What are the two legs of a hedge
The 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.
In the product
Each opportunity in Z Market Lab states the exchange and market of its long leg and its short leg. A ZML Trade combo is one long leg and one short leg, each with its own exchange, account, market, leverage and order type.
How to read it
The long leg comes first and the short leg second. The markets of the both legs set the arbitrage type: Long perpetual / Short perpetual, Long spot / Short perpetual, or Long perpetual / Short spot. When the legs differ in size, there is a leg gap. See How spot-perp and cross-exchange hedges earn for where the result comes from.