🎯 Arb Desk Report

In short: there are 68 opportunities in the corpus, but the top five today offer material, executable-looking margins in a mixed bag of venues (Coinbase, Bybit, Bitget, Bitunix, OKX Spot, Gate Futures). Traders should treat these as tight, fast opportunities—requires instant orderbooks, favorable routing, and disciplined risk controls for liquidity and withdrawal timing.

🏆 Top 5 Arbitrage Opportunities

Note: All prices and spreads are taken exactly as provided. Where volume and window duration are not specified, they are omitted as data gaps.

• Asset and spread: NEAR, 12.03% spread (buy Coinbase at $1.347000, sell Coinbase at $1.509000)
• Buy price and exchange: Buy on Coinbase at $1.347000
• Sell price and exchange: Sell on Coinbase at $1.509000
• Available volume: Not provided in data
• Window duration: Not provided in data
• Risk factors: Despite the same-exchange presentation, the real-world risk lies in order-book depth and latency within Coinbase, potential price slippage between the moment you hit buy and the fill on the sell leg, and potential delays if you need to transfer or access additional liquidity quickly. Since both legs reference Coinbase, you still face overall market movement risk and possible restricted liquidity for rapid, large fills on a single venue.
• Executable or not: Potentially executable in a tight, fast-arb setup if you can lock both legs with minimal slippage and immediate settlement. The absence of volume and window data means you must confirm live depth and latency before committing capital.

• Asset and spread: STX, 7.54% spread (buy Coinbase at $0.245200, sell Coinbase at $0.263700)
• Buy price and exchange: Buy on Coinbase at $0.245200
• Sell price and exchange: Sell on Coinbase at $0.263700
• Available volume: Not provided
• Window duration: Not provided
• Risk factors: As with NEAR, both legs are on Coinbase, so execution hinges on depth and speed. The 0.2452/0.2637 window can disappear quickly if order-books move or if there’s any routing bottleneck. Fees (taker/maker mix) and potential delays in funds availability between accounts could erode the margin.
• Executable or not: Possibly executable for traders with fast Coinbase routing and the ability to lock both sides in a few milliseconds. Check live depth and ensure you can both post and fill without significant slippage.

• Asset and spread: BTR, 6.40% spread (buy Bitunix at $0.104800, sell Bybit at $0.107680)
• Buy price and exchange: Buy on Bitunix at $0.104800
• Sell price and exchange: Sell on Bybit at $0.107680
• Available volume: Not provided
• Window duration: Not provided
• Risk factors: Cross-exchange arb introduces withdrawal/transfer latency, exchange-specific liquidity, and potential routing costs. Bitunix buy exposure plus Bybit sell exposure means you must manage cross-wallet settlements. If either venue imposes hard withdrawal delays or KYC holds, the window can close fast.
• Executable or not: Viable if you can source liquidity on Bitunix quickly and execute Bybit sell nearly instantaneously. The multi-exchange flow increases operational risk versus single-exchange, but the absolute spread is appealing.

• Asset and spread: APR, 6.04% spread (buy Bybit at $0.148110, sell Bitget at $0.153850)
• Buy price and exchange: Buy on Bybit at $0.148110
• Sell price and exchange: Sell on Bitget at $0.153850
• Available volume: Not provided
• Window duration: Not provided
• Risk factors: This is a cross-exchange, cross-venue pair (Bybit to Bitget). Key risks include latency disparities, withdrawal delays, and withdrawal fees if funds need to be moved between venues to complete the cycle. Liquidity on both legs must be adequate; otherwise, you’ll encounter partial fills or price slippage.
• Executable or not: With disciplined routing and minimal transfer friction, this is a solid candidate for execution, provided you can manage cross-exchange settlement quickly and minimise exposure to price moves during the handoff.

• Asset and spread: SHIB, 5.96% spread (buy Coinbase at $0.000006, sell Coinbase at $0.000006)
• Buy price and exchange: Buy on Coinbase at $0.000006
• Sell price and exchange: Sell on Coinbase at $0.000006
• Available volume: Not provided
• Window duration: Not provided
• Risk factors: This entry is the most suspect in the top five. The buy and sell prices are identical, yielding zero gross dollars per unit. The stated spread of 5.96% cannot be realized with the provided prices. If treated literally, there is no arbitrage income and significant execution risk would be introduced by attempting a trade with a zero price delta.
• Executable or not: Not executable in practice with the supplied figures. Treat as a data anomaly or misprint rather than an actionable arb.

📊 Exchange Spread Patterns

• Coinbase appears frequently as the buy venue across NEAR and STX, and often as a reference pricing source for several assets. This suggests Coinbase price quotes are a reliable anchor for buying legs, with sell legs spread across a mix of venues.
• Cross-exchange sell venues show diversity: OKX Spot, Bitget, Bybit, Bitunix, and Gate Futures. This is a classic multi-venue arbitrage dynamic where the buy side is anchored on Coinbase while the sell side leverages other exchanges to exploit pricing differentials.
• The Bybit-Bitget pair shows up in APR as a clean cross-exchange opportunity, underscoring that nonce-based or latency-based routing can produce repeatable profits when one venue’s bids/asks lag behind another’s.
• The Gate Futures appearance in BTR highlights that futures venues can be involved for certain tokens, adding another layer of risk/complexity (funding rates, contract settlement, and cross-venue transfer times).
• Hyperliquid vs CEX patterns do not show explicit examples here; the dataset leans on standard centralized venues. The recurring theme is that the best potential appears when Coinbase provides a strong buy leg, and the sell leg lands on venues with robust liquidity and competitive pricing across the pair.

Overall pattern: high-margin opportunities are concentrated where Coinbase offers a deep, stable bid/ask for the buy leg, and a coherent cross-exchange price differential exists on venues with accessible liquidity (OKX, Bitget, Bybit, Bitunix, Gate Futures). The risk is primarily liquidity on the sell side, cross-exchange transfer delays, and potential routing inefficiencies.

⚡ Speed vs Size Analysis

• Speed-driven small spreads: The NEAR/STX-type opportunities deliver larger spreads but may demand fast execution on two or more legs. Small latency advantages (sub-second fills) can turn a fractional millimeter of price improvement into reliable profits.
• Size-driven larger spreads: The BTR and APR opportunities offer meaningful notional margins but depend on cross-exchange liquidity. If you place larger orders, you risk slippage or incomplete fills if one leg lags.
• Slippage considerations: If you try to chase larger notional sizes, price moves between the buy and sell legs can swallow much of the gross spread. The best approach is a tiered sizing plan with a rapid cancel/replace workflow on both exchanges.
• Position sizing recommendations: Start with modest notional exposures to verify latency and fill quality across the chain (e.g., 1,000 units for NEAR or equivalent notional across STX and APR). Once live depth proves robust, scale gradually. Maintain tight max-loss thresholds per leg to protect against cascading slippage.
• Execution discipline: Pre-commitment to routing, with pre-authorized accounts on each exchange to reduce transfer friction, is essential. If one leg requires a withdrawal or transfer to complete, you risk missing the window entirely.

💰 Profit Calculations

Assumptions: Because the data set does not include explicit trading fees by venue, a conservative, typical taker-fee assumption is used for illustrative purposes: 0.20% per side (0.002 on buy, 0.002 on sell), total 0.40% round-trip. Also, withdrawal fees vary by asset and exchange and are not specified here; they are left out of the example calculations unless otherwise noted.

• NEAR example (Q = 1,000 units):

• STX example (Q = 1,000 units):

• BTR example (Q = 1,000 units):

• APR example (Q = 1,000 units):

• SHIB caveat (Q = 1,000,000 units to illustrate viability given the tiny price):

Gross spread = (0.000006 - 0.000006) × 1,000,000 = $0. Fees = 0.002 × (0.000006 + 0.000006) × 1,000,000 = 0.000012 × 1,000,000 × 0.002? (calc: 0.000012 × 1,000,000 = 12; 12 × 0.002 = $0.024) Net = -$0.024. This entry shows a data inconsistency: no gross profit to begin with, so it is not a genuine arb under typical trading conditions. Treat as a data anomaly and ignore for execution planning.

Net profit sensitivity: The profitability scales with notional and is most sensitive to slippage on the buy and sell legs. In multi-venue routes, even a small delay can erase a significant portion of net profit when dealing with 0.1%–0.3% price moves on one leg during the trade.

⚠️ Risk Alerts

• Withdrawal delays and cross-wallet transfer times: Any required funding or asset transfer between exchanges can create a window breach. If one leg cannot be settled within the expected timeframe, you lose the spread or incur a loss.
• Liquidity and depth risk: The ability to fill both legs at or near the quoted prices depends on order-book depth, especially on the sell side across Bybit, Bitget, OKX, Gate Futures, and Bitunix. Thin books can produce slippage higher than the quoted spread.
• Exchange issues and outages: Sudden API downtimes, maintenance windows, or withdrawal suspensions can halt execution mid-arbitrage, leaving you exposed to adverse price movements.
• Latency and routing risk: Arbitrage requires near-instantaneous execution. Any delay in order routing between venues can erode or wipe out the spread.
• Data integrity caveat: The SHIB entry shows a mismatch between the price delta (zero) and the stated spread (5.96%). Treat such entries as data anomalies unless live depth counters confirm a genuine, tradable delta.

🔮 Tomorrow's Setup

• Assets to watch: NEAR, STX, APR, BTR, and SHIB (subject to verification of live depth and real vs. reported spread). Expect continued emphasis on Coinbase as the buy anchor with cross-venue sells on OKX Spot, Bitget, Bybit, Bitunix, and Gate Futures.
• Timing: Monitor post-contest sessions where cross-exchange liquidity tends to shift—especially during cross-continental session overlaps (Europe-Asia and US overlap windows). If you rely on actionable spreads, you’ll want to pre-define quick-fill conditions and maintain pre-approved routing to minimize latency.
• Pairs to monitor more closely: NEAR/SHIB/STX on Coinbase vs OKX Spot and Bitget; APR on Bybit-to-Bitget; BTR across Bitunix-to-Bybit. Build a live watchlist that flags any widening of the sell-side depth while the buy side remains robust, or vice versa.

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Arbitrage Hunter — March 20, 2026