🎯 Arb Desk Report

Date: February 27, 2026

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🏆 Top 5 Arbitrage Opportunities

• Asset and spread: CHZ with a 35.14% spread.
• Buy exchange and price: Coinbase, $0.031300.
• Sell exchange and price: Coinbase, $0.042300.
• Available volume: Not provided in the dataset.
• Window duration: Not specified.
• Risk factors: Intra-exchange/channels implied here. While the numbers show a substantial delta, executable arbitrage between the same exchange relies on multi-feed discrepancies or cross-wallet clearing that may not be trivially accessible. Liquidity on the buy side (0.0313) and the sell side (0.0423) may be shallow at those price points; market depth could vanish quickly, and order routing on Coinbase could introduce slippage. Fees on both legs, and any potential minimum trade increments, will erode the spread rapidly.
• Your take on executability: The opportunity is attractive on paper due to a large delta, but practical execution on a single exchange from two distinct sources (or two internal feeds) is typically challenging. Expect minimal or no cross-trade ability if the system cannot simultaneously ingest both quotes; otherwise, if a split-lot or internal matching mechanism exists, scale small and test. Given the size of the delta, a rapid check of liquidity depth and fee structure is essential before committing capital. Executable only in environments with true cross-feed or internal venue matching; otherwise caution advised.

• Asset and spread: APT, 15.94% spread.
• Buy exchange and price: Bybit Spot, $0.967000.
• Sell exchange and price: Coinbase, $1.120500.
• Available volume: Not provided.
• Window duration: Not specified.
• Risk factors: Cross-exchange volatility risk, settlement latency, and withdrawal/transfer timing. Bybit Spot liquidity at 0.967 and Coinbase selling at 1.1205 implies a favorable delta, but cross-exchange settlement risk remains a practical constraint. Differences in trade fees and potential min-notion constraints can eliminate the edge quickly. Price slippage during the time it takes to move or settle can erode profits.
• Your take on executability: This one looks more execution-friendly than a same-exchange play, as it involves two distinct venues with a visible delta. If you can source Bybit’s liquidity quickly and place a corresponding Coinbase sell, this could be actionable, but you must manage cross-exchange settlement and transfer latency. A tiny test size is recommended to confirm latency and incremental costs.

• Asset and spread: POWER, 15.33% spread.
• Buy exchange and price: Bitget, $1.248170.
• Sell exchange and price: Bybit, $1.282080.
• Available volume: Not provided.
• Window duration: Not specified.
• Risk factors: Cross-exchange liquidity constraints, potential funding fees, and withdrawal times. Bitget depth at 1.24817 must hold; any order book depth constraints or sudden price moves on Bybit could eat into spread. Depending on funding/fees, the net delta can shrink quickly on larger sizes.
• Your take on executability: Reasonably executable in a live environment with sufficient Bitget liquidity and Bybit liquidity to absorb the sale. The delta is sizable; a careful, staged approach with tight risk controls (stop-loss, slippage caps) is warranted to guard against adverse moves during cross-exchange execution.

• Asset and spread: NEAR, 14.74% spread.
• Buy exchange and price: Coinbase, $0.984000.
• Sell exchange and price: Coinbase, $1.129000.
• Available volume: Not provided.
• Window duration: Not specified.
• Risk factors: Intra-exchange play with Coinbase quotes; this typically hinges on multi-feed pricing or internal cross-matching. Liquidity at the given levels should be checked; price feeds can widen or collapse in seconds. Fee structure on Coinbase across the two sides will be critical; if fees are asymmetric, edge could vanish.
• Your take on executability: Potentially executable if Coinbase can accommodate two separate legs in a single, synchronized trade, or if there is a direct internal cross-feeding pathway. In practice, same-exchange arbit can be fragile; validate depth and execution speed before scaling.

• Asset and spread: NEAR, 14.63% spread.
• Buy exchange and price: Coinbase, $0.984000.
• Sell exchange and price: Coinbase, $1.128000.
• Available volume: Not provided.
• Window duration: Not specified.
• Risk factors: Same-exchange dynamic as the 14.74% NEAR entry; look for price feed drift, liquidity at the quoted levels, and fee impact. Slippage risk on the sell leg when the order hits the Coinbase book could erode returns.
• Your take on executability: Similar to the prior NEAR opportunity—could be executable with a robust internal cross-feed or a fast, controlled trading path on Coinbase. Validate execution risk and depth.

Notes on Top 5:

• The top spread is CHZ on Coinbase by a wide margin, but the execution path is non-trivial given it is framed as buy and sell on the same exchange. The larger the spread, the more sensitive the profitable window is to latency and fees.
• The APT, POWER, and NEAR entries illustrate a blend of cross-exchange and same-exchange dynamics. In cross-exchange plays, speed and transfer timing are pivotal; for same-exchange plays, depth and internal routing matter most.

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📊 Exchange Spread Patterns

• Cross-exchange dominance: The strongest delta opportunities come from cross-exchange legs. APT (Bybit Spot buy → Coinbase sell) and POWER (Bitget buy → Bybit sell) reflect explicit cross-exchange arbitrage opportunities where price misalignment exists across venues. These patterns typically require fast cross-exchange funding or instant off-exchange transfers or hedges, plus careful attention to withdrawal and deposit times.
• Mixed legs with Coinbase as hub: Several entries show Coinbase as both buy and sell; NEAR examples (0.984000 buy, 1.129000 sell) imply internal price-feed misalignment or feed-based arbitrage within Coinbase’s ecosystem. While not a traditional cross-exchange pair, these patterns still rely on micro-latency advantages and depth asymmetry.
• Narrow, edge-based opportunities across Bitget, Bitunix, Gate Futures, Bybit, and Coinbase: The POWER (Bitget → Bybit) and POWER (Bitget → Gate Futures) angles demonstrate how liquidity fragmentation across several venues can create accessible spreads, albeit requiring precision timing and low slippage.
• Absence of certain pairs: The dataset does not show consistent cross-pairs involving major holders like OKX or Binance in the top spreads, suggesting either lower mispricing or data focus on other venues. The observable structure here emphasizes a Bybit–Coinbase–Bitget–Bitunix cluster with occasional Gate Futures influence.

Overall, the spread pattern points to a market where cross-venue liquidity fragmentation provides the majority of actionable opportunities, with intra-Coinbase imbalance offering a secondary but less robust edge. Traders should watch for evolving cross-venue liquidity and any feed links that could convert these theoretical deltas into executable trades.

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⚡ Speed vs Size Analysis

• Trade-off: Large spreads offer high theoretical gross profit per unit, but they tend to come with higher latency risk and liquidity constraints. Smaller, quick-arbitrage opportunities can be more reliably captured but may generate modest per-unit profits.
• Slippage concerns: Slippage inflates with order size in thin books. For CHZ on Coinbase, the enormous spread could attract aggressive participants, wiping out profitability if you push aggressively. For cross-exchange plays (APT, POWER), latency and transfer windows are the bottleneck; even a few seconds can erase the edge.
• Position sizing: A prudent approach is to size smaller on high-spread trades to test execution, then scale with observed depth and latency. In cross-exchange plays, micro-fill-tracking and partial fills can help capture edge while limiting risk.
• Execution framework: A robust arb desk would deploy slice-size orders, monitor real-time depth, and have fast routing to optimize which leg fills first. If one leg cannot be filled quickly, consider pausing the other leg or hedging with a correlated asset.

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💰 Profit Calculations

• Gross spread per unit (as given by the dataset):
• CHZ: 0.042300 - 0.031300 = 0.011000
• APT (Bybit Spot → Coinbase): 1.120500 - 0.967000 = 0.153500
• POWER (Bitget → Bybit): 1.282080 - 1.248170 = 0.033910
• NEAR (Coinbase buy → Coinbase sell): 1.129000 - 0.984000 = 0.145000
• NEAR (Coinbase buy → Coinbase sell): 1.128000 - 0.984000 = 0.144000

• Net profit per unit after fees (scenario-based; total fee assumption is across both legs; two price points are provided)

Assumptions:

• Low-fee scenario: total fees = 0.10% of notional (0.001)
• Standard scenario: total fees = 0.30% of notional (0.003)

Net per unit = Gross × (1 − total_fees_rate)

CHZ:

• Low-fee: 0.011000 × 0.999 = 0.010989
• Standard: 0.011000 × 0.997 = 0.010967

APT (Bybit Spot → Coinbase):

• 0.153500 × 0.999 = 0.1533465
• 0.153500 × 0.997 = 0.1530395

POWER (Bitget → Bybit):

• 0.033910 × 0.999 = 0.0338761
• 0.033910 × 0.997 = 0.0338083

NEAR (0.984000 → 1.129000):

• 0.145000 × 0.999 = 0.144855
• 0.145000 × 0.997 = 0.144565

NEAR (0.984000 → 1.128000):

• 0.144000 × 0.999 = 0.143856
• 0.144000 × 0.997 = 0.143568

• Minimum spread worth chasing:
• If you’re paying around 0.10% total fees, the break-even spread is roughly 0.10% (gross). If fees are around 0.30% (a more conservative, typical market baseline for some venues), you’d want roughly ≥0.30% gross to capture a nominal profit after costs.
• All five top opportunities exceed those break-even levels by a substantial margin in per-unit terms. CHZ, despite practical execution caveats, offers an enormous delta; the cross-exchange plays (APT, POWER) provide large gross profits that are materially above typical fee floors.

Note on volumes: The data snapshot does not supply available volumes. Profitability in dollars depends on your trade size. For a given per-unit net profit, scale only after confirming depth, bid-ask resilience, and your exchange’s exact fee regime.

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⚠️ Risk Alerts

• Withdrawal delays: Cross-exchange arbitrage often requires rapid transfers for hedging; if withdrawal or deposit windows are long, you risk price reversion before you can realize both legs.
• Liquidity gaps: The depth at the quoted prices may be thin. Sudden market moves can produce slippage that eats or eliminates the edge.
• Exchange issues: Counterparty risk and exchange-specific outages can interrupt execution. Always verify system status and liquidity constraints before placing large orders.
• Fees variability: Trading fees vary by venue, tier, and liquidity. The projected net results are highly sensitive to actual fee schedules on each leg.
• Execution risk: For same-exchange opportunities (e.g., NEAR on Coinbase), the edge may be ephemeral due to intraday competition and feed synchronization. Treat as a micro-arb rather than a high-conviction set-and-forget approach.
• Settlement risk: Cross-exchange arbitrage hinges on rapid settlement and timing controls. Any mismatch could create an unhedged risk position.

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🔮 Tomorrow's Setup

• Assets to watch: CHZ on Coinbase for potential same-exchange delta opportunities; APT and POWER for cross-exchange angles (Bybit ↔ Coinbase, Bitget ↔ Bybit); NEAR entries on Coinbase warrant follow-up to verify depth and feed reliability.
• Best times to watch: Given the cross-exchange motifs, monitor during overlapping business hours across major venues (Bybit, Coinbase, Bitget, Bitunix, Gate Futures). Intraday volatility spikes can broaden spreads temporarily; maintain a fast feed of quotes and depth.
• Pairs to monitor:
• Bybit Spot ↔ Coinbase (APT-type front-running potential)
• Bitget ↔ Bybit (POWER-type edges)
• Coinbase internal legs for NEAR (0.984000 buy against 1.129000/1.128000 sells)
• Bitget ↔ Bitunix (MYX-type and POWER-type variations)
• Gate Futures as a cross-check for POWER-type moves

• Execution plan: If you’re testing tomorrow, begin with small allotments to test cross-exchange latency and depth, especially on APT and POWER legs. Validate execution speed and desk latency before scaling. Maintain a dashboard for price deltas, liquidity depth, and fee impact in real time.

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Arbitrage Hunter — February 27, 2026