🎯 Arb Desk Report

Date: March 21, 2026

🏆 Top 5 Arbitrage Opportunities

Below are five detailed opportunities from the dataset. For each, I state the asset and spread, the exact buy and sell quotes with exchanges, available volume (not disclosed in the dataset), window duration (not specified), risk factors, and whether it looks executable given the information at hand.

• Spread: 9.84% (Buy Bybit Spot at $1.331000, Sell Coinbase at $1.462000)
• Buy: Bybit Spot at $1.331000
• Sell: Coinbase at $1.462000
• Available volume: Not disclosed
• Window lasted: Not specified
• Risk factors: Significant cross-exchange transfer times; liquidity depth on Bybit Spot and Coinbase; potential slippage if order book moves before execution; withdrawal delays and KYC checks can bottleneck capital flow; basis risk if price moves between quote capture and settlement.
• Executable? In theory yes, given the sizable spread. Practically, it requires pre-funded accounts and/or rapid cross-exchange transfers; the big spread helps, but real-time liquidity and withdrawal/transfer latency will determine true executability.

• Spread: 8.64% (Buy Coinbase at $1.319000, Sell Coinbase at $1.433000)
• Buy: Coinbase at $1.319000
• Sell: Coinbase at $1.433000
• Available volume: Not disclosed
• Window lasted: Not specified
• Risk factors: Same-exchange spread while contacting different venue legs; potential internal clearing delays if the two sides rely on different Coinbase venues; liquidity on the buy side at $1.319 and on the sell side at $1.433 must be adequate to avoid slippage.
• Executable? Potentially executable if you can source funds on the buy side and access the higher sell leg promptly. The execution hurdle is primarily capital readiness and venue routing latency.

• Spread: 7.97% (Buy Bybit Spot at $0.025100, Sell Coinbase at $0.027100)
• Buy: Bybit Spot at $0.025100
• Sell: Coinbase at $0.027100
• Available volume: Not disclosed
• Window lasted: Not specified
• Risk factors: Ultra-low price level amplifies nominal slippage impact; liquidity risk on tiny-cap pairs; cross-exchange transfers may be slower for small-dollar-denominated trades; price movement on either leg can erode entry/exit value quickly.
• Executable? It can be, especially if you operate with small-cap liquidity optimization and have reliable Bybit and Coinbase funding. The large percentage spread helps, but micro-liquidity risk is meaningful for LRC.

• Spread: 5.69% (Buy Bitget at $23.489000, Sell OKX at $23.965000)
• Buy: Bitget at $23.489000
• Sell: OKX at $23.965000
• Available volume: Not disclosed
• Window lasted: Not specified
• Risk factors: Cross-exchange timing risk; Bitget’s and OKX’s liquidity depth for this price level; withdrawal/transfer windows between Bitget and OKX; potential price moves during the time gap between legs.
• Executable? Moderately likely in environments with fast, funded Bitget and OKX accounts and minimal transfer latency. The cash leg needs liquidity on both sides to avoid holding time.

• Spread: 4.64% (Buy Bybit Spot at $1.529000, Sell Coinbase at $1.600000)
• Buy: Bybit Spot at $1.529000
• Sell: Coinbase at $1.600000
• Available volume: Not disclosed
• Window lasted: Not specified
• Risk factors: Similar cross-exchange execution risks; DOT’s liquidity on the two legs must be sufficient to avoid slippage; custody/reconciliation frictions across platforms.
• Executable? It’s plausible with pre-funded accounts and timely transfer routing; the spread is sizable enough to cover typical fees if funds are ready to move.

Notes: The Top 5 above are all drawn from the provided dataset. The “Available volume” and “Window lasted” fields are not disclosed in the data, so execution conclusions assume typical conditions for cross-exchange arbitrage in fast-moving markets. Real-world results will hinge on liquidity depth, funding speeds, and any exchange-specific constraints at the moment of trade.

📊 Exchange Spread Patterns

Across the current set, a few clear patterns emerge:

• Bybit Spot vs Coinbase is a persistent corridor for NEAR and DOT, with multiple entries showing buy on Bybit and sell on Coinbase at materially higher prices. This indicates Bybit’s lower quotes on these assets in the snapshot versus Coinbase’s higher quotes on the opposite side.
• Bitget–OKX appears as a second reliable corridor (River). Bitget is the cheaper leg and OKX the higher-priced leg, creating a tradable spread of roughly half a percent to almost 0.5% in relative terms, with the cited example producing a 5.69% spread.
• Bitget–Bitunix and Gate Futures–Bitunix show a cluster of smaller but still actionable spreads (BEAT, GUA, BR). These corridors tend to be more channel-specific and depend on the depth of liquidity on the paired exchanges.
• The data shows a recurring theme where Bybit and Coinbase are central to the more sizable spreads (NEAR, DOT, LRC). This implies a pattern where spot quotes on these venues diverge enough to produce meaningful cross-exchange edges when routed correctly.
• OKX features in the River trade as the sell-Leg; Bitget is the buy-Leg, suggesting a common imbalance between a liquidity-rich Derivatives/Spot mix on OKX versus Bitget’s pricing.

In short: expect a few dominant corridors (Bybit ↔ Coinbase and Bitget ↔ OKX) to drive most of the actionable spread. The more exotic routes (Bitget ↔ Gate Futures, Bitunix ↔ Bybit, etc.) require tighter operational discipline and higher tolerance for transfer friction.

⚡ Speed vs Size Analysis

• Large spreads typically imply strong arbitrage economics, but they require speed and capital velocity to capture before the market tightens. If the window is a brief snapshot, you must act quickly to avoid replenishment risk.
• Small-to-moderate spreads can still be profitable if traded at scale, but the net after fees and withdrawal costs may shrink fast if liquidity is thin. Slippage becomes the dominant risk as order book depth on the buy leg or sell leg evaporates.
• Speed considerations: with Bybit, Coinbase, Bitget, OKX, and others, you’ll want pre-funded wallets or the ability to move funds between exchanges (or use hot wallets/bridges) at scale. If you rely on on-chain withdrawals, you must account for network congestion and withdrawal processing times.
• Size considerations: scale requires careful capital management, because each leg will require capital across two venues (and possibly a bridging middle if you’re not able to instantaneously fund both sides). When the spread is robust (like 9.84%), you can justify larger allocations, but ensure that you’re not overexposed to any single leg’s liquidity or the risk of a price move during settlement.
• Practical guidance: use a hybrid approach—allocate smaller, rapid trades on the widest spreads to lock in profits quickly while maintaining a secondary vault of capital for larger, slower-moving opportunities if liquidity proves stable. Always keep a buffer for slippage and for ongoing fee volatility.

💰 Profit Calculations

The following profit math uses per-unit calculations with plausible, standard fee assumptions. These are illustrative and should be adjusted to your actual fee schedule (maker/taker, withdrawal fees, and cross-exchange transfer costs differ by venue and jurisdiction).

Assumptions used:

• Trading fees: 0.1% per side (total 0.2% per round trip). This is a representative taker fee in many venues; actual rates vary by exchange tier and instrument.
• Withdrawal fees: vary by asset and network; not included in per-unit base calculations here beyond noting that withdrawal costs exist and should be subtracted in full profit calculations if withdrawals are required to realize cash profits.

Per-unit profit (USD) for each top opportunity:

• NEAR (9.84% spread): Buy Bybit at $1.331000, Sell Coinbase at $1.462000

• NEAR (8.64% spread): Buy Coinbase at $1.319000, Sell Coinbase at $1.433000

Gross = 1.433000 - 1.319000 = $0.114000 Fees = 1.319000 × 0.001 + 1.433000 × 0.001 = $0.002752 Net ≈ $0.114000 - $0.002752 = $0.111248

• LRC (7.97% spread): Buy Bybit Spot at $0.025100, Sell Coinbase at $0.027100

Gross = 0.027100 - 0.025100 = $0.002000 Fees = 0.025100 × 0.001 + 0.027100 × 0.001 = $0.0000522 Net ≈ $0.002000 - $0.0000522 = $0.0019478

• RIVER (5.69% spread): Buy Bitget at $23.489000, Sell OKX at $23.965000

Gross = 23.965000 - 23.489000 = $0.476000 Fees = 23.489000 × 0.001 + 23.965000 × 0.001 = $0.047454 Net ≈ $0.476000 - $0.047454 = $0.428546

• DOT (4.64% spread): Buy Bybit Spot at $1.529000, Sell Coinbase at $1.600000

Gross = 1.600000 - 1.529000 = $0.071000 Fees = 1.529000 × 0.001 + 1.600000 × 0.001 = $0.003129 Net ≈ $0.071000 - $0.003129 = $0.067871

Scaling hints (illustrative only):

• If you traded 1,000 units of NEAR on the 9.84% route, net profit ≈ $128.21.
• If you traded 1,000 units of LRC on the 7.97% route, net profit ≈ $1.95.
• If you traded 1,000 units of RIVER, net profit ≈ $428.55.
• If you traded 1,000 units of DOT, net profit ≈ $67.87.
• If you traded 1,000 units on the 8.64% route, net ≈ $111.25.

Minimum spread worth chasing (conceptual):

• With total fees assumed at 0.2% of notional per round trip, the minimum absolute spread in USD that covers fees is roughly (Buy price + Sell price) × 0.001 (for one side) + (Sell price) × 0.001, i.e., about 0.2% of the average price in USD terms. For assets near $1.30–$1.60, this is on the order of a few tenths of a cent per unit for many tokens, far below the observed 4–9% spreads, indicating that the profits in the dataset are robust to standard fee schedules under favorable liquidity conditions—provided you can execute quickly and manage transfers efficiently.

Note: The above per-unit profits assume a no-net-quote-arbitrage execution environment and that you can capture both legs with minimal slippage. Real-world results depend heavily on volumes, routing, and actual fee tables (maker/taker, regional differences, and any cross-exchange surcharge). Withdrawals and deposit times can erode or eliminate arbitrage gains if not carefully managed.

⚠️ Risk Alerts

• Withdrawal delays: Cross-exchange arbitrage often depends on transferring funds between exchanges. Delays can allow spread to reverse or cause partial execution losses.
• Liquidity risk: The advertised volumes are not disclosed. If the counterparty side lacks depth, you’ll see slippage that reduces or flips the expected edge.
• Exchange-specific issues: Maintenance, API outages, or temporary limit increases can disrupt execution.
• Settlement risk: If a leg settles faster or slower than anticipated, you could be exposed to price moves between legs.
• Slippage: Large orders can move the market on one or both venues, especially for micro-cap assets like LRC at sub-dollar levels.
• Regulatory/compliance risk: Jurisdictional constraints and exchange policies can affect access and withdrawal timing.

Mitigation: pre-fund accounts on the involved exchanges, use limits and time-weighted average price (TWAP) components for larger orders, and maintain contingency capital buffers to cover delays or partial fills. Always verify liquidity depth on both sides before placing substantial orders.

🔮 Tomorrow's Setup

• Assets to watch: NEAR, DOT, LRC, and similar assets with Bybit–Coinbase spread opportunities, given their historical prominence in this snapshot. The 9.84% NEAR edge is the standout candidate for immediate attention if liquidity supports a quick, clean follow-through.
• Exchange pairs to monitor: Bybit ↔ Coinbase for NEAR and DOT; Bitget ↔ OKX for RIVER; Bitget ↔ Bitunix and Gate Futures ↔ Bitunix for BEAT, GUA, and BR patterns.
• Best times to watch: Open-to-midday sessions in major regions (UTC mornings to afternoons) typically yield the most divergent quotes as new liquidity pools bootstrap. Watch for sudden liquidity injections around macro news or token-specific catalysts, which can widen or close spreads quickly.
• Additional hints: If you’re not pre-funded on both sides, prefer lower-latency corridors (Bybit–Coinbase, Bitget–OKX) first, as they tend to offer deeper liquidity and faster settlement windows. Maintain a prioritized watchlist with the five top corridors in mind and a secondary list of the other cross-venue routes (Bitget–Gate Futures, Gate Futures–Bitunix, etc.) for opportunistic sizing.

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Arbitrage Hunter — March 21, 2026