🎯 Arb Desk Report

February 25, 2026. Uncle Sol here, guiding the ARBITRAGE TRADERS in a market that never sleeps. The data snapshot for today shows 105 total arbitrage opportunities across a dense web of spot and futures quotes. The scene is fast, broad, and—yes—lucrative at the top end. The best spread in this list sits at a jaw-dropping 36.85% (APT: buy OKX Spot at $0.847400, sell Coinbase at $1.159100). On the low end, the crowd still has decent cross-exchange edges around the 6–11% region, with multiple assets posting two-way quotes that can be exploited by an agile desk.

The “Total” items in the data include pump/dump metrics that currently register as $0.0M across the board, which means this snapshot is more about price dispersion than realized flow. That’s typical for a day where spreads widen in quotes but turnover remains quiet on the pump/dump side. Nevertheless, for arbitrage traders, the price gaps themselves are the magnet. If you have cross-exchange access, custody, and the ability to move margin quickly, these spreads provide a menu of executable opportunities—especially the giants at the top end of the list.

In this report, I’ll focus on the top venues and the mechanics you’d need to pull them off in real time. I’ll also map patterns across exchange pairs, discuss speed versus size, walk through profit math with a standardized fee model, surface risk alerts, and outline setups to watch for tomorrow. Keep in mind: availability, liquidity depth, and withdrawal timings are critical to execution; the data here is a price snapshot, not a guarantee of fill.

Now, the top five arbitrage opportunities by spread size, with the exact quotes you need to model your leg orders.

🏆 Top 5 Arbitrage Opportunities

• Buy on: OKX Spot at $0.847400
• Sell on: Coinbase at $1.159100
• Available volume: N/A (not disclosed)
• Window lasted: N/A (dataset snapshot)
• Risk factors: OKX liquidity depth at the buy-leg price, Coinbase order book strength on the sell leg, potential transfer frictions if you’re banked on cross-exchange funding, withdrawal/wallet speeds, and post-fill slippage if the market shifts between fill and settlement.
• Executable? High theoretical viability given the price gap, but execution hinges on immediate cross-exchange funding or having the asset already on Coinbase while you arbitrage. If you don’t have custody on both sides, this becomes a delivery risk via on-chain transfers. If you can sweep both sides in parallel or maintain dual holdings, this is very attractive.
• Take: This is the marquee opportunity. If your ops can land the two legs simultaneously and you can lock the asset across exchanges, it’s a strong candidate for a fast fill. Expect small, non-trivial latency risk and possible cross-exchange transfer delays.

• Buy on: Bybit Spot at $0.034230
• Sell on: Coinbase at $0.042400
• Available volume: N/A
• Window lasted: N/A
• Risk factors: Bybit depth at the buy price, Coinbase exit liquidity, and any fees or delays in transferring CHZ between venues if your strategy requires on-chain movement.
• Executable? Likely executable on a platform that can source CHZ on Bybit and rebook on Coinbase with minimal friction. As long as you’re not forced into a long withdrawal cycle, this looks viable on a tight cross-lane basis.
• Take: A top-tier chance on a smaller-cap, liquid-ish asset. It’s feasible with a robust API-driven spread bot and fast settlement rails.

• Buy on: Bitget at $0.103193
• Sell on: OKX at $0.112810
• Available volume: N/A
• Window lasted: N/A
• Risk factors: Bitget’s liquidity around the buy leg, OKX depth on the sell leg, and the time-to-settle between legs. If you’re using a dual-wallet or a bridging solution, watch for delays in funding transfers.
• Executable? Given the moderate size of the spread and the established liquidity on both Bitget and OKX for ALLO, this looks executable in a fast-trading environment with parallel funding.
• Take: Strong, but less dramatic than APT or CHZ. It’s a reliable mid-high edge if you can match the two sides quickly.

• Buy on: Bybit Spot at $0.286000
• Sell on: Coinbase at $0.316700
• Available volume: N/A
• Window lasted: N/A
• Risk factors: Bybit’s liquidity at the buy level, Coinbase’s sell-side depth, potential cross-venue settlement latency, and any withdrawal/regulatory friction if you’re reconciling balances between platforms.
• Executable? Yes, particularly for traders already carrying LA exposure on Bybit and Coinbase. The cross-lane liquidity should permit a clean fill if the order book depth matches.
• Take: High probability of execution with speed advantage. A strong candidate for a primary lane.

• Buy on: Coinbase at $0.212500
• Sell on: Bybit Spot at $0.234500
• Available volume: N/A
• Window lasted: N/A
• Risk factors: Coinbase’s buy-side liquidity for the asset, Bybit’s ability to take the sell leg, and any transfer bottlenecks if you’re re-conciling balances across exchanges.
• Executable? Likely executable in a parallel execution setup; this is a classic cross-venue price ala “spot-to-spot” edge where two venues quote meaningful gaps in opposite directions.
• Take: Strong, complementary to the other LA leg above. It can pair with the Bybit buy leg to deliver a robust arbitrage channel.

📊 Exchange Spread Patterns

• Coinbase as a price anchor on the sell side: Across APT, CHZ, LA, OP, and LA (second entry), Coinbase frequently appears as the higher-priced sell quote or as the counterparty with a price that creates a viable gap for a fast arbitrage. This reflects Coinbase’s role as a retail-floated price aggregator that sometimes lags more nimble venues (Bybit, OKX, Bitget) in price discovery.
• Cross-venue spot-to-spot dispersions: The repeated emergence of OKX, Bybit, Bitget on the buy side, contrasted with Coinbase on the sell side, points to a persistent dispersion between centralized custodial platforms and newer hyper-liquid venues. It’s a classic “hyperliquid vs. CEX” dynamic, with hyperliquid venues showing deeper order books on the bid side, while Coinbase prints aggressive asks that create meaningful spreads for nimble arbitrage desks.
• Bybit and Bitget pairings: The CHZ and ALLO entries show Bybit and Bitget in direct competition with OKX and Coinbase, highlighting a recurring theme: two or more similar spot venues can produce sizable price fractures when their order books diverge.
• The POWER example with Gate Futures shows a futures-exchange angle feeding a larger cross-pair opportunity (Bitget buy vs Gate Futures sell). This underlines a pattern where future markets and spot markets on different platforms can produce robust drivable spreads—provided you can manage cross-venue settlement and volatility risk.

In short, the dominant pattern is cross-venue spot quotes with Coinbase as a frequent opposite-quote anchor, and the highest spreads arise when you can pair a deep buy-side on a fast platform with a strong sell quote on Coinbase or a comparable retail venue.

⚡ Speed vs Size Analysis

• Speed vs size: The top spreads are large, but execution risk rises with speed demands. For the largest gaps (APT, CHZ), you would want near-simultaneous legs: buy on one venue, sell on another, with funds already pre-positioned or aggressively funded to avoid settlement delays.
• Slippage considerations: When you target the big spreads, you’re playing near the edge of depth. If either leg cannot fill in a single sweep, you’ll face slippage that compresses the net edge. APT and CHZ are particularly sensitive to depth at the quoted prices.
• Position sizing recommendations: For big spreads, consider smaller notional entries to protect against execution risk. For example, run micro-trades around CHZ or ALLO where market depth is decent but not infinite. Reserve the lion’s share of capital for consistently high-fill opportunities like the LA legs in the snapshot, which appear to be slightly more anchored to ongoing liquidity.
• Practical approach: Use a two-tier strategy—a fast lane for the top spreads with tight time windows and a secondary lane for 10–12% ranges where you can accumulate fills more reliably without stressing the system. Automated routing and immediate balance reloading across venues will be critical to avoid capture risk during the window.

Net result: The greater the spread, the more forgiving you should be about speed, but you must preserve the ability to fill both legs with tight timing. The break-even concept becomes critical here, as discussed in the Profit Calculations section.

💰 Profit Calculations

A simple, uniform fee model is assumed to translate this into “real” profits. For consistency, I apply a flat taker-style fee of 0.15% on each leg (buy and sell) across both exchanges involved in the trade. This yields a per-unit net profit that is the gross spread minus the combined fee impact, approximated as: Net per unit ≈ (P_sell - P_buy) - 0.0015*(P_sell + P_buy)

Notes:

• The fee model used here is a standard, conservative proxy for a professional arb desk using taker-like costs on both legs. Actual fees differ by venue and tier; adjust accordingly.
• Withdrawal fees are asset- and network-dependent and not included in the per-unit net here due to data scarcity. They can materially affect the bottom line if large sums are moved on-chain or through fiat corridors.

We run the numbers for the top opportunities (per unit of asset):

1) APT

• P_buy = 0.847400; P_sell = 1.159100
• Gross spread = 0.311700
• Net per unit ≈ 0.311700 - 0.0015*(1.159100 + 0.847400) ≈ 0.311700 - 0.00300975 ≈ 0.308690
• Summary: Net about 0.3087 per APT traded. Very attractive if you can hit a fast fill.

2) CHZ

• P_buy = 0.034230; P_sell = 0.042400
• Gross = 0.008170
• Net ≈ 0.008170 - 0.0015*(0.034230 + 0.042400) ≈ 0.008170 - 0.00011495 ≈ 0.008055
• Summary: Net ≈ 0.00806 CHZ per unit; still solid.

• P_buy = 0.103193; P_sell = 0.112810
• Gross = 0.009617
• Net ≈ 0.009617 - 0.0015*(0.103193 + 0.112810) ≈ 0.009617 - 0.000324 = 0.009293
• Summary: Net ≈ 0.00929 per ALLO; favorable.

• P_buy = 0.286000; P_sell = 0.316700
• Gross = 0.030700
• Net ≈ 0.030700 - 0.0015*(0.316700 + 0.286000) ≈ 0.030700 - 0.000904 ≈ 0.029796
• Summary: Net ≈ 0.0298 per LA.

• P_buy = 0.212500; P_sell = 0.234500
• Gross = 0.022000
• Net ≈ 0.022000 - 0.0015*(0.234500 + 0.212500) ≈ 0.022000 - 0.000670 ≈ 0.021330
• Summary: Net ≈ 0.02133 per LA.

6) JASMY

• P_buy = 0.005610; P_sell = 0.006100
• Gross = 0.000490
• Net ≈ 0.000490 - 0.0015*(0.005610 + 0.006100) ≈ 0.000490 - 0.00001757 ≈ 0.000472
• Summary: Net ≈ 0.000472 per JASMY.

• P_buy = 0.102390; P_sell = 0.110400
• Gross = 0.008010
• Net ≈ 0.008010 - 0.0015*(0.102390 + 0.110400) ≈ 0.008010 - 0.000319 ≈ 0.007691
• Summary: Net ≈ 0.00769 per ALLO.

8) OP

• P_buy = 0.117000; P_sell = 0.126000
• Gross = 0.009000
• Net ≈ 0.009000 - 0.0015*(0.117000 + 0.126000) ≈ 0.009000 - 0.0003645 ≈ 0.0086355
• Summary: Net ≈ 0.00864 per OP.

9) DENT

• P_buy = 0.000135; P_sell = 0.000145
• Gross = 0.000010
• Net ≈ 0.000010 - 0.0015*(0.000135 + 0.000145) ≈ 0.000010 - 0.00000042 ≈ 0.00000958
• Summary: Net ≈ 9.6e-06 per DENT.

10) POWER

• P_buy = 0.383590; P_sell = 0.392400
• Gross = 0.008810
• Net ≈ 0.008810 - 0.0015*(0.383590 + 0.392400) ≈ 0.008810 - 0.001163 ≈ 0.007647
• Summary: Net ≈ 0.00765 per POWER.

Minimum spread worth chasing (break-even with the 0.15% per leg assumption)

• Using the derivation x > 0.0030 (roughly 0.30%), any gross spread above about 0.3% remains profitable after the two-sided 0.3% total fees. All top entries here are far above that threshold, with several edges in the 8–37% gross spreads. In practice, the effective floor is driven by liquidity, latency, and withdrawal costs, but this quick math shows the theoretical margin is robust for well-funded, low-latency desks.

⚠️ Risk Alerts

• Withdrawal delays and cross-exchange transfers: The most meaningful risk in arbitrage is the time required to move assets from the buy venue to the sell venue (or to have both sides funded simultaneously). If you’re relying on on-chain moves for the second leg, expect friction, especially on lower-fee networks.
• Liquidity gaps and slippage: While the quotes show large spreads, depth at the exact price can vanish quickly. Slippage on either leg can erode or erase the edge.
• Exchange stability and API reliability: High-frequency activity near top quotes requires robust connectivity and low-latency order routing. Any API hiccup or market halt can cause missed fills or partial fills.
• Regulatory/compliance triggers: Using mixed venues with varying KYC/AML frameworks can introduce operational friction, especially when moving funds rapidly across borders or between custodians.
• Asset-specific network fees: Withdrawal fees differ by asset and network, and certain tokens have higher costs for transfer. Include these in net-profit assumptions on a live trade by trade basis.

🔮 Tomorrow's Setup

• Assets to watch: APT, CHZ, and LA variants look like the strongest payloads for quick hits given their huge current spreads. The Bybit vs Coinbase patterns (LA legs) look particularly favorable for early-session entries.
• Best times to watch: US market open and the first 60–90 minutes of a European session often show the most pronounced quote divergences as liquidity liquidity pools re-balance across venues. If you’re running an algorithm, keep a tight light-speed eye on APT and CHZ during these windows.
• Exchange pairs to monitor: OKX-COINBASE, BYBIT-COINBASE, BITGET-OKX, BITGET-GATE FUTURES, and COINBASE-Bybit pairings. Pay attention to any sudden liquidity changes on Coinbase, especially during major price moves in the crypto markets.
• Operational tips: Maintain pre-funded balances on the top venues that seed both legs. Use low-latency routing and have a standby monitoring system for rapid re-quote or cancel/replace decisions as quotes move.

Sign Off

Arbitrage Hunter — February 25, 2026