Cross-Exchange Arbitrage

What it is

If a major coin's price differs by more than 0.15% between two of Bybit, KuCoin and OKX — you get pinged, with the venue quoting low and the venue quoting high both named.

Why it matters

A spread between two venues on the same asset is a measured dislocation, not a forecast. It exists because the two books have not cleared against each other yet, and it closes as they do — which is why the alert reports the spread's width and its recent baseline rather than a target.

How to read the alert

The alert names the pair, the venue quoting low, the venue quoting high, the current spread and how far it sits above its own baseline. A spread past 1% on a liquid pair is more likely to be a stale or wide quote than a real dislocation, so the venue prices are worth reading against their source before anything else. Both legs also carry exchange fees, which the spread figure does not include.

Sample alert

Each alert includes

• The pair and the two venues involved
• The gross spread percentage
• Which venue is quoting low and which is quoting high, with both prices
• The net spread after an estimated round-trip fee