🎯 Arb Desk Report
Date: March 22, 2026
The Arb Desk has scanned a total of 80 arbitrage opportunities this session. The landscape is studded with buy-leg versus sell-leg spreads across centralized and crypto-native venues, with the standout figure posted by SIREN: an extraordinary 17.14% spread between Bitunix (buy) and Bybit (sell). Across the board, the opportunities show clean cross-exchange price dislocations, often involving major venues like Bybit, Coinbase, Bitget, Gate Futures, OKX, and Bitunix, among others. For ARBITRAGE TRADERS, the scene is set for rapid-fire, high-velocity plays that can be capitalized on with precise execution windows and disciplined risk controls. It’s important to note that several lines show zero pump/dump volumes in this snapshot, which means real-world liquidity and execution certainty will be the gating factor on whether these playbooks can be executed at scale.
Total pump volume: $0.0M Total dump volume: $0.0M Total buy pressure: $0.0M Total sell pressure: $0.0M
Opening takeaway: 80 opportunities exist on the board, but the most actionable, liquidity-supported plays will be those with clear counterparties and robust cross-exchange routes. The best displayed spread is SIREN’s 17.14% (Bitunix buy at $1.409310, Bybit sell at $1.444880), a figure that stands out in magnitude against the rest. Traders should focus on the top-tier spreads that also show compatible counterparty depth, reasonable transfer windows, and predictable withdrawal behavior. The dataset’s explicit, exact prices enable precise modeling, but the real-world feasibility hinges on liquidity, withdrawal speeds, and network conditions at trade time.
🏆 Top 5 Arbitrage Opportunities
Below are the five highest-spread opportunities, each described with exact prices, exchange names, and a candid assessment of execution viability given the data provided.
1) SIREN — 17.14% spread (buy Bitunix at $1.409310, sell Bybit at $1.444880)
- Asset and stated spread: SIREN, 17.14% spread
- Buy exchange and exact price: Bitunix at $1.409310
- Sell exchange and exact price: Bybit at $1.444880
- Available volume: Not specified in the dataset
- Window length: Not specified
- Risk factors: Liquidity depth on Bitunix and Bybit at the moment of entry; potential price impact/slippage on large fills; cross-exchange settlement and withdrawal latency; counterparty risk; network congestion affecting transfer times
- Executable or not: Potentially executable for small-to-moderate notional trades, but requires verifying live depth on Bitunix and quick Bybit fill; no volume data means scale is uncertain
- Per-unit gross profit (based on prices): 1.444880 − 1.409310 = 0.035570 USD
- Per-unit relative spread vs buy price: 0.035570 / 1.409310 ≈ 2.52%
2) APE — 11.11% spread (buy Bybit Spot at $0.088100, sell Coinbase at $0.090000)
- Asset and stated spread: APE, 11.11% spread
- Buy exchange and exact price: Bybit Spot at $0.088100
- Sell exchange and exact price: Coinbase at $0.090000
- Available volume: Not specified
- Window length: Not specified
- Risk factors: Coinbase liquidity depth for the spot pair; potential slippage on Bybit-side execution; withdrawal/transfer limits; cross-exchange timing risk
- Executable or not: Likely executable for small trades; larger size would depend on Coinbase’s liquidity for APE and Bybit’s ability to fill promptly
- Per-unit gross profit (based on prices): 0.090000 − 0.088100 = 0.001900 USD
- Per-unit relative spread vs buy price: 0.001900 / 0.088100 ≈ 2.16%
3) MAGMA — 10.20% spread (buy Bybit at $0.140760, sell Bitunix at $0.146760)
- Asset and stated spread: MAGMA, 10.20% spread
- Buy exchange and exact price: Bybit at $0.140760
- Sell exchange and exact price: Bitunix at $0.146760
- Available volume: Not specified
- Window length: Not specified
- Risk factors: Depth on both sides; timing gap between Bybit fill and Bitunix sale; potential rate limits on Bitunix withdrawals; network latency
- Executable or not: Viable for small to moderate trades if Bybit and Bitunix depth supports it; cross-exchange delay could erode arbitrage edge
- Per-unit gross profit (based on prices): 0.146760 − 0.140760 = 0.006000 USD
- Per-unit relative spread vs buy price: 0.006000 / 0.140760 ≈ 4.26%
4) UAI — 7.33% spread (buy Bitget at $0.415160, sell Bitunix at $0.445600)
- Asset and stated spread: UAI, 7.33% spread
- Buy exchange and exact price: Bitget at $0.415160
- Sell exchange and exact price: Bitunix at $0.445600
- Available volume: Not specified
- Window length: Not specified
- Risk factors: Bitget liquidity for the buy leg, Bitunix liquidity for the sell leg; withdrawal timing and cross-close risk; potential price drift during the trade
- Executable or not: Moderate-to-strong candidate for small trades; scale depends on liquidity at execution
- Per-unit gross profit (based on prices): 0.445600 − 0.415160 = 0.030440 USD
- Per-unit relative spread vs buy price: 0.030440 / 0.415160 ≈ 7.34%
5) FLUID — 6.68% spread (buy Bybit Spot at $2.247000, sell Coinbase at $2.397000)
- Asset and stated spread: FLUID, 6.68% spread
- Buy exchange and exact price: Bybit Spot at $2.247000
- Sell exchange and exact price: Coinbase at $2.397000
- Available volume: Not specified
- Window length: Not specified
- Risk factors: Coinbase execution depth for the selling leg; spot-to-spot cross-arb timing; potential adverse moves during the window; withdrawal/transfer mechanics
- Executable or not: Likely executable for smaller sizes; larger notional may require additional depth confirmation
- Per-unit gross profit (based on prices): 2.397000 − 2.247000 = 0.150000 USD
- Per-unit relative spread vs buy price: 0.150000 / 2.247000 ≈ 6.66%
Notes on Top 5: The five opportunities above show a broad spectrum of arbitrage momentum, with SIREN delivering the largest absolute gross profit per unit, followed by MAGMA and FLUID on notable price gaps. APE and UAI offer lower per-unit gross profits but could be attractive for higher-frequency, smaller-notional execution given their liquidity footprints.
📊 Exchange Spread Patterns
- Consistent buyer-side venues: Bitunix shows up repeatedly as a sell counterparty in MAGMA and SIREN-like legs, indicating deep liquidity on Bitunix for the sell-side. This aligns with several MAGMA entries that see selling into Bitunix, suggesting Bitunix depth may be a gating factor for size.
- Recurrent sell targets: Coinbase and Bybit appear as frequent sell endpoints (e.g., APE and FLUID), implying robust liquidity on Coinbase for certain assets and ongoing arbitrage potential when cross-venue pricing aligns.
- Buy-side staples: Bybit appears repeatedly as a buy venue (either spot or derivative) on MAGMA and FLUID, highlighting Bybit’s role as a reliable source for certain assets, provided the counterparty depth exists on the sell leg.
- Cross-venue symmetry gaps: Gate Futures and Bitget appear in a few instances, with Gate Futures acting as a buy leg in some MAGMA entries and Bitget as a buy leg in UAI. This points to a broader ecosystem where futures and spot routes may converge but liquidity distributions differ.
- OKX involvement: The ORDER line shows a buy on Bitget and a sell on OKX, indicating the potential for cross-lane depth between newer order books and more mature exchanges, albeit with a smaller spread footprint than the top-tier plays.
Overall pattern takeaway: The clearest, consistently exploitable patterns revolve around Bitunix–Bybit and Bybit–Coinbase or Bybit–Coinbase-type routes, with MAGMA and SIREN-like legs often centered on Bitunix as the sell-side anchor and Bybit as the buy-side source. Cross-venue triangles including Gate Futures or Bitget offer additional flexibility, but depth and withdrawal timing require explicit verification before committing larger capital.
⚡ Speed vs Size Analysis
- Speed advantage (quick, small plays): The largest spreads are often associated with fast execution across liquid venues. Small-notional arbitrage (a few thousand dollars per leg) can be executed rapidly, reducing exposure to price drift and cross-exchange movement. Examples: SIREN and MAGMA 10.20% legs may provide quick wins if depth is confirmed.
- Size advantage (slower, larger plays): The bigger the notional, the more important it becomes to verify depth and post-fill fulfillment on both legs. FLUID’s 6.68% leg offers a substantial per-unit gross profit, but scaling to larger sizes demands deeper liquidity confirmation on both Bybit Spot and Coinbase.
- Slippage considerations: Larger positions risk substantial slippage if you move aggressively into a leg with modest depth. The per-unit profits in MAGMA (4.26% relative to buy) and UAI (7.34% relative to buy) look attractive, but liquidity must support the intended size to avoid erosion from slippage.
- Position sizing guidance: For high-spread, lower-liquidity legs (e.g., UAI and APE), start with smaller notional slices to validate execution, then scale as depth confirms. For high-depth venues (Bybit Spot, Coinbase spot) consider mid-sized to larger risk-adjusted allocations if you observe consistent fills and stable price discipline.
💰 Profit Calculations
Working with per-unit profits (based on the exact buy/sell prices) and a transparent fee assumption helps anchor expectations.
- Common base calculation (per unit):
- Gross profit per unit = Sell price − Buy price
- Net profit ≈ Gross profit × (1 − total trading fees)
- Fees: two legs (buy and sell) with a typical combined rate around 0.20% for many venues (0.1% per side). Withdrawals would reduce net further, but withdrawal fees vary by asset and exchange.
- Per-unit numbers from top 5 opportunities:
- SIREN: Gross = 0.035570 USD; Net after 0.20% trading fees ≈ 0.035570 × 0.998 ≈ 0.035499 USD
- APE: Gross = 0.001900 USD; Net ≈ 0.001900 × 0.998 ≈ 0.001896 USD
- MAGMA (10.20% leg): Gross = 0.006000 USD; Net ≈ 0.006000 × 0.998 ≈ 0.005988 USD
- UAI: Gross = 0.030440 USD; Net ≈ 0.030440 × 0.998 ≈ 0.030380 USD
- FLUID: Gross = 0.150000 USD; Net ≈ 0.150000 × 0.998 ≈ 0.149700 USD
- Break-even perspective: If you assume only trading fees (two legs totaling ~0.20%), any spread that yields a gross profit per unit above 0.20% of the notional is profitable in theory. All five top opportunities exceed that threshold by a wide margin (SIREN ≈ 2.52% relative to buy, APE ≈ 2.16%, MAGMA ≈ 4.26%, UAI ≈ 7.34%, FLUID ≈ 6.66%), even before accounting for withdrawals. The practical break-even will hinge on withdrawal costs, network fees, and actual fill rates.
- Practical net profit example (notional sizing guide):
- Suppose you execute 1,000 units of each leg where allowed, and you incur only trading fees (no withdrawal costs for the moment):
- SIREN net ~ 1,000 × 0.035499 ≈ 35.50 USD
- APE net ~ 1,000 × 0.001896 ≈ 1.90 USD
- MAGMA net ~ 1,000 × 0.005988 ≈ 5.99 USD
- UAI net ~ 1,000 × 0.030380 ≈ 30.38 USD
- FLUID net ~ 1,000 × 0.149700 ≈ 149.70 USD
- Total net (fees-only considered, before withdrawals) ≈ 223.57 USD
- If withdrawal fees reduce each payout by another 0.15–0.50% in practice (asset- and exchange-dependent), subtract that portion to obtain the final cash realization.
Minimum spread worth chasing: In this data set, all top five opportunities quote gross per-unit profits well above a 0.2% round-trip fee. A practical minimum for trading this week should be well above 0.5–1.0% per unit if withdrawal costs are non-trivial, but given the actual per-unit gaps here (2%–7%+ relative to buy) any leg with a net per-unit profit comfortably above total round-trip costs is actionable. The SIREN line, with a 17.14% gross spread, is especially compelling for small-scale liquidity tests, while UAI and FLUID offer stronger per-unit profits and potentially steadier depth on their respective buy legs.
⚠️ Risk Alerts
- Withdrawal delays: Cross-exchange withdrawals can lag, especially during market stress, exchange maintenance, or network congestion. This can cause price moves to erase the arb edge before you realize profits.
- Low liquidity and slippage: Some legs, especially on newer or smaller venues, may lack depth. That can trigger slippage that wipes out the apparent spread.
- Exchange reliability: Platform outages, API throttling, or maintenance windows may prevent timely execution on one leg, risking partial fills or missed opportunities.
- Withdrawal times and limits: Strict withdrawal limits or verification requirements can delay settlement between venues and lock up capital.
- Regulatory/compliance friction: Cross-border or cross-venue flows may trigger additional checks; ensure readiness to handle KYC/AML constraints.
- Network fees: Asset-specific withdrawal fees, gas costs, and network congestion can materially affect net profits, especially on larger sizes.
- Market risk during window: Arbitrage windows can close quickly as prices converge across exchanges. Execution speed is critical; latency and API reliability matter.
🔮 Tomorrow's Setup
- Likeliest continued patterns: The Bitunix–Bybit axis and the Bybit–Coinbase axis look poised to persist as fertile routes for cross-exchange arbitrage, particularly for MAGMA, SIREN, and FLUID-type plays. Keep a close eye on order book depth on Bitunix when buying and on Bybit for selling. If you see robust depth on Bitunix and Bybit with stable quotes, scale small, then confirm on the selling leg.
- Times to watch: Asia-to-US session transitions and major market-open windows often magnify cross-exchange spreads. Monitor during overlapping liquidity windows across Bitunix, Bybit, Coinbase, and Bitget. Maintain alert triggers on the largest price gaps among the top-5 routes (SIREN, APE, MAGMA, UAI, FLUID) around US market open and European close.
- Pairs to monitor most closely: SIREN (Bitunix → Bybit), MAGMA (Bybit → Bitunix), APE (Bybit Spot → Coinbase), FLUID (Bybit Spot → Coinbase), UAI (Bitget → Bitunix). If you see a material improvement in depth or a widening in these specific legs, re-evaluate position sizing and timing.
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Arbitrage Hunter — March 22, 2026