Grading: Its chain is "very weak" because of al-Qasim bin Abi Shaybah (the brother of the two hafizes Abu Bakr and 'Uthman); he is "matruk al-hadith" (abandoned in hadith) and al-Daraqutni called him a "liar". Also because of Yahya bin Ya'la al-Aslami, who is "da'if" (weak) and "munkar al-hadith". And this Ziyad bin Mutarrif is not known except in this hadith, so he is "majhul" (unknown).

Reference / Source: Al-Khatib al-Baghdadi recorded it in "Talkhis al-Mutashabih" (2/ 417-418) by way of Ishaq bin al-Hasan al-Harbi, from al-Qasim bin Abi Shaybah, with this chain.

Reference / Source: Al-Tabarani recorded it in "al-Kabir" (5067), Abu Nu'aym in "Fada'il al-Khulafa' al-Rashidin" (88) and Ibn al-Shajari in his "Amali" (1/ 144) by way of Ibrahim bin Abd Allah bin 'Isa al-Tanukhi; Abu Nu'aym in "Hilyat al-Awliya'" (4/ 349) by way of Ibrahim bin al-Hasan al-Taghlibi al-Kufi; and al-Ajurri in "al-Shari'ah" (1590), Ibn Shahin in "Sharh Madhahib Ahl al-Sunnah" (142), Abu Nu'aym in "al-Hilyah" (4/ 349) and Ibn 'Asakir in "Tarikh Dimashq" (42/ 242) by way of Yahya bin Abd al-Hamid al-Himmani. All three of them (al-Tanukhi, al-Taghlibi, al-Himmani) narrate it from Yahya bin Ya'la.
Technical note / Defect ('illah): Ibrahim al-Tanukhi and Ibrahim al-Taghlibi are counted among the unknown narrators (majahil), and Yahya al-Himmani is weak and accused of stealing hadith.

Technical note / Defect ('illah): Ahmad bin Ishkab contradicted this in al-Tabari's "Dhayl al-Mudhayyal" (as in its "Muntakhab" by 'Arib al-Qurtubi, 11/ 589): he narrated it from Yahya bin Ya'la "al-Muharibi", from 'Ammar bin Ruzayq, from Abu Ishaq, from Ziyad bin Mutarrif as "mursal" (without mentioning Zayd bin Arqam). Here Yahya bin Ya'la is described as "al-Muharibi" (who is another man in the same generation as al-Aslami), which is an "error", because al-Hafiz al-Mizzi, in the biography of Ibn Ishkab in "Tahdhib al-Kamal" (1/ 268), mentioned narration by him only from Yahya "al-Aslami".

Note / Clarification: Some of those who wrote on the Companions mentioned this hadith in the biography of Ziyad bin Mutarrif (as in Ibn Hajar's "al-Isabah" 2/ 587), because some narrated this report from Ziyad as mursal. There he quoted Ibn Mandah's statement: "It is not authentic." Then al-Hafiz (Ibn Hajar) said: "In its chain is Yahya bin Ya'la al-Muharibi, who is wahin (very weak)."
Correction: So said al-Hafiz Ibn Hajar, but this is an oversight on his part (may Allah have mercy on him), because the very weak one is "al-Aslami", not "al-Muharibi".

Important point: See the hadith of Ali (may Allah be pleased with him) that passed earlier at number (4433), with the wording: "And if you appoint Ali as your leader, you will find him guided and guiding, taking you along the (straight) path", and it is weak.