🎯 Arb Desk Report

Date: March 11, 2026

In short: there are 112 opportunities cataloged today, with the top end offering substantial per-unit margins. The rest are smaller or involve assets with marginal deltas once fees are accounted for. This is a report aimed squarely at arbitrate traders who run disciplined, precise execution, not just theoretical edges. We’ll start with the Top 5, then drill into patterns, speed vs size, profit math, risk flags, and tomorrow’s setup.

🏆 Top 5 Arbitrage Opportunities

Notes: All prices are in USD. Spreads are as listed in the data feed. Available volume and window duration are not disclosed in the dataset, so those fields are marked as not disclosed. We use a standard professional-trader fee assumption for calculations: taker fees of 0.10% per side (0.20% round-trip). Withdrawal fees are asset- and venue-specific and not provided here; the calculations below assume zero withdrawal fees as a baseline, with a note on how to adjust for actual withdrawal costs.

• Asset and spread: ICP; spread 8.99% (buy Bitunix at $2.499000, sell Bybit at $2.564000)
• Buy exchange and price: Bitunix at $2.499000
• Sell exchange and price: Bybit at $2.564000
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Cross-exchange settlement latency, withdrawal-time risk, liquidity depth at Bitunix and Bybit, potential kurs moves during transfer, and exchange-specific constraints (margin requirements, position holds, or KYC-related bottlenecks).
• Executability take: Potentially executable for professional desks with quick transfer rails and favorable liquidity on both Bitunix and Bybit. The per-unit edge looks strong, but actual fill requires near-simultaneous execution and reliable bridges between venues.
• Per-unit net profit after assumed 0.20% round-trip fees:
• Gross delta: 2.564000 − 2.499000 = 0.065000
• Buy fee (0.10%): 2.499000 × 0.001 = 0.002499000
• Sell fee (0.10%): 2.564000 × 0.001 = 0.002564000
• Total fees: 0.005063000
• Net profit per unit: 0.065000 − 0.005063000 = 0.059937
• Net ROI per unit: 0.059937 / 2.499000 ≈ 2.40%
• Practical takeaway: If you can push 10,000 ICP units, baseline net profit ≈ $599.37 before withdrawal costs. With larger volumes, the edge scales linearly but so do risks.

• Asset and spread: NIGHT; spread 8.52% (buy Bitunix at $0.052210, sell Gate Futures at $0.053280)
• Buy exchange and price: Bitunix at $0.052210
• Sell exchange and price: Gate Futures at $0.053280
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Very small nominal price, but liquidity depth can be a concern; ensure gateway connectivity is robust to avoid micro-slippage; cross-margin and funding timing for futures vs spot; withdrawal/transfer latency between Bitunix and Gate Futures.
• Executability take: Mechanically executable in many desks, but the tiny price level magnifies slippage risk and transfer latency sensitivity. A disciplined, fast-execution routine is essential.
• Per-unit net profit after 0.20% round-trip fees:
• Gross delta: 0.053280 − 0.052210 = 0.001070
• Buy fee: 0.052210 × 0.001 = 0.000052210
• Sell fee: 0.053280 × 0.001 = 0.000053280
• Total fees: 0.000105490
• Net profit per unit: 0.001070 − 0.000105490 = 0.000964510
• Net ROI per unit: 0.000964510 / 0.052210 ≈ 1.85%
• Practical takeaway: If you can move, say, 1,000,000 NIGHT units (subject to liquidity), baseline net profit ≈ $964.51 before withdrawal costs. The edge exists but is razor-thin per unit; scale and speed are the gating factors.

• Asset and spread: MYX; spread 7.95% (buy Gate Futures at $0.329500, sell Bitget at $0.355700)
• Buy exchange and price: Gate Futures at $0.329500
• Sell exchange and price: Bitget at $0.355700
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Gate Futures vs Bitget liquidity, cross-exchange transfer durations, potential slippage in the $0.33 range, and withdrawal timing differences. Also monitor whether either venue uses futures vs perpetual vs spot mechanics that could alter execution semantics.
• Executability take: High potential for execution given decent liquidity across these venues, but ensure you have funds pre-placed on both sides and that margin capacity on Gate Futures is sufficient to avoid forced liquidations during a fast move.
• Per-unit net profit after 0.20% round-trip fees:
• Gross delta: 0.355700 − 0.329500 = 0.026200
• Buy fee: 0.329500 × 0.001 = 0.000329500
• Sell fee: 0.355700 × 0.001 = 0.000355700
• Total fees: 0.000685200
• Net profit per unit: 0.026200 − 0.000685200 = 0.0255148
• Net ROI per unit: 0.0255148 / 0.329500 ≈ 7.75%
• Practical takeaway: A sizeable edge. If you can route, for example, 500,000 MYX units, baseline net profit ≈ $12,757.40 before withdrawal costs. This is one of the stronger per-unit opportunities in the Top 5.

• Asset and spread: JCT; spread 7.95% (buy Bitget at $0.002004, sell Bybit at $0.002140)
• Buy exchange and price: Bitget at $0.002004
• Sell exchange and price: Bybit at $0.002140
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Very small price axis; liquidity depth on micro-asset pairs, micro-slippage risk; ensure immediate settlement and avoid partial fills that would deteriorate net edge; check for any microstructure constraints (e.g., tick size, min order quantity).
• Executability take: The edge is real but sensitive to micro-movements; execution needs to be near-simultaneous and precise to preserve profitability.
• Per-unit net profit after 0.20% round-trip fees:
• Gross delta: 0.002140 − 0.002004 = 0.000136
• Buy fee: 0.002004 × 0.001 = 0.000002004
• Sell fee: 0.002140 × 0.001 = 0.000002140
• Total fees: 0.000004144
• Net profit per unit: 0.000136 − 0.000004144 = 0.000131856
• Net ROI per unit: 0.000131856 / 0.002004 ≈ 6.59%
• Practical takeaway: Robust edge but the small base price means practical dollar profits are modest unless volumes are substantial. For 300,000 JCT units, baseline net profit ≈ $39.56k before withdrawal costs.

• Asset and spread: LINK; spread 7.72% (buy Coinbase at $8.510000, sell Coinbase at $9.167000)
• Buy exchange and price: Coinbase at $8.510000
• Sell exchange and price: Coinbase at $9.167000
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Coinbase’s liquidity for high-ticket trades, potential vault/withdrawal timing impacts, and exchange-by-exchange fees; price movements caused by cross-market liquidity on one side could erase part of the edge.
• Executability take: Likely executable given Coinbase’s typically high liquidity and deep orderbooks in USD-based LINK trades, but cross-exchange timing must be tight to avoid partial fills and slippage.
• Per-unit net profit after 0.20% round-trip fees:
• Gross delta: 9.167 − 8.510 = 0.657
• Buy fee: 8.510 × 0.001 = 0.008510
• Sell fee: 9.167 × 0.001 = 0.009167
• Total fees: 0.017677
• Net profit per unit: 0.657 − 0.017677 = 0.639323
• Net ROI per unit: 0.639323 / 8.510 ≈ 7.51%
• Practical takeaway: This is a clean, sizable edge per unit on a large-cap asset. If you can deploy, say, 200,000 LINK units, baseline net profit ≈ $127,864 before withdrawal costs.

• 6.82% spread (buy Coinbase at $8.510000, sell Coinbase at $9.090754)
• Net ROI ≈ 6.62% after fees; per-unit net ≈ $0.563
• 6.51% spread (buy Coinbase at $8.450000, sell Coinbase at $9.000000)
• Net ROI ≈ 6.30% after fees; per-unit net ≈ $0.533
• SHIB 6.14% spread (buy Coinbase at $0.000006, sell Coinbase at $0.000006)
• Net per-unit becomes negative after fees; effectively not executable in practice for this feed
• NEAR 5.58% spread (buy Coinbase at $1.236000, sell Bybit Spot at $1.305000)
• Net ROI ≈ 5.38%; per-unit net ≈ $0.066459
• XAI 5.33% spread (buy Bitunix at $0.013931, sell Bitget at $0.014270)
• Net ROI ≈ 2.23%; per-unit net ≈ $0.000311

📊 Exchange Spread Patterns

What patterns emerge when we examine the spreads across the exchanges?

• Buy-side spread diversity: The top edges tend to originate from a handful of “buy” venues that appear repeatedly in high-margin setups. Bitunix and Gate Futures appear frequently as buy sources in ICP, NIGHT, and MYX/JCT combos. Bitget shows up as a buy in JCT and XAI contexts. Coinbase surfaces as a buy for several LINK variants and the NEAR example uses Coinbase as a buy source in some datasets.
• Sell-side consistency: Bybit and Coinbase appear as dominant sell venues in the top 5 opportunities. Bybit shows up for ICP and JCT; Coinbase shows up as a frequent sell in the LINK variants and as a liquidity-rich outlet for other assets. Gate Futures also shows up on the sell side in at least one top-tier opportunity (NIGHT).
• Cross-exchange flavor: The feed leans heavily on cross-venue, spot-vs-derivative (and vice versa) arbitrage rather than pure same-venue mispricings. You’re looking at buy-side strength in one venue and immediate selling pressure in another, with liquidity anchors like Coinbase and Bybit acting as natural hubs for USD-pair assets.
• Pattern takeaway for scheduling: The strongest edges tend to revolve around assets with high liquidity at major hubs (Coinbase, Bybit) combined with disciplined pricing on mid-cap venues (Bitunix, Gate Futures, Bitget). This suggests prioritizing monitoring of Bitunix–Bybit pairs for ICP and similar, Gate Futures–Bitget dynamics for MYX, and Coinbase–Bitget/Bitunix interplay for LINK/XAI, while keeping an eye on NEAR and XAI for cross-venue drift.

Bottom line: There aren’t meaningful OKX-vs-Binance or Hyperliquid-vs-CEX patterns in this dataset; instead, the core archetype is inter-venue cross-fire between Bitunix, Gate Futures, Bitget, Coinbase, and Bybit. That implies a workflow optimized for fast multi-exchange quoting, tight order routing, and pre-funded custody on each venue to minimize transfer lags.

⚡ Speed vs Size Analysis

Two big tradeoffs define today’s environment:

• Speed (small, quick edges): These are the majority of the high-spread, low-latency edges (like ICP, NIGHT, JCT). They require near-simultaneous execution, microsecond-level coordination, and very low slippage. They reward speed and pre-placed liquidity. The per-unit edge is material (2–8%), but the dollar value is small per unit at low price levels (e.g., NIGHT). Slippage kills you if you’re not fast enough.
• Size (larger edges, slower fulfillment): Assets like MYX and LINK show larger gross deltas and bigger per-unit profits. The catch is you must push large volumes, and you must contend with withdrawal windows and the possibility of partial fills or delayed settlement. The ROI per unit remains strong (roughly 6–8% in the Top 5 for some assets), but cross-exchange transfers and on-chain or inter-exchange settlement windows can erode actual realized profit if timing isn’t optimized.

Position sizing guidance:

• For pure speed plays (ICP, JCT, NIGHT): moderate size with high-frequency execution discipline. Target sub-second confirmation windows; assume higher fill risk and be prepared to cut quickly if liquidity dips.
• For larger-size plays (MYX, LINK): lean toward larger notional sizes but ensure you have credit, pre-funding, and robust bridge times. Expect withdrawal and transfer latency to influence your realized P&L; monitor wallet addresses and tracking systems closely.

In all cases, slippage is the silent killer. The more you move, the more you must respect the liquidity depth of each venue for each asset.

💰 Profit Calculations

Walk-through framework and the numbers you can apply today, using the Top 5 as anchors:

• Gross spread (per unit profit opportunity) = Sell price − Buy price.
• Fees (round-trip, per side 0.10% in this baseline) = Buy price × 0.001 + Sell price × 0.001.
• Net profit per unit = Gross spread − Total fees.
• Net ROI per unit = Net profit per unit / Buy price.
• Net profit at scale = Net profit per unit × volume (units).

Applied to the Top 5 with 0.20% round-trip fees:

• ICP: Buy 2.499000, Sell 2.564000
• Gross: 0.065000
• Fees: 0.005063
• Net: 0.059937
• ROI: ≈ 2.40% per unit
• If volume = 10,000 units → ~$599.37 baseline
• NIGHT: Buy 0.052210, Sell 0.053280
• Gross: 0.001070
• Fees: 0.00010549
• Net: 0.00096451
• ROI: ≈ 1.85% per unit
• Volume 1,000,000 units → ~$964.51 baseline
• MYX: Buy 0.329500, Sell 0.355700
• Gross: 0.026200
• Fees: 0.00068520
• Net: 0.0255148
• ROI: ≈ 7.75% per unit
• Volume 500,000 units → ~$12,757 baseline
• JCT: Buy 0.002004, Sell 0.002140
• Gross: 0.000136
• Fees: 0.000004144
• Net: 0.000131856
• ROI: ≈ 6.59% per unit
• Volume 300,000 units → ~$39.6k baseline
• LINK (8.51/9.167): Buy 8.510, Sell 9.167
• Gross: 0.657
• Fees: 0.017677
• Net: 0.639323
• ROI: ≈ 7.51% per unit
• Volume 200,000 units → ~$127,864 baseline

Notes on withdrawal fees and real P&L:

• These baseline calculations assume zero withdrawal fees. In practice, withdrawal costs (asset-specific and venue-specific) can erode net profits materially, especially for multi-asset, cross-exchange setups. If you have fixed withdrawal fees (or dynamic network fees) per asset, subtract them from the net per-unit profit before applying volume.

Minimum viable spread concept:

• The minimum net spread you should chase is the net profit per unit that exceeds your round-trip costs, including both trading fees and a reasonable withdrawal-cost assumption. As a rough guideline, for assets at buy prices above $1, a net edge of around 1.5–2.0% after fees tends to be meaningful, provided liquidity and transfer timing are reliable. For extremely low-price assets (e.g., NIGHT), you want to ensure that the edge isn’t wiped out by fixed-cost components or slippage. Always run a cost sensitivity analysis on withdrawal fees before committing capital.

⚠️ Risk Alerts

• Withdrawal delays: Inter-venue transfers, especially cross-chain or cross-network moves, can introduce delays that cause price reversion before you complete both legs. Have pre-funding on each exchange to minimize dependency on transfers.
• Liquidity gaps: Some venues may have thin order books on specific assets. Watch for the risk of partial fills and the need to reprice or re-route.
• Exchange issues: Downtimes, throttling, or API outages can block you mid-arb. Always pre-test your routing and keep contingency routes in place.
• Regulatory/compliance: Continuous KYC/AML checks can affect withdrawal velocity. Stay compliant and maintain operational buffers.
• Slippage and price impact: In fast markets, your placement of two orders can influence prices if you’re not prepared for immediate fills on both legs.

🔮 Tomorrow's Setup

• ICP: Monitor Bitunix–Bybit channels for any liquidity shifts or changes in funding rates; the 8.99% edge is the standout driver today.
• NIGHT: Cross-check Bitunix–Gate Futures pairs for any tightening in the spread; the edge is substantial in dollars relative to the price, but the price level is small, so liquidity and speed matter.
• MYX/JCT: Maintain simultaneous pre-funding on Gate Futures, Bitget, and Bybit. These assets show robust per-unit profitability and can scale with volume if liquidity holds.
• LINK: The Coinbase-centric LINK opportunities are multiple; the largest edges are with Coinbase prices and vary by the sell price on Coinbase. Watch for changes in Coinbase’s orderbooks and withdrawal paths.

Best times to watch:

• Market opens and major liquidity inflection points (US/Eastern sessions) often produce the most volatile spreads and faster execution windows.
• End-of-day adjustments and cross-border liquidity shifts can occasionally widen or compress these cross-exchange edges. Maintain watch lists and alert thresholds to capture fast-moving opportunities.

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Arbitrage Hunter — March 11, 2026