🎯 Arb Desk Report

Date: February 21, 2026

The market structure here is multi-venue and multi-asset: buy on one exchange, sell on another, sometimes crossing by simple notion of where the token is relatively cheaper and where it commands a higher bid. The data show clean, cross-exchange price differentials, but liquidity, withdrawal timing, and cross-chain transfer friction will be the real gatekeepers of feasibility. In short: the best spreads are compelling on paper; the real test is whether you can snap and route quickly enough to capture them before the window collapses.

Here are the top five opportunities, distilled for professional arbiters who live on the edge of delta and latency. The numbers you’ll see are the exact prices and spreads from the dataset; where the volumes and window lengths aren’t provided, I flag that clearly and offer executable guidance grounded in current liquidity and typical exchange frictions.

🏆 Top 5 Arbitrage Opportunities

• Buy exchange and price: Coinbase at $0.165500
• Sell exchange and price: Coinbase at $0.230500
• Available volume: not disclosed
• Window duration: not disclosed
• Risk factors: Liquidity on Coinbase for this micro-asset may be thin at the edges; price can move rapidly in a labored spread as counterparties fill. Cross-check liquidity and transfer times; ensure you can move funds into the buy and out of the sell quickly.
• Execution note: In principle executable, given the large gap on the same exchange, but a single-session cross-trade on the same venue is unusual in modern venues. If this represents two separate Coinbase markets (or a mislabel of market segment), you’d need immediate routing and tied liquidity on both legs. Confirm warranty of funds and permits to settle on Coinbase before committing capital.
• Net profit per unit (assuming 0.2% per side fees): Gross = 0.230500 − 0.165500 = 0.065000. Fees: buy side 0.165500 × 0.002 = 0.000331; sell side 0.230500 × 0.002 = 0.000461. Total fees ≈ 0.000792. Net ≈ 0.064208 per unit.

• Buy exchange and price: Bybit Spot at $0.032108
• Sell exchange and price: Coinbase at $0.034170
• Available volume: not disclosed
• Window duration: not disclosed
• Risk factors: Cross-check Bybit Spot liquidity for AZTEC; Coinbase liquidity for this token may be thin; fragmentation across wallets and wallets-to-exchanges can slow settlement. Watch for withdrawal delays and deposit confirmation times if you’re moving tokens between venues.
• Execution note: Executable in principle if you can move the token quickly and avoid cross-venue settlement risk. The spread is significant, but the bid-ask depth on these micro-denomination assets matters.
• Net profit per unit (0.2% per side): Gross = 0.034170 − 0.032108 = 0.002062. Fees: buy 0.032108 × 0.002 = 0.000064216; sell 0.034170 × 0.002 = 0.000068340. Total fees ≈ 0.000132556. Net ≈ 0.00192944 per unit.

• Buy exchange and price: Bybit Spot at $0.113300
• Sell exchange and price: Coinbase at $0.124000
• Available volume: not disclosed
• Window duration: not disclosed
• Risk factors: The token’s on-ramp/off-ramp liquidity varies; Bybit verses Coinbase price feeds could drift during trade. Slippage on the Bybit leg and immediate settlement into Coinbase should be planned for.
• Execution note: Plausible if you can route and settle quickly; the spread is wide enough to cover typical fees, but ensure you can access both venues with minimal latency.
• Net profit per unit (0.2% per side): Gross = 0.124000 − 0.113300 = 0.010700. Fees: buy 0.113300 × 0.002 = 0.00022660; sell 0.124000 × 0.002 = 0.000248. Total ≈ 0.00047460. Net ≈ 0.01022540 per unit.

• Buy exchange and price: Coinbase at $1.250000
• Sell exchange and price: Bybit Spot at $1.350000
• Available volume: not disclosed
• Window duration: not disclosed
• Risk factors: DOT tends to have deeper order books on major venues, but cross-venue execution still invites latency risk. You’ll want fast cross-venue settlement and well-vetted counterparty onboarding on Bybit for the sell leg.
• Execution note: High executability potential given the sizeable price delta; ensure you can lock the Bybit leg and manage any demand on Bybit’s copybook to avoid slippage.
• Net profit per unit (0.2% per side): Gross = 1.350000 − 1.250000 = 0.100000. Fees: buy 1.250000 × 0.002 = 0.002500; sell 1.350000 × 0.002 = 0.002700. Total ≈ 0.005200. Net ≈ 0.094800 per unit.

• Buy exchange and price: Bybit at $0.032994
• Sell exchange and price: Gate Futures at $0.033660
• Available volume: not disclosed
• Window duration: not disclosed
• Risk factors: Gate Futures liquidity for AZTEC is a variable; ensure you have a clear route for the sell leg and handle any funding/withdrawal delays if you plan to settle in Gate. Bybit is generally liquid for many tokens, but exotic pairs can surprise you with depth.
• Execution note: The spread is meaningful; with careful routing and a conservative position size, this is executable, particularly if you can lock both legs simultaneously.
• Net profit per unit (0.2% per side): Gross = 0.033660 − 0.032994 = 0.000666. Fees: buy 0.032994 × 0.002 = 0.000065988; sell 0.033660 × 0.002 = 0.000067320. Total ≈ 0.000133308. Net ≈ 0.000532692 per unit.

Notes on the Top-5 calculations:

• The net-per-unit figures above assume a conservative total fee of 0.4% (0.2% per side). If you can apply maker-friendly or volume-based rebates on either leg, you can improve net profitability.
• All five opportunities show positive net-per-unit outcomes under these assumptions. The actual realized profit will scale with available volume and your execution speed.

📊 Exchange Spread Patterns

• Cross-venue breadth: The dataset shows frequent cross-venue arbitrage: buy on one venue, sell on another, across both major exchanges (Coinbase, Bybit, Gate Futures) and various spot/futures portals (OKX, Bitget). This indicates persistent price inefficiencies across a multi-exchange market that can be exploited if you maintain low-latency connectivity and fast routing.
• Common directional pattern: In several opportunities, Coinbase is the cheaper leg (buy) while a non-spot or futures venue offers the higher bid (sell). For example, DOT typically presents buy on Coinbase and sell on a more aggressive venue (Bybit Spot). This pattern aligns with larger exchange dynamics: centralized fiat gateways (Coinbase) sometimes carry smaller internal spreads than crypto-native venues where liquidity is more dynamic.
• AZTEC appears multiple times with Bybit as a liquidity node on the buy side and a larger venue (Coinbase or Gate Futures) as the sell side, suggesting AZTEC’s liquidity is concentrated in a few venues with cross-venue price differentials.
• OKX and Gate Futures show up in PRCL and AZTEC patterns, respectively, suggesting that futures platforms can be a meaningful outlet for selling tokens that see strong retail demand on spot venues.
• Hyperliquid vs CEX: The recurring appearances of Bybit, Bitget, Gate Futures, and OKX alongside Coinbase imply a persistent gap between hyperliquid venue pricing and fiat gateways or traditional spot exchanges. The spread magnitudes tend to be larger when cross-venue depth is thinner, which matches general arbitrage expectations across crypto markets.

⚡ Speed vs Size Analysis

• Speed advantages: High-spread edges that are large (like IMX) can justify lightning-fast routing and near-instant settlement. The proportional costs are small relative to the gap, so speed can be the difference between capture and slippage.
• Size advantages: Smaller spreads (like the AZTEC and ENSO-type opportunities) can still be profitable but require careful sizing. Slippage becomes a meaningful factor as you scale, so you must assess order book depth before committing larger notional exposures.
• Slippage concerns: For tokens with low liquidity, even perceived wallet-to-wallet slippage can erode profit margins quickly. Always stress-test with a conservative position size and consider tiered orders to minimize market impact.
• Position sizing recommendations: Start with micro-positions on the widest spreads (IMX and DOT top pairings) to validate latency and routing reliability. Once execution confidence is established, increase exposure on mid-range spreads (AZTEC and APE) while maintaining guardrails around liquidity and withdrawal times.

💰 Profit Calculations

• Gross spread: The per-unit price difference (sell − buy). For IMX, this is 0.065000 per unit; for AZTEC-COINBASE example, 0.002062; for APE, 0.010700; for DOT, 0.100000; for AZTEC-Gate, 0.000666.
• Fees (example scenario, 0.2% per side, i.e., 0.4% total): Buy fee = buy_price × 0.002; Sell fee = sell_price × 0.002; Total fees = sum of both legs.
• Withdrawal fees: Not disclosed in data; typically exchange- and asset-specific. Always factor these in if you must move assets off-exchange.
• Net profit per unit: Gross − Total fees. Sample nets (per unit) under 0.4% total fees:
• IMX: ≈ 0.064208
• AZTEC (Bybit→Coinbase): ≈ 0.001929
• APE: ≈ 0.010225
• DOT: ≈ 0.094800
• AZTEC (Bybit→Gate): ≈ 0.000533
• Minimum viable spread threshold: A helpful rule of thumb is the break-even spread, given total per-side fees. If each leg incurs f (per-side), then break-even price ratio p ≈ (1+f)/(1−f), and the break-even spread ≈ (p−1). For typical taker-like fees (0.2% per side, total 0.4%), the break-even spread is around 0.40% of the buy price. If you can secure maker-level (0.1% per side) terms, break-even drops toward roughly 0.20%.
• Practical takeaway: All top-5 opportunities have spreads well above even the conservative 0.40% break-even threshold, assuming standard taker-like liquidity costs. Real-world profits scale with volume, but you must manage routing latency and cross-venue settlement times to realize these gains.

⚠️ Risk Alerts

• Withdrawal and transfer delays: Cross-exchange arbitrage hinges on rapid movement of assets. If a token requires long confirmations or slow withdrawal windows, your realized profit can shrink or vanish.
• Liquidity cliffs: Some of these tokens have thin order books on certain venues. Slippage can erode the edge quickly, especially on the sell leg.
• Exchange reliability: The system’s health on Bybit, Gate Futures, OKX, Bitget, and Coinbase matters. Any temporary halt, API issue, or liquidity dry-up can turn a profitable spread into a missed opportunity.
• Regulatory/KYC constraints: Debiting from one venue and crediting to another may trigger compliance checks. Ensure your operational setup respects KYC/AML rules across platforms.
• Market risk: While the dataset shows price gaps, real-time conditions can reversed quickly if a large player hits the book, moving the price on one leg before the other fills.
• Counterparty risk: When selling on futures overlays or cross-margin venues, tight risk controls are essential to avoid margin calls or forced liquidations.

🔮 Tomorrow's Setup

• Assets to watch: IMX, AZTEC, APE, DOT, and the AZTEC pairings remain prime vehicles for cross-venue edges. The same brokers (Coinbase, Bybit, Gate Futures, OKX, Bitget) should be monitored for new dislocations as liquidity waxes and wanes.
• Exchange pairs to monitor:
• IMX: Coinbase buy vs Coinbase sell (edge may reflect internal cross-book dynamics or hidden liquidity)
• AZTEC: Bybit Spot buy vs Coinbase sell; Bybit Spot buy vs Gate Futures sell
• APE: Bybit Spot buy vs Coinbase sell
• DOT: Coinbase buy vs Bybit Spot sell
• AZTEC: Bybit buy vs Gate Futures sell
• Best times to watch: Liquidity typically expands around major market opens and near the top of hour marks due to automated routing windows. US market opens (roughly 12:00–16:00 UTC depending on daylight savings) and European / Asia transitions can reveal fresh spreads as orders refresh. Maintain rapid monitoring during these windows and be prepared to thread routes in under a second.
• Monitoring strategy: Use automated price checks across the five top assets and ensure your routing engine can push both legs within microseconds. Set hard risk controls for each leg (maximum notional per leg, slippage threshold, and fallback paths).

Sign Off

Arbitrage Hunter — February 21, 2026