📊 Boring Boris: Arbitrage Hunter Apr 1 — 22.6% Arb

🎯 Arb Desk Report

Date: April 1, 2026

The ARBITRAGE HUNTER dataset tallies 158 total arbitrage opportunities. In this report we zero in on the strongest edges from the catalog: a set of high-variance price gaps that cross major venues and liquidity pools. The best gross spread in the current snapshot sits at 22.59% (BLUR) and multiple other assets hover in the 18–21% band. These are substantial edges by any standard, but execution hinges on fast routing, cross-exchange settlement latency, and liquidity depth at the exact price points shown. The data also shows “Total pump/dump/pressure” columns at zero in aggregate, and “Available volume” not disclosed for individual items, which means real-world sizing and fill risk will be the primary constraints, not a lack of price opportunity per se. For arb traders, the scene is set: several high-spread, high-signal trades exist, but you must be prepared to manage cross-exchange transfers, withdrawal times, and potential slippage in the moment of truth.

The following five opportunities represent the top end of the current spread ladder, with explicit buy/sell prices and exchanges taken straight from the dataset. I’ll lay out per-opportunity considerations, executable viability, and a conservative note on risk and speed.

🏆 Top 5 Arbitrage Opportunities

• Asset and spread: BLUR, 22.59% gross spread
• Buy exchange and exact price: OKX Spot, $0.020930
• Sell exchange and exact price: Binance, $0.022320
• Available volume: not disclosed
• Window lasted: not provided
• Risk factors: Cross-exchange liquidity depth for BLUR at these exact levels; potential latency in order routing; withdrawal times from OKX and Binance; price impact if market moves before you can fully settle. Also consider that BLUR’s liquidity pockets may be uneven across venues; hedge against partial fills.
• Executability: The edge is large enough that a quick, tightly scoped leg could be executable in principle, but real-world execution demands fast account connectivity, low-latency routing, and immediate settlement capability. If you rely on manual steps, the risk of slippage grows; a direct, programmatic cross-exchange arb approach is preferable.
• Per-unit net profit after fee assumption (0.1% taker on both sides): purchase 0.020930, sale 0.022320; gross diff 0.001390. Fees (0.1% buy + 0.1% sell): 0.00002093 + 0.00002232 = 0.00004325. Net per unit: 0.00134675.
• Notional example (notional assumed: 100k units): net ≈ $134.68. If you scale to 1,000,000 units, net ≈ $1,346.75.

• Asset and spread: MINA, 21.08% gross spread
• Buy exchange and exact price: Bybit Spot, $0.060540
• Sell exchange and exact price: Coinbase, $0.073300
• Available volume: not disclosed
• Window lasted: not provided
• Risk factors: Bybit-to- Coinbase cross-venue routing; potential funding delays; withdrawal timing on Coinbase can be variable; liquidity at $0.060540 buy level on Bybit should be validated to ensure order fills at or near the shown price.
• Executability: High theoretical executability if you can secure the Bybit buy and instantly deliver to Coinbase for sale. Real-world constraints include cross-exchange transfer latency and potential KYC/withdrawal cooldowns.
• Per-unit net profit after fee assumption: buy 0.060540, sell 0.073300; gross diff 0.012760. Fees: 0.00006054 (buy) + 0.00007330 (sell) = 0.00013384. Net per unit: 0.01262616.
• Notional example (100k units): net ≈ $1,262.62.

• Asset and spread: ROSE, 20.86% gross spread
• Buy exchange and exact price: Binance, $0.010260
• Sell exchange and exact price: Coinbase, $0.012400
• Available volume: not disclosed
• Window lasted: not provided
• Risk factors: Cross-exchange timing risk between Binance and Coinbase; ROSE liquidity at these price points; potential withdrawal bottlenecks and network fees; price drift during transfer.
• Executability: Viable in principle with a fast, automated cross-exchange path and minimal holding time. Manual execution will be tight; ensure you have immediate withdrawal/transfer capability if needed.
• Per-unit net profit after fee assumption: gross diff 0.002140; fees: 0.00001026 (buy) + 0.00001240 (sell) = 0.00002266. Net per unit: 0.00211734.
• Notional example (100k units): net ≈ $211.73.

• Asset and spread: IMX, 20.66% gross spread
• Buy exchange and exact price: Coinbase, $0.138900
• Sell exchange and exact price: Coinbase, $0.167600
• Available volume: not disclosed
• Window lasted: not provided
• Risk factors: Intra-exchange arb on the same venue implies hatch-y differences across quote feeds or markets on Coinbase (e.g., spot vs. a different Coinbase quote venue or product). If truly cross-market within Coinbase, execution might be constrained by internal matching or wallet movement; otherwise, this reads as a mispricing across submarkets.
• Executability: If this is cross-market within the same exchange, true executable legs may be limited. If it represents a legitimate cross-market quote, it could be exploitable with ultra-fast routing; otherwise, risk is higher.
• Per-unit net profit after fee assumption: gross diff 0.028700; fees: buy 0.00013890 + sell 0.00016760 = 0.00030650. Net per unit: 0.02839350.
• Notional example (100k units): net ≈ $2,839.35.

• Asset and spread: MINA, 18.89% gross spread
• Buy exchange and exact price: Bybit Spot, $0.060560
• Sell exchange and exact price: Coinbase, $0.072000
• Available volume: not disclosed
• Window lasted: not provided
• Risk factors: Similar to other Bybit↔Coinbase combos; ensure Bybit liquidity at the buy level and Coinbase availability for the sale; watch for withdrawal speed and any deposit-to-trade delays on Coinbase.
• Executability: Realizable with fast execution and immediate settlement; still dependent on bridge/withdrawal times and accurate balance transfers.
• Per-unit net profit after fee assumption: gross diff 0.011440; fees: 0.00006056 (buy) + 0.00007200 (sell) = 0.00013256. Net per unit: 0.01130744.
• Notional example (100k units): net ≈ $1,130.74.

Notes on profit calculations

• Gross spread equals ps - pb, where pb is the buy price and ps is the sell price shown.
• Assumed fees: 0.10% per side (two-way, total 0.20%). Per-unit fees are 0.001×pb on buy and 0.001×ps on sell, giving total fees of 0.00004325 for BLUR, 0.00013384 for MINA, 0.00002266 for ROSE, 0.00030650 for IMX, and 0.00013256 for MINA (the numbers scale with pb and ps accordingly).
• Net per unit = ps − pb − (0.001×pb) − (0.001×ps) = 0.999×ps − 1.001×pb. The results above reflect that calculation.
• The net percentage in each case generally aligns with the listed gross spread (as shown in the percentages) once fees are accounted for, typically in the 6–21% net range for these examples.

Minimum spread worth chasing (fee-adjusted baseline)

• With the 0.1% taker fee on each side (0.2% total), the break-even condition is ps − pb = 0.001×pb + 0.001×ps, or equivalently 0.999×ps = 1.001×pb.
• This implies ps/pb ≈ 1.002002, i.e., a relative uplift of approximately 0.2002% is the minimum to break even if you’re paying 0.1% per side. Absolute per-unit break-even difference is roughly pb × 0.002002.
• In practice, the observed opportunities here are well above that threshold, with per-unit diffs in the thousands ofths of a dollar and spreads far exceeding the breakeven hurdle. For example, BLUR’s 0.001390 per unit difference on a 0.020930 buy implies a break-even-scale uplift of roughly 0.20% is easily surpassed; IMX’s 0.028700 per unit on a 0.138900 buy is orders of magnitude above the breakeven bar.
• Takeaway: in this dataset, all five top opportunities are well above the minimum spread worth chasing under the assumed fee regime. Should exchange-fee schedules be more favorable (e.g., maker rebates or tiered taker fees), the breakeven threshold would shift modestly lower.

📊 Exchange Spread Patterns

• Cross-exchange dominance: The strongest edges rely on cross-exchange price differences rather than intra-exchange arbitrage. The top entries show buy legs on OKX, Bybit, Binance, and Coinbase as the anchor for selling. This indicates a pattern where Coinbase often serves as the price anchor for selling in USD-denominated terms, with buyers on other venues chasing the spread.
• Coinbase as a frequent counterparty: Several top opportunities pair non-US-venue buys with Coinbase sells (e.g., MINA and ROSE). This underscores Coinbase’s liquidity depth and its role as a price discovery hub in these snapshots.
• OKX-Binance edge: The BLUR trade (OKX buy, Binance sell) exemplifies a classic inter-venue edge where a fast cross-chain flow or private liquidity route could capture the difference, provided you can navigate transfer latency and on-chain settlement times.
• Bybit-to- Coinbase cadence: MINA opportunities show strong edges from Bybit buys to Coinbase sells, reinforcing the Bybit↔Coinbase corridor as a core source of sizable spreads in this dataset.
• Intra-Exchange anomalies: IMX has a 20.66% spread where the buy and sell quotes are both on Coinbase. If genuine cross-markets exist within Coinbase (for example, spot price vs. a different Coinbase quote feed/product), that could be exploitable; otherwise, such entries require careful validation before execution.
• Overall pattern: The spread engines here rely on cross-venue price signals across major venues (OKX, Binance, Bybit, Coinbase) with Coinbase frequently acting as the revenue target and other venues supplying the edge on the buy leg. Hyperliquid-like patterns are less apparent in this snapshot; the edge is primarily across standard centralized exchanges, with liquidity and latency risk the decisive factors.

⚡ Speed vs Size Analysis

• Tradeoff: Large spreads tend to come with faster, smaller legs (lower notional per leg) or with higher execution risk due to cross-exchange transaction times. The strongest edges (e.g., IMX at 20.66% and 20.86% ROSE) deliver large per-unit profits but require rapid execution and dependable transfer mechanics. Smaller edges (like BLUR at 22.59% on a tiny price delta) can be attractive, but you must avoid chasing fractional improvements that your latency or bridge times cannot realize.
• Slippage considerations: For low-liquidity tokens at the exact price points shown, even a minor delay can push you into a worse price, eroding the edge. Automated routing with direct venue-to-venue firmware or private liquidity channels is highly recommended. Avoid relying on manual order placement for such narrow windows.
• Position sizing: Given the per-unit profits, sizing should reflect liquidity, notional exposure, and counterparty risk. In practice, use a tiered approach: scale up on trades with strong, verifiable depth at pb and ps, while using smaller allocations on more fragile or less liquid legs. Maintain tight risk limits and avoid blind exposure to sudden liquidity dry-ups.
• Execution plan: For each top trade, predefine the leg sequence, confirm cross-exchange credit/withdrawal timing, and ensure you have pre-funded wallets on both buy and sell venues. Use funding-efficient assets where possible and verify there are no pending withdrawal holds when the sale leg is executed.

💰 Profit Calculations

• BLUR (OKX buy @ 0.020930; Binance sell @ 0.022320)
• Gross spread: 0.001390
• Fees (assumed 0.1% each side): 0.00004325
• Net profit per unit: 0.00134675
• Notional efficiency (per 100k units): ~ $134.68

• MINA (Bybit buy @ 0.060540; Coinbase sell @ 0.073300)
• Gross spread: 0.012760
• Fees: 0.00013384
• Net per unit: 0.01262616
• Notional (100k): ~ $1,262.62

• ROSE (Binance buy @ 0.010260; Coinbase sell @ 0.012400)
• Gross spread: 0.002140
• Fees: 0.00002266
• Net per unit: 0.00211734
• Notional (100k): ~ $211.73

• IMX (Coinbase buy @ 0.138900; Coinbase sell @ 0.167600)
• Gross spread: 0.028700
• Fees: 0.00030650
• Net per unit: 0.02839350
• Notional (100k): ~ $2,839.35

• MINA (Bybit buy @ 0.060560; Coinbase sell @ 0.072000)
• Gross spread: 0.011440
• Fees: 0.00013256
• Net per unit: 0.01130744
• Notional (100k): ~ $1,130.74

Notes on notional and fees

• The per-unit calculations above use a standard assumption: 0.1% taker fee per side (0.2% total). Real-world fees vary by venue, tier, and whether you’re posting maker-limiting orders for rebates. If you have maker rebates or lower taker rates, net profits would be proportionally higher.
• Notional calculations assume 100k units for each asset. If you scale differently, multiply accordingly (net per unit × number of units = net profit; notional = pb × units for the buy leg or ps × units for the sell leg, depending on the convention you track).

Minimum viable spread and execution guardrails

• With 0.1% per side, the break-even threshold is ps − pb ≈ 0.002 pb (roughly 0.2% relative uplift). The top five opportunities far exceed this, even after fees, so the trades are attractive on a purely price-edge basis.
• If you operate at higher throughput with favorable maker rebates or lower taker fees, your break-even spreads shrink further, increasing the practical set of tradable opportunities beyond the five highlighted here.

⚠️ Risk Alerts

• Withdrawal delays and on-chain settlement speeds: Cross-exchange arb requires credible bridging/withdrawal times. Any slowdown can erode profits or lock capital.
• Liquidity risk and slippage: Exact price points may not fill fully. Be prepared for partial fills and adjust order sizing dynamically.
• Exchange reliability: Sudden API outages, maintenance windows, or funding issues can disable legs, forcing you to abort or adjust risk exposure.
• Regulatory and compliance risk: Cross-border activity and cross-exchange transfers can be subjected to varying compliance checks; ensure you’re aligned with KYC/AML rules across venues.
• Latency and routing risk: The theoretical edge assumes instantaneous execution. Latency spikes can turn a profitable leg into a marginal or loss-making one.

🔮 Tomorrow's Setup

• Assets to monitor: BLUR, MINA, ROSE, IMX (both the Coinbase-facing IMX legs), and MINA again across the Bybit- Coinbase and OKX-Binance corridors.
• Exchange pairs to watch: OKX↔Binance (BLUR), Bybit↔Coinbase (MINA), Binance↔Coinbase (ROSE), Coinbase↔Coinbase submarket (IMX), Bybit↔Coinbase (MINA) as a recurring pattern.
• Best times to look: When liquidity is greatest across the major venues (usually overlap windows between European/North American market hours, plus the Asia-Pacific session). Set automated alerts around these corridors to capture incoming ticks as soon as they appear.
• Execution blueprint: prioritize automated, low-latency routes with pre-allocated balance on both sides. Validate every price edge against live depth, ensure immediate settlement potential, and cap exposure per leg to your risk budget.

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Arbitrage Hunter — April 1, 2026