🎯 Arb Desk Report

Date: February 24, 2026

Top patterns across the data suggest certain exchange pairs repeatedly appear on the favorable side of the ledger (Bitunix/Bybit, Bybit/Hyperliquid, Coinbase cross-exposures, Bitget/Gate Futures, OKX usage, etc.), but true execution readiness will hinge on liquidity depth, withdrawal times, and latency between the involved venues.

🏆 Top 5 Arbitrage Opportunities

Each entry includes asset, spread, buy and sell legs with exact prices, and considerations on liquidity, window length, and executability. Availability volumes and window lengths are not disclosed in the dataset.

• Buy exchange and price: Bitunix at $0.129470
• Sell exchange and price: Bybit at $0.133570
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: ESP liquidity on Bitunix/Bybit legs, cross-exchange withdrawal timing, potential latency in price convergence, counterparty settlement risk
• Executability take: Likely executable in principle due to a sizable price delta, but real-time liquidity and withdrawal constraints must be verified before committing medium to large size. With zero disclosed volume, start with a small pilot and monitor for liquidity constraints and any brokered transfer delays.

• Buy exchange and price: Bybit at $0.023765
• Sell exchange and price: Hyperliquid at $0.024756
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Cross-exchange liquidity on tiny-cap assets, potential withdrawal bottlenecks, funding/transfer speed differences
• Executability take: Appears executable on a best-effort basis if liquidity exists; confirm available depth and transfer times before scale, given the tiny price levels involved.

• Buy exchange and price: Coinbase at $0.153800
• Sell exchange and price: Coinbase at $0.179800
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Coinbase cross-lab arbitrage may hinge on same-venue timing, but this case uses Coinbase on both legs (one buy, one sell) across another listing; ensure proper wallet/account permissions and withdrawal speed
• Executability take: High potential if cross-exchange timing can be synchronized; the same-exchange buy/sell dynamic requires careful routing and minimum latency to avoid internal arbitrage frictions.

• Buy exchange and price: Coinbase at $0.237500
• Sell exchange and price: Coinbase at $0.277400
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Cross-venue latency for native asset on Coinbase, withdrawal/transfer throughput, price drift during settlement
• Executability take: Strong candidate if Coinbase liquidity and wallet throughput align; given the sizable absolute difference, a cautious, staged approach is advised.

• Buy exchange and price: Bybit at $0.106650
• Sell exchange and price: OKX at $0.108810
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Rapidly changing quotes on Bybit/OKX, cross-venue settlement risk, potential withdrawal delays
• Executability take: Plausible with real-time depth check and confirmation of transfer readiness; proceed with a small trial and escalate if liquidity confirms.

📊 Exchange Spread Patterns

• Consistent cross-exchange routes: Several entries leverage cross-venue legs that frequently appear in opinion-forming arbitrage shells. For instance, ESP shows opposing legs between Bitunix/Bybit and Bybit/OKX across different ESP entries, hinting at persistent mispricing windows between spot-like markets and perpetual/derivative venues.
• Bitget usage as a recurring buy leg: ESP (10.17%) and ESP (9.36%) both feature Bitget as the buy leg, paired with different sell venues (Bybit or OKX). This hints at Bitget’s liquidity profile allowing observable price dislocations to be captured when paired with a contrasting sell venue.
• Coinbase as a common counterparty anchor: IMX and STX exploit Coinbase for both buy or sell legs in combination, reinforcing Coinbase liquidity as a central hub for cross-venue pricing, albeit with caveats about withdrawal/reconciliation times and exposure to cross-venue latency.
• OKX as a frequent sell leg: A number of ESP and ESP-derived opportunities position OKX on the sell side, often against Bitget or Bybit, suggesting OKX’s price channel can diverge meaningfully from other venues in certain asset classes or time windows.
• Cross-venue variety: The data shows a mix of spot-like venues (Coinbase, Bybit Spot) and futures/derivative gateways (Gate Futures, OKX Futures, Hyperliquid). This diversification hints at a broad spectrum of liquidity and settlement dynamics that must be reconciled for risk-controlled execution.

Overall pattern takeaway: The spreads are not isolated to a single pair or pair type; rather, mispricings arise across several cross-exchange legs. Traders should map the volatility and liquidity profiles of the specific legs involved, especially for tiny-cap assets or cross-lair tokens where depth can evaporate quickly. Prioritize legs with verifiable depth, reliable withdrawal routes, and predictable settlement timings.

⚡ Speed vs Size Analysis

• Speed advantages: The largest spreads (e.g., ESP 29.05%) // IMX 16.91% / STX 16.80% offer substantial edge potential, especially when latency is minimal and order book depth supports rapid entry/exit. These are the kinds of opportunities that reward fast automated routing and tight slippage controls.
• Size advantages: Slower larger spreads (e.g., 16–20% ranges) can be more forgiving if liquidity is adequate; however, the risk of adverse price moves increases with time-to-fill. With zero disclosed volumes, larger size could push prices against the leg, eroding profit margins.
• Slippage considerations: For tiny-margin or small-price-footprint options (e.g., ESP 15.80% leg), even minor slippage can eat a meaningful portion of the gross edge. In contrast, big-edge legs (e.g., IMX and STX) may tolerate slightly larger latency if depth holds, but price drift during settlement can still wipe out the arbitrage.
• Position sizing recommendations:
• For high-edge, high-latency-sensitive legs, start with small, automated allocations to gauge depth and withdrawal times, then scale up as liquidity confirms.
• For mid-edge opportunities, use tiered sizing—smaller initial bets to confirm execution reliability, with an increase once depth and withdrawal speed prove stable.
• Always pre-allocate balance across buy and sell venues to avoid last-mile funding delays.

Net-net: There is a tradeoff between the big reported spreads (high edge) and the practical liquidity required to exploit them reliably. In this environment, speed and automation paired with conservative sizing is optimal, especially given the absence of disclosed volumes.

💰 Profit Calculations

Assuming a baseline trading cost structure of 0.1% per leg (i.e., 0.1% on the buy and 0.1% on the sell per leg, total 0.2% of notional per side, or 0.4% round-trip across both legs), the following per-unit net profit figures emerge for the top five opportunities:

• ESP — 29.05% spread (Bitunix buy at 0.129470, Bybit sell at 0.133570)
• Gross per unit: 0.133570 - 0.129470 = 0.004100
• Fees per unit: 0.00129 (buy) + 0.00013357 (sell) = 0.00026304
• Net per unit: 0.004100 - 0.00026304 = 0.00383696
• Net ROI relative to buy price: 0.00383696 / 0.129470 ≈ 2.97%

• SKR — 24.83% spread (Bybit buy at 0.023765, Hyperliquid sell at 0.024756)
• Gross per unit: 0.000991
• Fees per unit: 0.000023765 + 0.000024756 = 0.000048521
• Net per unit: 0.000991 - 0.000048521 = 0.000942479
• Net ROI: 0.000942479 / 0.023765 ≈ 3.96%

• IMX — 16.91% spread (Coinbase buy at 0.153800, Coinbase sell at 0.179800)
• Gross per unit: 0.026000
• Fees per unit: 0.0001538 + 0.0001798 = 0.0003336
• Net per unit: 0.026000 - 0.0003336 = 0.0256664
• Net ROI: 0.0256664 / 0.153800 ≈ 16.68%

• STX — 16.80% spread (Coinbase buy at 0.237500, Coinbase sell at 0.277400)
• Gross per unit: 0.039900
• Fees per unit: 0.0002375 + 0.0002774 = 0.0005149
• Net per unit: 0.039900 - 0.0005149 = 0.0393851
• Net ROI: 0.0393851 / 0.237500 ≈ 16.59%

• ESP — 15.80% spread (Bybit buy at 0.106650, OKX sell at 0.108810)
• Gross per unit: 0.002160
• Fees per unit: 0.00010665 + 0.00010881 = 0.00021546
• Net per unit: 0.002160 - 0.00021546 = 0.00194454
• Net ROI: 0.00194454 / 0.106650 ≈ 1.82%

Notes on profitability:

• Notional volume is not specified in the dataset, so per-unit profits are provided as a reference. To translate into dollar profits, multiply the per-unit net profit by the number of units traded on each leg.
• The gate for profitability is highly sensitive to actual volumes, withdrawal speeds, and the real-fee schedules of the specific exchanges used at execution time. If any leg imposes higher fees (e.g., tiered taker/maker structures, withdrawal fees, or deposit minimas) or if liquidity collapses, net profits will shrink rapidly.
• A cautious approach is recommended: begin with small notional tests to verify depth and timing, then scale only after observed reliability.

Minimum spread worth chasing (with the assumed 0.1% maker/taker on each leg, i.e., ~0.2% total per leg and ~0.4% round-trip):

• A practical rule of thumb is to target net per-unit profit above ~0.001 to cover edge-case frictions and potential slippage.
• Based on the numbers above, opportunities 1, 3, 4, and 5 comfortably exceed 0.001 per unit (0.00384, 0.02567, 0.03939, 0.00194 respectively). Opportunity 2 hovers near the threshold (0.00094), and would require careful execution discipline and confirmation of liquidity to confirm a safe, scalable fill.

⚠️ Risk Alerts

• Withdrawal delays and on-chain settlement times: Some venues have non-trivial withdrawal times that can widen the price gap during bridging. Always factor in time-to-transfer risk between legs.
• Liquidity assertions: The dataset provides no volume figures. Depth at the quoted prices could be shallow, leading to slippage and partial fills, or to the price moving away from the quote before fill completes.
• Exchange outages or maintenance: In the time window between buying and selling, an exchange could pause withdrawals or suspend trading, killing the arb.
• Latency and routing risk: Cross-exchange paths rely on fast routing and reliable connectivity. Any hiccup could allow the price to revert before execution completes.
• Regulatory/compliance frictions: Some venues have stricter KYC/withdraw limits that can slow reallocation of funds and tokens.
• Market microstructure changes: The absence of pump/dump momentum (Total pump volume: $0.0M, Total dump volume: $0.0M) means mispricings could be transient and driven by finite-depth events; maintain a tight risk control on position size per leg.

Mitigation suggestions:

• Use automated, direct-venue routes with pre-funded balances to avoid funding delays.
• Start with small tests to verify depth and cross-wallet transfer times before scaling.
• Monitor spread decay, liquidity depth, and withdrawal queues in real time; be ready to prune positions if depth evaporates.

🔮 Tomorrow's Setup

• Assets to watch: IMX and STX (both showing robust spreads on Coinbase-centered legs) and ESP legs involving Bitunix/Bybit and Bybit/OKX for the high-edge opportunities.
• Exchange pairs to monitor: Bybit vs Bitget (for buy legs), OKX vs Bitget (for sell legs), Coinbase as a hub for IMX/STX (both buy/sell on Coinbase contexts), Gate Futures in conjunction with POWER or PIPPIN setups for larger legs.
• Timing cues: In a market with no active pump/dump and with price-discovery arising from cross-exchange gaps, anticipate faster opportunities during moments of cross-venue quote refreshes (begin monitoring during the start of each major liquidity window: early market open, major regional session overlaps, and post-lunch liquidity spikes). Prioritize ESP and IMX/STX legs for rapid capture with automated routing as spreads widen or narrow.
• Best practice watchlist:
• ESP: Bitunix/Bybit (29.05%); Bybit/OKX (15.80%)
• SKR: Bybit/Hyperliquid (24.83%)
• IMX/STX: Coinbase-centric on both sides (16.91% and 16.80%)
• ESP: Bitget/Bybit (10.17%); Bitget/OKX (9.36%)
• PIPPIN: Bitget/Gate Futures (8.84%)
• Execution discipline: Prioritize non-friction legs with verified depth and respectable withdrawal speeds. Use tiered sizing with strong pre-trade checks on liquidity and cross-swap risk, and maintain a responsive exit plan in case of price reversion.

Sign Off

Arbitrage Hunter — February 24, 2026