Read the market monitor
The 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.
Views and tabs
The tabs in the page header are views. Without signing in you have two: Favorites, kept in this browser, and All opportunities, which lists every opportunity across the market, of every arbitrage type (each leg with at least $100,000 in 24-hour volume).
Once signed in, Favorites lists the opportunities you added to favorites plus those alerting now, and you have your own opportunity tabs, as many as your plan allows. Select the + at the end of the tabs (New opportunity tab), then New blank tab or Save current view as a new tab. Each tab has its own base filter, alerts and automatic push to ZML Trade, which you change in Tab settings.
Columns
Each row is one opportunity: a long leg and a short leg on the same asset.
| Column | Meaning |
|---|---|
| Pair | Asset and settlement asset, with the asset type. |
| Side · Exchange · Market | The side, exchange and market of each leg. |
| Last price | Long-leg ask and short-leg bid. |
| Open % | Open spread (%), at the best bid and ask you can fill immediately. |
| Close % | Close spread (%), worked out the same way. |
| Round trip | The absolute difference between the close and open spreads. |
| Net funding 8h | Funding received minus funding paid across the two legs, each converted to a rate per 8 hours. Positive means you net receive. |
| Funding rate | Funding rate, settlement interval and rate cap of each leg. |
| Fund corr. | −100 to +100. It measures whether the spread and net funding move together: positive for the same direction, negative for the opposite. |
| 24h vol | The smaller of the two legs’ 24-hour volumes. |
| Open interest | The open interest for this contract on each leg’s market, in USD. spot markets have none. |
| Funding diff 1d to Funding diff 5d | Difference in cumulative funding between the two legs over the past 1 to 5 days. |
Sorting, columns and filters
Select a column header to sort by it; by default the table is sorted by open spread, highest first. Each view keeps its own sorting.
Under Columns in Display options, tick each column to show or hide it, or use Show all and Restore defaults. The pair column can’t be hidden. Column settings apply to all views.
The search box filters by asset. Separate several assets with spaces.
Filter opens the view filters: arbitrage type, exchanges, settlement asset and funding interval, plus thresholds for spread, funding rate and liquidity. Only opportunities whose legs each have at least $100,000 in 24-hour volume are listed, so the volume threshold starts at 0.1M; opportunities you added to your favorites aren’t affected. Changes apply at once and are saved on this device.
A tab’s Base filter is changed in tab settings and takes effect when you save. Conditions that come from it are marked Base, and view filters only narrow within it.
Once signed in, Alerting shows only the opportunities that are alerting now.
Opportunity details
Select a row to open its details: asset data (name and category, market cap and rank, FDV, 24-hour change, circulating share) and what you can do with the row. From there you can:
Send to ZML Trade to create a combo in your ZML Trade right away. You need to sign in and pair first.
Open Asset detail, History chart and Funding rate details; for the charts, see History charts.
Add to favorites, set Do not disturb, or Add to blacklist.
Row markers
A row that meets a tab’s alert conditions shows the conditions it hit and since when; see Set up alerts and notifications.
When a leg has a delisting announcement, the row shows which side is delisting and when; see Exchange announcements page.
When market data for a leg isn’t coming in, its last price stays at the last valid value and is marked as stale; point at it to see Quote interrupted.
Blacklist
Anything you Add to blacklist is no longer shown, alerted or pushed automatically to ZML Trade in your account. You can add an asset, one leg’s pair, or this opportunity in both directions. Remove entries under My blacklist in Settings › This product. The blacklist needs you to sign in; to silence something for a while, use do not disturb.