🎯 Arb Desk Report

Date: February 23, 2026

🏆 Top 5 Arbitrage Opportunities

Each entry uses the exact prices and spreads provided. Available volume and window duration are not disclosed in the dataset, so execution feasibility reflects typical market frictions rather than confirmed fills.

• Buy exchange: Coinbase, price $0.823400
• Sell exchange: Coinbase, price $1.234700
• Available volume: Not disclosed
• Window lasted: Not disclosed
• Risk factors: Even though both legs reference Coinbase, cross-instrument/market structure must support a true two-sided fill. If these quotes reflect a single-venue discrepancy rather than a true inter-market delta, fills may be impossible or highly delayed. Liquidity depth on the exact order book levels matters; slippage can erode the edge quickly in fast markets. Withdrawal speed from Coinbase and timing of transfers to the selling venue (or to settle a paired position) are critical risk vectors.
• Executable? Theoretically attractive on paper (per-unit gross $0.411300), but practically questionable without verifiable cross-instrument or cross-venue working quotes and guaranteed liquidity. Proceed only with pre-placed, pegged quotes and a fast execution bridge. My take: not reliably executable as stated; treat as a strong candidate for market-making or an aggregator that can lock both sides in a single, low-latency path.

• Buy exchange: OKX Spot, price $0.826500
• Sell exchange: Coinbase, price $1.234700
• Available volume: Not disclosed
• Window lasted: Not disclosed
• Risk factors: Cross-venue latency risk, potential FX or stablecoin settlement mismatches if asset wrappers or token standards differ. Depth on OKX Spot and the ability to move APT quickly to Coinbasefor immediate selling are essential; if the transfer chain or bridge incurs delays, the window collapses.
• Executable? Similar to the first but with a more plausible cross-venue structure (OKX to Coinbase). Still contingent on liquidity and fast bridge mechanics. Net edge per unit ~$0.408200 pre-fees; with typical fees, the post-fee edge narrows rapidly if fills are not instant. Guarded optimism: actionable only with robust liquidity and bridging capability.

• Buy exchange: Bybit Spot, price $0.844000
• Sell exchange: Coinbase, price $1.159100
• Available volume: Not disclosed
• Window lasted: Not disclosed
• Risk factors: Bybit-to-Coinbase cross-execution risk includes withdrawal/transfer delays, price impact on Bybit’s order book, and exchange-specific liquidity constraints. If the Bybit leg cannot deliver promptly to Coinbase for immediate sale, the edge shrinks or vanishes.
• Executable? The per-unit edge is substantial at gross $0.315100. Execution hinges on rapid cross-exchange transfer and immediate, full fills on both sides. My take: potentially executable if a direct, low-latency bridge exists; otherwise, expect slippage and partial fills.

• Buy exchange: Hyperliquid, price $0.045357
• Sell exchange: Bybit, price $0.047930
• Available volume: Not disclosed
• Window lasted: Not disclosed
• Risk factors: Hyperliquid vs Bybit spread involves a minimal notional price; despite the large percentage edge, the absolute delta is modest ($0.002573 per unit). Liquidity on Hyperliquid for PROMPT and on Bybit’s side is critical; even small depth constraints or network/bridge delays can wipe out the edge. Fees and withdrawal times become magnified because margins are tight in USD terms.
• Executable? The edge is real in percent terms, but the small absolute delta makes execution extremely sensitive to fees and slippage. If liquidity depth is adequate, it could be actionable; otherwise, not reliably so.

• Buy exchange: OKX Spot, price $0.047190
• Sell exchange: OKX Spot, price $0.048439
• Available volume: Not disclosed
• Window lasted: Not disclosed
• Risk factors: A same-exchange, different-side quote dynamic (OKX Spot to OKX Spot) implies a potential internal market microstructure anomaly or misreport. If genuine cross-book or instrument-based dislocation exists within OKX, it requires immediate, robust pairing to avoid internalistic price reconvergence. Exchange latency and liquidity across OKX’s own books matter.
• Executable? The edge per unit is $0.001249, but given it’s inside the same venue, the practical executable path is uncertain. Likely to be more speculative unless you have direct internal routing or guaranteed dual-quote fills. Treat as a lower-confidence, high-risk opportunity.

📊 Exchange Spread Patterns

• Multi-venue intensity on APT: The strongest edges for APT involve Coinbase as the sell or buy anchor, paired with OKX Spot or Bybit as the counterpart for the buy side. The GBP of the spreads consistently sits near the 49% neighborhood when Coinbase is the sell leg and the buy leg comes from another venue (OKX, Bybit). This suggests Coinbase often anchors the high-price side, while inter-exchange depth on the buy side (OKX, Bybit) can generate large delta opportunities if that depth is robust.
• Cross-venue spot patterns: The data shows several cross-venue spot-to-spot patterns (e.g., OKX Spot buy vs OKX Spot sell) for PROMPT, indicating a potential mispricing within the same venue’s own order book split across different facilities (or a data/reporting artifact). Use caution: same-exchange arbitrage requires trust in dual-side fills and low latency routing to avoid an immediate reversion.
• Futures and hybrids: NAORIS entries show cross between Bitget (spot) and Gate Futures (futures) and another line between Bitget and Bitunix. This highlights the classic cross-instrument pattern, where a price delta exists between a spot quote and a futures quote for the same asset. Such patterns are historically profitable but carry higher risk due to funding rates, settlement, and cross-margin complexities.
• Hyperliquid vs derivatives: PROMPT 36.47% is Hyperliquid buy against Bybit sell — a cross-venue spot-to-spot but across a different primary venue. This reinforces the theme that smaller, more specialized venues can occasionally exhibit meaningful deltas against more established venues, albeit with liquidity and reliability caveats.
• Consistency: The widest spreads tend to appear when the buy leg originates on a venue with tighter liquidity or faster withdrawals, while the sell leg appears on a venue with deeper order books and more stable execution (e.g., Coinbase, Bybit). The data indicates recurring motifs: APT with Coinbase as the sell anchor, and a mix of OKX/Bybit as the buy anchors, with PROMPT alternating Hyperliquid and OKX as buy legs.

Overall pattern takeaway: Large percent deltas cluster around cross-venue and cross-instrument pairings rather than a single exchange-to-exchange feed. The most actionable patterns for professionals are those with clear cross-exchange buy depth and a fast, reliable path to the corresponding sell venue, with tight withdrawal and transfer windows.

⚡ Speed vs Size Analysis

• Speed-driven trades favor the largest spreads. The APT opportunities offer the strongest economic edge per unit but demand near-instant liquidity and bridge velocity. If you can route orders to capture a 0.82–0.83 USD buy and sell into Coinbase at 1.23+ USD almost simultaneously, the speed of the bridge matters more than raw size because any lag compresses the spread quickly.
• Size-driven trades thrive where the absolute delta is small but the buy price is low and the sell price is reliably liquid. The PROMPT opportunities with deltas around 0.001–0.003 USD per unit fall into this category. They can be profitable with large notional volumes, provided liquidity is sufficient on both sides. However, slippage on either leg quickly erodes the edge if depth is shallow.
• Slippage considerations: On high-spread, high-notional trades, slippage can be dramatic if you place aggressive market orders or if the book depth is thin. For the PROMPT examples, even a modest slippage of a few microcents per unit can completely wipe a fragile edge.
• Position sizing: For high-edge, low-liquidity opportunities (e.g., PROMPT lights), size aggressively only if you can guarantee fill on both legs and minimize delay. For very large cross-venue prints (like APT on Coinbase buys/sells), cap exposure to the degree you can route and settle in real time, and consider tiered quotes to prevent partial fills.
• Practical rule of thumb: Use a mix of limit orders to lock in the quoted edge, alongside fast, automated market-making capabilities to step into the spread as soon as a counterpart emerges. Invest in low-latency connectivity to Coinbase, OKX, Bybit, Hyperliquid, and the other relevant venues, and test bridges for reliability.

Position sizing recommendations:

• For marquee edges with per-unit gross > $0.30 (e.g., APT patterns), consider starting with moderate notional exposure (e.g., a few hundred to a few thousand tokens, depending on liquidity and capital base), with tight risk controls and immediate exit paths.
• For the PROMPT set with per-unit gross in the 0.001–0.003 range, you’ll need significant volume to realize material profits. Use a scaled approach: deploy in increments, monitor depth metrics, and stop when depth fattens or slippage costs exceed target margins.

Net profit illustration (per unit and potential 1,000-unit example, using a 0.20% taker fee per side = 0.40% total trading fee):

• Assumed trading fee: 0.4% total per round trip
• APT (49.95%): Buy $0.823400, Sell $1.234700; Gross delta = $0.411300

Net per unit ≈ 0.411300 × (1 − 0.004) = 0.4096548 1,000 units approximate net: ≈ $409.65

• APT (49.39%): Buy $0.826500, Sell $1.234700; Gross delta = $0.408200

Net per unit ≈ 0.408200 × 0.996 ≈ 0.406567 1,000 units approximate net: ≈ $406.57

• APT (37.33%): Buy $0.844000, Sell $1.159100; Gross delta = $0.315100

Net per unit ≈ 0.315100 × 0.996 ≈ 0.313840 1,000 units approximate net: ≈ $313.84

• PROMPT (36.47%): Buy $0.045357, Sell $0.047930; Gross delta = $0.002573

Net per unit ≈ 0.002573 × 0.996 ≈ 0.002563 1,000 units approximate net: ≈ $2.56

• PROMPT (34.47%): Buy $0.047190, Sell $0.048439; Gross delta = $0.001249

Net per unit ≈ 0.001249 × 0.996 ≈ 0.001244 1,000 units approximate net: ≈ $1.24

Minimum spread worth chasing (simple threshold):

• Break-even delta per unit under 0.4% total fee equals 0.004 × buy_price. For the two PROMPT trades, break-even deltas are:
• Hyperliquid PROMPT: buy 0.045357 → break-even ≈ 0.0001814; actual gross 0.002573, so above break-even.
• OKX PROMPT: buy 0.047190 → break-even ≈ 0.0001888; actual gross 0.001249, so above break-even.
• For APT entries with buy prices around 0.82–0.84, break-even is about 0.0033–0.0034, well below the observed gross deltas of 0.315–0.411. So these are comfortably above break-even on a per-unit basis, assuming fills.

Note: These calculations assume the standard 0.2% taker fee per side and ignore potential withdrawal bridging costs, custody fees, and any transfer latency penalties. If you transfer assets between exchanges, withdrawal fees and network costs can erode the edge. Treat the above as base-case illustrations; augment with exact exchange-specific fee schedules and bridge costs for precise P&L.

⚠️ Risk Alerts

• Withdrawal delays: Cross-exchange arbitrage depends on rapid transfer between venues. If the withdrawal/bridge process delays the second leg, the edge collapses.
• Liquidity and depth risk: The reported spreads assume the books at both legs can sustain execution. If depth is shallow, slippage can eliminate or invert the edge.
• Exchange issues: Any unexpected maintenance, API outages, or withdrawal suspensions on Coinbase, OKX, Bybit, Hyperliquid, Gate Futures, Bitget, or Bitunix can cause partial fills or failed legs.
• Price reversion risk: Arbitrage deltas across assets and instruments can reverse in seconds. Price movement between order placement and fill can erase profits.
• Cross-venue frictions: Spot-to-spot mismatches within the same venue (e.g., OKX Spot buying and selling) may reflect microstructure anomalies or stale quotes. Confirm quotes with live feeds before attempting to trade.
• Fees variability: Taker/maker fee tiers differ by exchange and can change with account status; withdrawal fees and network gas can fluctuate. Real profitability requires up-to-date fee modeling.

🔮 Tomorrow's Setup

• Focus assets: APT and PROMPT will continue to be the most visible edge generators, given their high reported spreads across multiple counterparties (COINBASE as a frequent sell anchor for APT and Hyperliquid/OKX patterns for PROMPT). Monitor both cross-exchange and cross-instrument pairs involving Coinbase, OKX Spot, Bybit Spot, Hyperliquid, Gate Futures, Bitget, and Bitunix.
• Time windows: Expect morning volatility around market-open times across major regions; watch for sudden shifts in depth as liquidity providers reallocate order books. Keep an eye on the Asia session overlap (roughly 2100–0300 UTC) and European session openings (0600–0900 UTC), when cross-exchange activity often spikes.
• Pairs to watch: APT (Coinbase buy vs Coinbase sell variants) and PROMPT (Hyperliquid/OKX cross) are the immediate high-signal candidates. Also keep an eye on NAORIS and RIVER patterns if liquidity increases on Bitget, Gate Futures, Bitunix, and OKX/Bitget pairings.

Operational takeaway: If you run a disciplined arb desk, prioritize opportunities with the strongest per-unit deltas and verifiable cross-exchange liquidity. Validate real-time depth through live order books on each venue, verify bridge latency, and ensure you can execute both legs within a single, low-latency route. Use limit orders to capture at quoted levels, and prepare contingency exits in case one leg jams.

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Arbitrage Hunter — February 23, 2026