Crypto arbitrage: the gap you see, and what is left after costs
Cross-exchange arbitrage means buying a coin where it is cheaper and selling it where it is dearer in the same moment. The gap a comparison table shows is not your result: you buy at the ask, sell at the bid, and pay fees on every side. FinEdg measures what remains — on paper, against real order books — and reports the number even when it is negative.
Three numbers that are easy to confuse
The difference between the latest trades on two venues. It is history, not a price you can get: nobody is obliged to sell to you at the last traded price.
Measured on the real book at the size you would trade. This is the first number that means anything, and it is always smaller than the one above.
Fees on every side (two legs for spot, four for a perpetual hedge), slippage beyond the best level, funding every 1–8 hours, withdrawal fees and transfer time. For perpetuals it is known only after the exit, so we measure it with a forward paper test.
A divergence is not a profit. Most gaps above 50 bps disappear once you pay the ask on one side and hit the bid on the other.
What the terminal v2 shows
Who sees what
Everything on this page, the education inside the terminal, and the public paper monitor are open without an account. A free account adds the demo terminal: paper entries on real order books.
The live divergence feed is operator-gated. Ask for access if you need it for research.
- Visitor. This page, the education inside the terminal and the public paper monitor need no account.
- Member (free account). The terminal opens on paper: both legs filled against real order books with fees charged, virtual money only. The live divergence feed, day replay and forward test stay operator-gated.
- Operator. The same screens with the live feed, always marked as demo — real orders live on a separate operator board and are never reachable from the arbitrage screens.
When this does not work
- A huge, lasting gap is usually two different tokens under one ticker (1000× contracts), not free money.
- Thin markets. Below roughly $50k of 24-hour volume your own order moves the price more than the gap pays.
- Transfers close exactly when the gap opens — deposits and withdrawals are suspended while a venue is under stress.
- One leg fills, the other does not. A single leg is not arbitrage; it is a directional bet with an unhedged position.
- Funding runs against you while you wait for the gap to close, and the gap can widen first.
- No keys required. The paper book reads public order books only; FinEdg never asks for withdrawal rights.
Questions we get
Is the price difference between two exchanges a profit?
No. You buy at the ask on one venue and sell at the bid on the other, then pay fees, slippage, funding and transfers. What remains is often zero or negative, and we publish it either way.
Can I place a real arbitrage order here?
No. Orders on the arbitrage screens are virtual, filled against real order books with fees charged. Real order placement is a separate operator surface and is not reachable from these screens.
Why can I not see the live divergence feed?
The live feed, day replay and forward test are operator-gated today. A free account gives you the demo terminal and the education; ask for research access if you need the live feed.
What is published without an account?
The paper arbitrage monitor at /finedg/monitor: open and closed legs, fees on their own line, and the ledger timestamp, including losing days.