What is a cross-exchange spread
A 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.
Cross-exchange spreads
Widest open spreads
View all| Coin | Price | Long leg | Price | Short leg | Open spread | Net funding 8h | 24h volume |
|---|---|---|---|---|---|---|---|
Data as of
Open and close spreads
Open spread uses the prices you can open at: the ask on the long venue and the bid on the short venue. Close spread uses the prices you can close at: the bid on the long venue and the ask on the short venue. Mid prices overstate the open spread and understate the close spread.
Causes of spreads
Differences in liquidity, fees, funding rate, deposit and withdrawal status, and listing times keep prices apart for a while.
Spread trading
Go long where the price is lower and short where it is higher at the same time, then close both as the spread narrows. The result is roughly the open spread minus the close spread, less fees.
Structures
Perpetual against perpetual, spot long against perpetual short, or perpetual long against spot short, across two venues or within one.
Data in Z Market Lab
Z Market Lab compares the same asset across centralized exchanges, perpetual DEXs and on-chain spot, with spread history and delisting notices on each opportunity.