU cores and 2 GB of memory is enough. Follow along and one command installs it.
- Connect BinanceTrade uses a Binance Portfolio Margin account to trade spot, cross margin and USD-margined perpetuals. This guide covers what to prepare on Binance and what to enter in Trade.
- Funding rate arbitrageFunding rate arbitrage holds equal and opposite positions on two markets with different funding rates. Price moves cancel out, and the funding diff is what the position earns or pays.
- What is a cross-exchange spreadA cross-exchange spread is the price difference for the same asset on two venues. It appears when liquidity, fees or funding differ between them, and arbitrage pushes it back toward zero.
All docs
Basics
Basics
6The basics of funding rates, spreads and arbitrage.
- How spot-perp and cross-exchange hedges earn
- How often funding settles and how to annualize it
- What are basis and spread convergence
- What are the risks of arbitrage
- What is the funding rate: who pays and how it is calculatedThe funding rate is the rate of the periodic payment between longs and shorts on a perpetual contract. It keeps the perpetual price close to spot. When it is positive, longs pay shorts. When it is negative, shorts pay longs.
- What is a cross-exchange spreadA cross-exchange spread is the price difference for the same asset on two venues. It appears when liquidity, fees or funding differ between them, and arbitrage pushes it back toward zero.
- How spot-perp and cross-exchange hedges earnA hedged position holds two equal and opposite legs, so price moves cancel out. What it earns or pays comes from the spread and from funding. This page explains both parts and the costs to subtract.
- How often funding settles and how to annualize itExchanges settle funding on different schedules, so the same rate can mean different things. This page explains how settlement works, how the 8h equivalent and the annualized rate are calculated, and which figures are estimates from current rates.
- What are basis and spread convergenceThe basis is how far a perpetual trades from its spot price. A basis or a cross-exchange spread that has opened up tends to narrow again, which is called convergence. This page explains where convergence comes from and how to read it with the open and close spreads.
- What are the risks of arbitrageA hedged position cancels most price moves. The risks that remain come from liquidation, funding reversal, one leg filling without the other, and funds sitting on two exchanges. This page explains when each one appears and what you can do at that point.
Using Z Market Lab
Using Z Market Lab
12View the market, filter opportunities and set alerts.
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- Read the market monitorThe market monitor lists opportunities between exchanges in one live table. This page explains the views, the columns, sorting, filters and what you can do with each row.
- Funding rates pageThe funding rates page puts each asset’s funding rate on every exchange side by side and adds two arbitrage views, cross-exchange and spot-perp. This page explains each tab and how the numbers are calculated.
- History chartsThe history curve shows how one opportunity’s open spread, close spread and net funding moved over time. This page explains where to open it, how to read it, and how to choose the range and interval.
- Exchange announcements pageThe exchange announcements page collects official announcements from each exchange and matches delistings to your opportunities. This article explains what it contains, how to filter it, and how it relates to delisting warnings in the market monitor.
- Set up alerts and notificationsAlerts are set per opportunity tab: an opportunity that meets the conditions alerts on the web and, if you choose, in Telegram or Feishu. This page explains how to create an alert, connect notification channels, and use the alert sound and do not disturb.
- Subscription and paymentYou can use Z Market Lab without signing in. A free account adds your own tabs, alerts and sending to ZML Trade; Professional adds external notifications and higher limits. This page explains how to subscribe and pay, how auto-renewal works, and what happens at expiry.
- Account and sign-in securityThis page explains how to create and sign in to a Z Market Lab account, manage your email, password and signed-in devices, and recover the account if you forget your password.
- Does the spread include fees?No. The spread uses the prices both legs can fill at right now. Trading fees, funding and withdrawal fees are separate.
- How often is the data updated?Prices, spreads and funding rates are pushed in real time. The page updates as soon as exchange data changes, with no refresh needed.
- Why can't I take some opportunities with a large spread?Usually the spot leg can't deposit or withdraw, volume is too thin, the two legs aren't the same coin, or the market is being delisted. Check the labels on the row first, then the volume.
- How do I set up alerts?Save your filters as an opportunity tag and set conditions under Alerts in the tag settings. You're alerted on the web page, and on Professional you can also send alerts to Telegram or Feishu.
- What's the difference between a free account and Professional?Everyone sees the same data. Professional adds higher limits: more tags, external notifications, more live market pages at once and longer chart history.
Using ZML Trade
Using ZML Trade
16Installation, connecting exchanges, pairing, parameters and risk control.
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- Install Trade (start here)A cloud server with 2 CPU cores and 2 GB of memory is enough. Follow along and one command installs it.
- Connect an exchangeEach exchange account you add in Trade can serve one or more combos. Trade checks the account before saving it.
- Pair with Z Market LabPairing links your Trade to your Z Market Lab account, so opportunities you send from Z Market Lab arrive in Trade.
- ParametersEach combo trades with its own parameters. This page explains what each one controls. You set the values in Trade.
- Risk controlsTrade watches the liquidation distance of each leg, keeps the two legs together, reconciles positions with the exchange and alerts you. This page explains what each control does.
- FAQQuick answers to common questions. The other guides cover each topic in full.
- Install Trade on Alibaba Cloud ECSFrom buying the server to opening Trade, step by step on Alibaba Cloud ECS, all in your browser.
- Install Trade on AWS EC2From creating the server to opening Trade, step by step on AWS EC2, all in your browser with no key pair.
- First sign-in and administrator accountOpening Trade for the first time after installation: open the link the installer printed, create the administrator account, then turn on two-factor authentication.
- Use several public IPs (Alibaba Cloud ECS, AWS EC2)Add more public IPs to the server running Trade; Trade finds them by itself and spreads requests, so per-IP exchange limits go further.
- Create your first comboA combo is one long leg and one short leg. This guide goes from the form to resuming opening, and shows how to confirm the combo is trading.
- Stop and runStop halts a combo at once. Run starts it again from a clean state. This page explains what each one keeps, and what happens to orders and positions on the exchange after a stop or a restart.
- Update TradeTrade on your server fetches updates from ZML itself and installs them automatically by default. You can switch to manual and pick your own time within 7 days. This page explains where to set this up, how to schedule an update and what happens during an update.
- Transfers, borrowing and repayingWhat each figure in the transfer and borrow/repay windows means, why a transferable amount can be 0, why some routes accept only certain coins, and how manual borrowing and repaying work.
- Forgot your password or lost your authenticatorHow to get back into Trade when you forget the administrator password or lose the authenticator for two-factor authentication. Exchange keys, combos and history are kept.
- Set up notification channelsTrade shows alerts on the web page and can also send them to Telegram and Feishu. This guide covers adding a channel, sending a test message and choosing where each alert type goes.
Exchange connections
Exchange connections
20How to create an API key on each exchange and which permissions to grant.
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- Connect BinanceTrade uses a Binance Portfolio Margin account to trade spot, cross margin and USD-margined perpetuals. This guide covers what to prepare on Binance and what to enter in Trade.
- Connect OKXTrade uses OKX Multi-currency margin mode to trade spot, cross margin and USD-margined perpetuals. This guide covers what to prepare on OKX and what to enter in Trade.
- Connect BybitTrade uses a Bybit Unified Trading Account to trade spot, cross margin and USDT/USDC perpetuals. This guide covers what to prepare on Bybit and what to enter in Trade.
- Connect BitgetTrade uses Bitget UTA Advanced Mode to trade spot, cross margin and USD-margined perpetuals. This guide covers what to prepare on Bitget and what to enter in Trade.
- Connect GateTrade uses the Gate unified account in Multi-currency margin mode to trade spot, cross margin and USDT perpetuals. This guide covers what to prepare on Gate and what to enter in Trade.
- Connect KuCoinTrade supports the KuCoin Unified Trading Account and Classic Account for spot and USDT/USDC perpetuals. This guide covers what to prepare on KuCoin and what to enter in Trade.
- Connect HTXTrade uses an HTX Unified account to trade spot, cross margin and USD-margined perpetuals. This guide covers what to prepare on HTX and what to enter in Trade.
- Connect HyperliquidHyperliquid connects through a wallet. There is no API key or IP allowlist. This guide covers what to prepare on Hyperliquid and how to add the account in Trade with a wallet or an existing API wallet.
- Connect LighterLighter connects through a wallet. There is no IP allowlist. This guide covers what to prepare on Lighter and how to add the account in Trade with a wallet or an existing API private key.
- Connect AsterAster connects with a wallet or an existing API wallet. This guide covers what to prepare on Aster and how to add the account in Trade.
- Connect Gate CrossExTrade uses Gate CrossEx in Cross-Exchange Mode to trade spot, cross margin and perpetuals. This guide covers what to prepare on Gate, what to enter in Trade, and how to transfer between your Gate account and the CrossEx sections.
- Connect KrakenKraken uses one API key for spot and another for futures: the spot key trades spot and spot margin, and the futures key trades perpetuals. This guide covers how to create the keys and what to enter in Trade.
- Connect BackpackTrade uses Backpack’s unified cross-margin account to trade spot, cross margin and perpetuals. This guide covers what to prepare on Backpack and what to enter in Trade.
- Connect GRVTTrade uses a GRVT Trading Account to trade USDT perpetuals. This guide covers what to prepare on GRVT and what to enter in Trade.
- Connect edgeXTrade uses an edgeX trading account to trade USDC perpetuals. This guide covers what to prepare on edgeX and what to enter in Trade.
- Connect ApeX OmniApeX Omni connects through a wallet or with an existing API. This guide covers what to prepare on ApeX and how to add the account in Trade.
- Connect ExtendedExtended connects through a wallet or with an existing API key and Stark private key. Trade trades USD perpetuals on Extended. This guide covers how to add the account.
- Connect NadoTrade uses a Nado subaccount to trade USDT0 perpetuals. This guide covers what to prepare on Nado and how to add the account in Trade with a wallet or a linked trading key.
- Connect Lighter on Robinhood ChainLighter’s deployment on Robinhood Chain connects through a wallet and trades tokenized-stock spot and perpetuals. This guide covers what to prepare and how to add the account in Trade.
- Connect OKX WalletOKX Wallet connects through a browser login, with no API key. Trade uses it for on-chain spot. This guide covers how to log in, choose sub-wallets and what to do when the login expires.
Strategies
Strategies
5How each strategy works, the market conditions it suits, and its parameters.
- Funding rate arbitrageFunding rate arbitrage holds equal and opposite positions on two markets with different funding rates. Price moves cancel out, and the funding diff is what the position earns or pays.
- Cross-exchange spread arbitrageCross-exchange spread arbitrage buys an asset where it trades lower and shorts it where it trades higher, at the same time. The result comes from the two prices converging.
- Spot-perp arbitrageSpot-perp arbitrage works the gap between a perpetual and its spot market. When the perpetual trades rich, buy spot and short the perpetual; when it trades cheap, reverse the legs.
- HedgingHedging offsets the price exposure of one position with an equal and opposite position. The combined position holds its value as price moves, apart from basis and funding.
- Open and close with post-only ordersOpening and closing with post-only orders works a two-leg position through resting orders: one leg rests and the other follows once it fills, or both legs rest at once. Maker fills improve the open and close spreads and are charged maker fees.
Troubleshooting
Troubleshooting
16What to check when something goes wrong installing, connecting, pairing or running.
- What to do when installation fails
- The browser can’t open Trade
- An exchange account won’t save or shows Not connected
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- What to do when installation failsThe installer checks the environment first and stops with a reason when a check fails. Fix what it reports and run it again; completed steps are skipped.
- The browser can’t open TradeWhen the page doesn’t open after installation, the inbound port is usually blocked or the address is wrong.
- An exchange account won’t save or shows Not connectedWhen you save an account, Trade verifies the API key with the exchange. If verification fails, it names the kind of problem.
- Trade won’t pair with Z Market LabPairing takes one step on each side. When it stalls, check which step it stopped at.
- Why isn’t my combo placing ordersThe combo’s status and message column say what it is waiting for. Match what you see with the cases below.
- What to do about a position difference alertA position difference alert means the position in the combo record doesn’t match the actual position on the exchange. Find where the difference came from, then choose one way to handle it.
- Combo PnL doesn’t match what the exchange showsA combo’s PnL counts only that combo’s own fills and position. The exchange shows the whole account. The two are measured differently, so the numbers won’t match line by line.
- What to do after an updateAn update restarts the trading service and doesn’t close open positions. After it completes, check the items below.
- How many combos can one exchange account runOne account can serve several combos at the same time. Each combo has its own combo position, parameters and PnL.
- Can I place orders by hand on the exchangeYes, but Trade doesn’t count manual fills toward any combo. Know how they affect your combos before you trade by hand.
- A Z Market Lab opportunity didn’t arrive in TradeAn opportunity reaches the inbox only through the pairing connection, your push settings and Trade’s receiving rules. Check each one.
- Alerts aren’t reaching Telegram or FeishuWhen an alert shows on the web page but not in the chat, the alert type usually has no channel selected, or the channel itself can’t send.
- Web alerts make no soundAlert sounds are played by the current browser. When there is no sound, check the bell first, then whether the browser is blocking audio.
- The server’s egress IP changed or a new one was addedWhen an API key has an IP allowlist, the exchange accepts only the listed IPs. After the egress IP changes, add the new IP to the allowlist.
- The combo’s leverage isn’t what I enteredLeverage follows what the exchange accepts. When you save a combo, Trade sends the leverage to the exchange and tells you, leg by leg, whether the exchange accepted it.
- How to turn on two-factor authentication, and what to do if you lose the authenticatorTwo-factor authentication asks for a code from your authenticator app when you sign in. You turn it on in Trade’s settings.
Glossary
Glossary
22What each term in the interface means.
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- What positive and negative funding rates meanThe rate of the periodic payment between longs and shorts on a perpetual contract. When it is positive, longs pay shorts. When it is negative, shorts pay longs.
- What is basis in cryptoThe perpetual price minus the spot price, as a percentage of spot; positive when the perpetual trades above spot. For a coin it uses mid prices across exchanges; for a chosen spot leg and perpetual leg it uses the prices you can fill now (spot best ask, perpetual best bid).
- What is a spread in arbitrageThe price difference for the same asset between two markets, in percent. The two markets can be two exchanges, or spot and a perpetual on one exchange.
- Open spread vs close spreadThe open spread is the spread you capture by opening now. The close spread is the spread you give up by closing now. The round-trip spread is the distance between the two: what a position opened and closed right away would give up.
- What is notional valueThe value of a position at its price: quantity times price. Leverage does not change the notional value, only the margin the position ties up.
- What is liquidation distanceHow far the price is from the liquidation price (%). It is never negative. When the liquidation price is on the other side, it isn’t a liquidation distance and no number is shown.
- What are the two legs of a hedgeThe two sides of a hedged position: a long leg and a short leg in the same asset, equal in size. Price moves cancel out between them.
- Maker vs taker: what is the differenceThe side whose order rests on the order book and waits for someone to trade against it. Its fee rate is usually lower than the taker fee.
- Combo positionThe position ZML Trade records for each combo from its fills. Combos on the same account are tracked separately.
- Automatic alignmentWhen a combo's recorded position exceeds the actual exchange position by the set amount, the excess is reduced at market. It only reduces, and the combo stays reduce-only afterward.
- What is a leg gapThe quantity difference between the two legs. Any gap is directional exposure: the extra part has no opposite leg hedging it.
- Reduce-onlyThe combo only closes positions and opens no new ones. To open again, resume it manually.
- ReconciliationZML Trade keeps comparing the position each combo has recorded with the actual position on the exchange. Reconciliation only compares and changes neither side.
- ComboA two-leg trade in ZML Trade: one long leg and one short leg, each with its own exchange, account and market.
- OpportunityA row in the Z Market Lab market monitor: a long leg and a short leg in the same asset, with the open spread, the close spread and net funding.
- How net funding is calculatedFunding received minus funding paid across the two legs, each converted to a rate per 8 hours; a spot leg counts as 0. A positive value means you net receive.
- Target positionThe hedged position a combo opens up to, in USD. It is an amount, not a coin quantity.
- How the two legs place ordersHow the two legs work together when they place orders. It follows from the two legs’ order types and has no setting of its own: both legs at market, one leg post-only while the other follows at market, or both legs post-only.
- Small-position cleanupClears small leftover positions on a combo’s two legs: amounts that can be ordered are closed at market, and amounts the exchange can’t accept are zeroed in the record only. Available when the leftover is within the small-position threshold.
- Opening pausedThe combo pauses opening and adding while closing and reducing go on. It starts when any leg’s liquidation distance is at or below the pause-opening line, and ends by itself once the distance recovers.
- Liquidation guardWhen it is on and any leg’s liquidation distance is at or below the liquidation guard line, the combo reduces at market in batches until the distance is back above the exit line.
- Calibrate combo positionsSets the combo's recorded position to the actual exchange position. Only the record changes; no order is placed.
Error troubleshooting
Error troubleshooting
21Look up causes and fixes by error code.
- Your session has ended. Sign in again.
- The username or password is incorrect
- Too many attempts. Try again later.
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- Your session has ended. Sign in again.When a page says your session has ended, the sign-in on this device is over. Sign in again. Your data and settings are unchanged.
- The username or password is incorrectSign-in fails with this message when the username or password is incorrect. Check both and try again, or reset the password the way each product provides.
- Too many attempts. Try again later.After several failed sign-ins you have to wait before trying again. Wait for the countdown, then enter your details. Your account and data are unchanged.
- Too many requests. Wait a moment and try again.When too many actions are submitted in a short time, the latest one isn’t carried out. Wait a moment and do it once more.
- The code is incorrect or has already been usedThe 6-digit two-factor code wasn’t accepted. Wait for the next code in your authenticator app and enter it. A lost authenticator can be recovered on the server.
- Exchange verification didn’t passWhen you save an account, Trade verifies your API key with the exchange and doesn’t save if the check fails. The message names the reason. Fix it and save again.
- This key has no trading permission for the selected marketsThe API key is valid, but some of the markets you selected have no trading permission, so the account wasn’t saved. Turn on trading permission on the exchange and save again.
- Account mode does not match the exchangeThe account mode you chose in Trade differs from the account’s actual mode on the exchange, so the account wasn’t saved. Change the mode on the exchange and save again.
- Position mode doesn’t matchWhen you save an account, Trade sets the position mode it needs on the exchange where the market allows switching. If that step doesn’t complete, the account isn’t saved. Fix the reason in the message and save again.
- API key no longer validThe exchange rejected an account’s API key and that account’s connection is down. Replace the key on the Accounts page in Trade.
- Exchange banned an egress IPThe exchange banned one of your server’s egress IPs, so requests through it are rejected. Wait for the ban to lift, or turn that IP off in Trade to use another exit.
- Low disk spaceThe data disk on your Trade server is almost full. Once it is full, Trade can’t keep recording. Free up space or expand the disk.
- Combo action placed no orderThis combo action placed no order. Act on the reason shown; most clear by themselves.
- The exchange rejected the orderThe exchange rejected an order the combo sent. Trade retries automatically and leaves parameters and positions as they are. Follow the exchange’s message: add funds or adjust parameters.
- Below the exchange minimum order sizeThe size for this round is below the exchange’s minimum order size, so no order was sent. If only a small residual is left, clear it with small-position cleanup.
- Can’t create the combo: the market can’t be tradedA market chosen for one leg of a new combo can’t be used right now, so the combo wasn’t created. Follow the reason in the message: choose another instrument, or set up the required account on the exchange first.
- The exchange rejected the leverage changeThe exchange didn’t accept a leverage change for one leg, and that leg keeps its previous leverage. Follow the exchange’s message, then set it again.
- The combo can’t do this right nowAn action you started on a combo wasn’t carried out and no order was sent. Follow the message: run the combo, resume opening, or try again once orders finish and prices are back.
- The pairing code is invalid or has expiredThe pairing code entered in Z Market Lab is incorrect or has expired, so pairing failed. Generate a new code in Trade and enter it.
- ZML Trade isn’t connected right nowYour Trade wasn’t online when you sent an opportunity from Z Market Lab, so it wasn’t sent. Make sure Trade is running and paired, then send again.
- This needs an active subscriptionThe feature you used is part of Professional, and your account has no active Professional plan. Subscribe or renew to continue.