🎯 Arb Desk Report

Date: March 31, 2026

🏆 Top 5 Arbitrage Opportunities

Below are the five highest-spread opportunities, presented with exact asset, spread, buy/sell exchanges and prices. Note that the dataset provides the spreads and prices, but not available volume or window duration. For each, I’ve added a practical assessment of executability and risk.

• Asset and spread: CETUS, 17.66%
• Buy exchange and price: Bitunix at $0.019660
• Sell exchange and price: Bybit at $0.020383
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Liquidity depth on Bitunix for CETUS; potential slippage on Bybit if the market moves; withdrawal times between networks; counterparty risk during cross-exchange transfers
• Executability take: High theoretical edge, but verify orderbook depth on Bitunix for CETUS and confirm Bybit’s ability to fill the seller side without impacting the price. If Bitunix shows shallow depth, fill risk will reduce the effective profit.
• Quick note on profitability: using a per-unit analysis with a baseline fee assumption (see Profit Calculations), the gross per-unit spread is 0.000723. After a typical 0.1% taker fee on buy and 0.1% taker fee on sell, net per unit declines to roughly 0.000683. Volume sensitivity will determine actual dollars earned.

• Asset and spread: CETUS, 17.10%
• Buy exchange and price: Binance at $0.019770
• Sell exchange and price: OKX Spot at $0.023150
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Depth on Binance for CETUS; OKX Spot liquidity on the sell leg; potential withdrawal timing gaps; cross-exchange settlement risk
• Executability take: Strong theoretical edge given a wide price gap, but execution hinges on binance depth for CETUS and speed of posting on OKX Spot. If both sides are liquid, it’s highly executable.
• Profit note: Gross per-unit = 0.023150 - 0.019770 = 0.003380. Fees on buy ~0.000019770; on sell ~0.00023150; net per unit ≈ 0.00312873. ROI per unit ≈ 15.8% (subject to actual fee schedules and withdrawal costs).

• Asset and spread: CETUS, 15.44%
• Buy exchange and price: Bybit at $0.025134
• Sell exchange and price: Gate Futures at $0.026440
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Bybit liquidity on CETUS; Gate Futures’ depth and withdrawal processing; correlations between spot and futures pricing during execution
• Executability take: Moderate to high if Bybit’s CETUS book is sufficiently deep to fill the order without market impact and Gate Futures can absorb the sell side quickly.
• Profit note: Gross per-unit = 0.001306. Fees: buy ~0.000025134; sell ~0.00026440; net per unit ≈ 0.00101647. ROI per unit ≈ 4.04%.

• Asset and spread: SAND, 10.43%
• Buy exchange and price: Coinbase at $0.072900
• Sell exchange and price: Coinbase at $0.080500
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Same-venue price fragmentation can reflect order-types (market vs limit), internal Coinbase liquidity constraints, potential withdrawal delays; cross-wallet timing
• Executability take: Potentially executable on Coinbase if there is sufficient liquidity on both buy and sell sides within Coinbase’s own book or across its supported venues. Inter-exchange risk is lower here but partial fills and slippage can occur due to market microstructure on Coinbase’s platform.
• Profit note: Gross per-unit = 0.00760. Fees: buy ~0.000729; sell ~0.000805; net per unit ≈ 0.006066. ROI per unit ≈ 8.32%.

• Asset and spread: STX, 10.16%
• Buy exchange and price: Coinbase at $0.220500
• Sell exchange and price: Coinbase at $0.242900
• Available volume: Not disclosed
• Window duration: Not disclosed
• Risk factors: Coinbase’s internal liquidity and spread compression; withdrawal/transfer timing; potential conflicts between Coinbase Pro vs Coinbase retail pools
• Executability take: If Coinbase’s order books are deep on both sides (or if there are parallel pools that can be bridged quickly), this is executable. The cross-route risk on a single exchange is lower, but single-exchange constraints still apply.
• Profit note: Gross per-unit = 0.022400. Fees: buy ~0.0002205; sell ~0.0002429; net per unit ≈ 0.0219366. ROI per unit ≈ 9.95%.

📊 Exchange Spread Patterns

• CETUS shows the most aggressive spreads across cross-exchange plays, notably Bitunix–Bybit and Binance–OKX, then Bybit–Gate Futures. This pattern suggests:
• Deep cross-venue price divergence for CETUS that traders can exploit with fast routing and robust capital across multiple venues.
• The Bybit pairing appears multiple times in the CETUS top-three opportunities, indicating Bybit’s CETUS order book may be a critical liquidity anchor or a frequent price leader for this asset.
• CHZ appears multiple times on Coinbase in both buy-sell and cross-exchange contexts (Coinbase buy vs Coinbase sell, and Coinbase buy vs Binance sell). This points to a Coinbase-centric spread pattern, likely reflecting differences between Coinbase’s cash and other Coinbase pools or product tiers (retail vs institution) rather than a pan-exchange cross-pair arbitrage.
• OKX vs Binance surfaces in the CETUS #2 (Binance buy, OKX Spot sell), consistent with a regular cross-exchange spread pattern where major global venues deviate on a less widely traded token in real-time.
• SKY presents a cross-venue pattern where Hyperliquid serves as the buy leg and Bybit as the sell leg (Hyperliquid vs Bybit), indicating a newer or smaller venue (Hyperliquid) can create outsized spreads against a more established venue (Bybit) for certain assets.
• Overall, the clearest cross-patterns exist between major spot/derivative exchanges (Binance, OKX, Bybit, Gate Futures) with a handful of Coinbase-focused plays. What this means for practitioners is to prioritize route optimization to capture CETUS and CHZ signals, while maintaining a vigilant check on canonical pairs (Binance–OKX, Bybit–Gate, Hyperliquid–Bybit) for liquidity and fill risk.

⚡ Speed vs Size Analysis

• The highest gross spreads (e.g., CETUS across Bybit and OKX) typically demand very fast execution and substantial liquidity to avoid slippage. The larger the spread, the more compelling the opportunity, but only if you can push a sizable order through the book without moving the price against you.
• The smaller but consistent spreads (e.g., CHZ across Coinbase and Binance) can be more forgiving in terms of slippage, but they demand careful handling of on-platform settlement frictions and potentially higher relative fees due to multiple legs and internal transfers.
• Slippage considerations:
• On the buy leg, you want to avoid moving the price away from your entry level; use limit orders where possible, but be mindful of not triggering too much partial fill risk.
• On the sell leg, ensure the price target is achievable in real-time; marketable sell orders can snap back, cutting into profits if you wait for the last few basis points.
• Position sizing:
• For the largest CETUS opportunities, consider smaller position sizes at high-speed venues if you’re uncertain about depth, then scale as you confirm depth availability across Bitunix/Bybit and Binance/OKX.
• For Coinbase-involved plays like SAND and STX, gauge liquidity within Coinbase’s own order book and any adjacent pools (e.g., Coinbase Pro vs Coinbase retail) before committing to larger sizes.
• Practical guidance: use a layered approach—start with small, fast, high-confidence legs (CETUS Bitunix→Bybit) to validate depth, then deploy larger allocations on higher-ROI but potentially slower legs (CETUS Binance→OKX, SAND on Coinbase).

💰 Profit Calculations

Below is a practical framework to translate listed spreads into realized profit, given typical fee structures. For each top-5 opportunity, I show:

• Gross spread (as listed by the data)
• Price-based buy and sell inputs
• Per-unit net profit after a standard fee model
• A note on volume and withdrawal costs that you must fill with your own data

Assumptions used in these calculations:

• Trading fees: 0.1% taker on buy and 0.1% taker on sell (total 0.2% of notional)
• Withdrawal fees: asset- and network-specific; not included here due to variability (must be added by the trader using asset-specific withdrawal costs)
• Prices are in USD per unit

• Gross spread: 0.000723
• Buy fee: 0.00001966
• Sell fee: 0.000020383
• Net profit per unit: 0.000723 - 0.000040043 ≈ 0.000682957
• ROI per unit: 0.000682957 / 0.019660 ≈ 3.47%
• Example volumes:
• 10,000 units: gross 7.23, fees 0.40, net ≈ 6.83 USD
• Take: Executable if Bitunix depth supports 10k+ scales with fast execution; monitor Bybit depth to ensure sell side can take without slippage.

• Gross spread: 0.003380
• Buy fee: 0.00001977
• Sell fee: 0.00023150
• Net per unit: 0.003380 - 0.00025127 ≈ 0.00312873
• ROI per unit: ≈ 15.83%
• Volumes:
• 10,000 units: gross 33.80, fees ≈ 2.51, net ≈ 31.29 USD
• Take: Very attractive ROI; ensure OKX Spot depth is sufficient; marketplace volatility could compress the spread quickly.

• Gross spread: 0.001306
• Buy fee: 0.000025134
• Sell fee: 0.00026440
• Net per unit: ≈ 0.00101647
• ROI per unit: ≈ 4.04%
• Volumes:
• 10k units: gross 13.06, fees ≈ 0.29, net ≈ 10.17 USD
• Take: Moderate to high; verify Gate Futures’ liquidity and the speed at which Gate can absorb a sell.

• Gross spread: 0.007600
• Buy fee: 0.000729
• Sell fee: 0.000805
• Net per unit: 0.007600 - 0.001534 ≈ 0.006066
• ROI per unit: ≈ 8.32%
• Volumes:
• 10k units: gross 76.00, fees ≈ 15.34, net ≈ 60.66 USD
• Take: Good on Coinbase when both legs are balanced; ensure that you can move the asset in and out of Coinbase efficiently.

• Gross spread: 0.022400
• Buy fee: 0.0002205
• Sell fee: 0.0002429
• Net per unit: 0.022400 - 0.0004634 ≈ 0.0219366
• ROI per unit: ≈ 9.95%
• Volumes:
• 10k units: gross 224.00, fees ≈ 4.63, net ≈ 219.37 USD
• Take: High ROI within Coinbase ecosystems; ensure internal liquidity and withdrawal flow.

Minimum spread worth chasing

• With typical 0.2% total trading fees (0.1% per side), the minimum gross spread needed to produce meaningful positive net profit scales with volume. Per-unit net profits for the five top opportunities range from roughly 0.00068 to 0.02194 USD, corresponding to ROIs from about 3.5% to 16%+ per unit. In practice, you should target a net per-unit profit that justifies the capital at risk after considering withdrawal costs and settlement timing.
• A general practical benchmark: if your target is at least a few hundred dollars in net profit per trade, you’ll want to run tens of thousands of units on the higher-ROI legs (e.g., CETUS Binance→OKX, STX/CHZ Coinbase routes) and adjust for withdrawal costs. For lower-ROI legs, you’ll need much larger volumes to be compelling, or you should only deploy during periods of high liquidity and low return friction.

Notes on fees and withdrawals

• The profit calculations above assume a standard 0.1% taker fee on each leg, totaling 0.2% of notional. Real-world fees vary by exchange, asset, and account tier (maker vs taker). If you are a maker or if an exchange rebates fees for certain liquidity provisions, the net profit can improve or degrade accordingly.
• Withdrawal fees are asset-specific and can be substantial on some assets, particularly if they require on-chain movement across networks. Because withdrawal fees are not provided in the data, I recommend you add your own asset-specific withdrawal costs to the net profit calculation to avoid overstating profitability.
• Slippage and latency can erode the theoretical spread quickly; always factor in expected orderbook depth, latency of routing, and potential partial fills.

⚠️ Risk Alerts

• Liquidity gaps: Some venues (Bitunix, Hyperliquid) may show thin depth for CETUS or CHZ trades. Thin liquidity increases the risk of slippage and partial fills.
• Withdrawal delays: Cross-exchange transfers can face delays or liquidity lockups, especially during periods of congestion or maintenance. A mis-timed withdrawal can close the window on the arbitrage opportunity.
• Platform anomalies: Exchange downtime, API outages, or routing errors can disrupt execution. Always verify connectivity and confirm execution receipts.
• Regulation and compliance risk: Some venues offer derivatives or futures that may have different margin requirements or settlement rules; ensure you’re operating within the asset class and jurisdictional constraints you’ve defined.
• Market risk: Crypto markets can jump quickly, compressing or erasing spreads in seconds. Your contingency plan should include price alerts and exit strategies in the event of rapid price movement.

🔮 Tomorrow's Setup

• Assets to watch: CETUS, SAND, STX continue to show meaningful spreads across multiple venues; CHZ on Coinbase–Binance routes and CHZ across Coinbase provides ongoing edges to monitor. SKY’s Hyperliquid vs Bybit play suggests looking at new venue pairings for other mid-cap tokens that may appear with funded liquidity.
• Exchange pairs to monitor:
• CETUS: Bitunix↔Bybit, Binance↔OKX, Bybit↔Gate Futures
• CHZ: Coinbase↔Binance and Coinbase↔Coinbase (internal pools)
• SAND/STX: Coinbase ↔ Coinbase (internal pools), with cross-venue checks on Coinbase-linked pools vs other venues
• SKY: Hyperliquid↔Bybit
• Best times to watch: liquidity tends to be higher during overlap of US and European market hours; monitor around 9:00–12:00 UTC as a baseline. High-volatility periods after major news releases can create transient mispricings.

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Arbitrage Hunter — March 31, 2026