$LINK arb: ORCA +13.3% across 5 exchanges and +11.0% on 2 more; RAY and others showing multi-exchange arb windows as Asia wakes. One risk: near-term volatility with $2.0M pump vs $2.4M dump and strong ETH buy flow (54.8% avg buy, $12.0M) can snap spreads quickly. Position size under 5% of portfolio with explicit stop or hard limit orders at arb levels (e.g., ORCA 0.9680 buy / 1.0011 sell; RAY 0.6367 buy / 0.6989 sell). US session prep: watch ETH and HYPE buy pressure bleed into US hours, and be ready to trim on rapid reversals.