In the fast-paced world of cryptocurrency, traders are constantly seeking low-risk opportunities to generate returns. One such method gaining traction among retail investors is manual arbitrage, commonly known as "brick moving" or cross-exchange trading. This article dives into a real-world case from January 2024, where a trader successfully executed a manual arbitrage trade between two regional exchanges—Rybit and BitoPro—earning a 678元 profit with a 0.14% return in a single transaction.
We’ll walk through the mechanics of this strategy, analyze market conditions affecting arbitrage viability, and explore how everyday investors can identify similar opportunities—while managing risk effectively.
Understanding Manual Arbitrage: The Basics
Manual arbitrage involves buying a digital asset (in this case, USDT) on one exchange at a lower price and simultaneously selling it on another where the price is slightly higher. Since USDT is a stablecoin pegged to the U.S. dollar, its value should remain consistent across platforms. However, due to differences in liquidity, local demand, and withdrawal processing times, temporary price discrepancies often emerge—especially in regional markets like Taiwan.
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These gaps create small but measurable profit windows for traders who act quickly and efficiently.
How This Trade Worked
On January 17, 2024, an observable spread appeared between:
- Rybit Exchange: USDT buy price at 31.665 TWD
- BitoPro Exchange: USDT sell price at 31.7281 TWD
This resulted in a price difference of 0.0631 TWD per USDT.
Assuming a trading volume of approximately 10,750 USDT, the gross profit was calculated as:
10,750 × (31.7281 – 31.665) ≈ 678 TWD
With minimal exposure time and no directional market risk (since both legs of the trade were executed nearly simultaneously), this represents a textbook example of low-volatility arbitrage.
Step-by-Step Execution Process
Successful arbitrage isn’t just about spotting price differences—it’s about execution speed, cost control, and platform reliability.
1. Identifying the Spread
Traders monitor multiple exchanges using manual checks or simple tracking tools. In this case, the trader noticed that Rybit had lower buying pressure for USDT, driving down its local price relative to BitoPro, which had stronger demand.
2. Executing the Buy Order
The trader purchased 10,750 USDT on Rybit at an average rate of 31.665 TWD/USDT, totaling roughly 340,398.75 TWD.
3. Transferring Funds
After purchase, the USDT was withdrawn from Rybit and sent to the trader’s BitoPro wallet. Transfer time varied depending on blockchain congestion but typically took under 15 minutes.
4. Completing the Sell Order
Once received, the full amount was sold on BitoPro at 31.7281 TWD/USDT, yielding approximately 341,077.58 TWD.
5. Calculating Net Profit
After deducting network fees (usually less than 10 TWD) and potential withdrawal costs, net proceeds came close to 678 TWD, translating to a 0.14% return on capital deployed.
While this may seem modest, repeated execution across multiple opportunities can compound returns over time—especially when leveraging automated alerts or margin efficiency.
Why Arbitrage Opportunities Are Shrinking
As noted in the original report, such profitable spreads have become increasingly rare in early 2025 compared to previous years.
Key Factors Limiting Arbitrage Potential:
- Improved Market Efficiency: Larger traders and bots now dominate arbitrage spaces, closing price gaps within seconds.
- Tighter Spreads: Exchanges have enhanced liquidity through partnerships and incentives.
- Higher Competition: More retail traders are adopting similar strategies, reducing window sizes.
- Withdrawal Delays & Fees: Some platforms impose delays or fees that erode thin margins.
The author observed that meaningful opportunities now arise only once every few days—making persistence and timing critical.
Frequently Asked Questions (FAQ)
Q: What is manual arbitrage in crypto?
A: It's the process of buying a cryptocurrency like USDT on one exchange at a lower price and selling it on another where it's priced higher. Unlike automated bot trading, manual arbitrage requires human oversight and intervention at each step.
Q: Is USDT arbitrage risk-free?
A: While it carries less market risk than speculative trading, it's not entirely risk-free. Risks include transfer delays, exchange downtime, sudden price changes during transit, and potential account freezes.
Q: How much capital do I need to start?
A: You can begin with as little as 1,000 USDT, but profitability increases with scale. Given tight spreads (often below 0.2%), larger volumes help offset fixed costs like gas fees and withdrawal charges.
Q: Can I automate this strategy?
A: Yes—though automation requires API access and programming knowledge. Many traders use scripts to monitor price feeds and execute trades instantly. However, most regional exchanges restrict API functionalities for stablecoins.
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Q: Are there tax implications?
A: Profits from arbitrage are generally considered taxable income in most jurisdictions, including Taiwan. Always consult a local tax professional to ensure compliance.
Q: Which exchanges work best for TWD-based arbitrage?
A: Rybit and BitoPro are popular due to their strong TWD liquidity pairs. Others include MEXC (with TWD OTC desks) and local P2P platforms—but always verify withdrawal policies before trading.
Strategies to Maximize Success
Even with shrinking margins, disciplined traders can still find value in manual arbitrage by adopting these practices:
- Monitor During Peak Hours: Price discrepancies often widen during high-volatility periods or weekends when support teams are offline.
- Pre-fund Accounts: Keep small balances on both exchanges to reduce dependency on slow transfers.
- Track Historical Spreads: Use spreadsheets or dashboards to identify recurring patterns between platforms.
- Factor in All Costs: Include withdrawal fees, network gas, and potential slippage when calculating break-even points.
- Stay Compliant: Follow KYC rules and avoid rapid fund movements that could trigger anti-money laundering (AML) flags.
Final Thoughts: Is Manual Arbitrage Still Worth It?
The 678元 gain might not sound impressive at first glance—but consider this: the entire trade required under an hour of active effort and carried almost zero market risk. For passive income seekers or those testing the waters of crypto trading, this approach offers a realistic entry point.
As blockchain ecosystems mature, pure arbitrage will continue to decline in frequency. Yet for those willing to act fast and stay informed, small-scale manual trading remains a viable micro-income stream—especially when combined with broader investment goals like dividend stocks or yield farming.
Disclaimer: This article presents a real transaction for educational purposes only. Past performance does not guarantee future results. Cryptocurrency trading involves risk; you may lose principal. This content does not constitute financial advice. Always conduct independent research and assess your risk tolerance before investing.
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