A price gap is not your profit. Net crypto-arbitrage profit is the executable sale proceeds minus the executable purchase cost, fees on both trades, transfer and withdrawal charges, slippage or price impact, and any other cost your route actually incurs. Calculate every item in one quote currency and divide by a stated capital base if you report a percentage return.
The calculation in one line
For a cross-exchange spot route, use this accounting identity:
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Net profit = executable sale proceeds − executable purchase cost − buy fee − sell fee − transfer/withdrawal costs − slippage or price impact − other route costs
“Executable” matters. A ticker may show a bid and ask that cannot absorb your full order. Your calculation should use the quantities and prices you reasonably expect to fill, not an untouched top-of-book quote. Convert fees charged in another asset, such as a token withdrawal fee, into the same quote currency used for the trade. If you show a return percentage, state the denominator explicitly: net return = net profit ÷ committed capital × 100. Committed capital can mean the cash used for the purchase, the larger of the two funded legs, or another policy, but use the same definition every time you compare routes.
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Gross spread is only a starting point
The visible difference between a buy price and a sell price is a gross spread. It becomes positive net profit only after the complete route is costed. A 1 percent gap can be unprofitable for a small account with a flat withdrawal charge, while a narrower gap may work for a larger trade if the route has deep liquidity and low percentage fees. There is no universal minimum spread.
Step 1: Define the route and accounting unit
Write down the route before looking for a percentage threshold. Record:
- The asset you will buy and sell.
- The buy venue, sell venue, and exact trading pair on each venue.
- The quote currency, such as USD or a stablecoin, in which all results will be reported.
- The intended order size and the maximum capital committed.
- Whether inventory is already held on both venues or must be transferred after the purchase.
- Whether the purchased asset will be transferred, or whether you will sell pre-positioned inventory and rebalance later.
- Any borrowing, funding, conversion, or rebalancing step that is part of your strategy.
Only subtract costs that the chosen route actually incurs. If you maintain balances on both venues, do not charge a hypothetical withdrawal on every trade; include the eventual rebalancing cost if rebalancing is part of the strategy. Conversely, omitting a later rebalance can make a repeatedly run strategy appear more profitable than it is.
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1Clear out junk files and repair common Windows errors2Fix the driver behind crashes, sound loss and screen glitches3Repair Windows errors before they cause bigger problemsStep 2: Estimate executable buy and sell prices
Read the order book for the size you intend to trade. For a marketable buy, consume asks from the lowest level upward. For a sale, consume bids from the highest level downward. Calculate a size-weighted average:
Average fill price = Σ(price at level × quantity filled at level) ÷ Σ(quantity filled at level)
Use the resulting average price for purchase cost and sale proceeds. If the available quantity is less than your target, model a partial fill or reduce the trade size; do not assume the rest fills at the first displayed price. Kraken’s order-book guidance illustrates why a desired size can move into the next level, and it notes that a limit order can remain partially filled. Quotes can also change between observation and submission, so treat the book snapshot as an estimate rather than a promise.
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Measure price impact instead of applying an arbitrary allowance
Slippage is the difference between the reference quote you observed and the average price your size can actually obtain. You can express buy-side impact as (average buy fill − best ask) ÷ best ask, and sell-side impact as (best bid − average sell fill) ÷ best bid. Apply the relevant impact to the dollar or quote-currency amount, not as a generic percentage copied from another market. Thin books, volatile pairs, and larger orders usually make the estimate less reliable.
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Step 3: Apply the fees for the actual orders
Check the fee schedule and order preview for the exact account, product, pair, and order type immediately before trading. Coinbase Advanced states that fees vary by product, fee tier, and whether an order provides liquidity (maker) or takes liquidity (taker); the tier in effect when the order is placed determines the charge. A partially matched order can have both treatments: the immediately matched portion pays taker fees while a portion that rests and later fills can pay maker fees.
Do not assume that selecting “limit” makes an order a maker order. Kraken defines a market order as immediate execution with taker treatment, but a limit order that matches immediately can also be charged as taker. A post-only instruction can prevent immediate matching, yet the venue may cancel the order instead of filling it. Model the order behavior you are actually willing to accept.
Calculate each trading leg separately
Apply the executed fee to the buy and the sell independently. The fee may be deducted from quote currency, the purchased asset, or the proceeds, depending on venue settings. Your spreadsheet should therefore record the fee amount and its denomination, then convert it to the quote currency at the same valuation convention used elsewhere. A fee tier that applies to one pair or product may not apply to another.
Step 4: Add transfer, network, and route-specific costs
Use the withdrawal charge for the exact asset and network selected at the time of the transaction. Include a separately charged network fee only when it is not already embedded in the platform’s withdrawal charge; otherwise you double-count the same cost. Record the sending venue, receiving venue, asset, and network because charges and availability vary.
Add deposit, conversion, funding, borrowing, or rebalancing expenses only when they apply to your route. An asset transfer can also incur a time cost: the price difference may close while the transaction is pending. A pre-positioned inventory route may reduce transfer delay but can create periodic rebalancing costs. Treat both as route design choices, not universal deductions.
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Step 5: Account for timing and uncertainty
A transfer-based estimate is conditional on prices, liquidity, fee tiers, and network status remaining usable long enough to complete both legs. Historical work on cross-exchange trading identifies transfer delays, order-book depth, and adverse price movement as material frictions. A positive estimate is not guaranteed or risk-free profit.
For a live decision, capture the timestamp of your book data, fee tier, withdrawal quote, and network status. Recalculate if any of those inputs changes. If the route requires two sequential actions, include the possibility that the second quote moves before the first transaction settles. Do not present a single historical or hypothetical result as a typical outcome.
Step 6: Compute net profit and net return
After filling the rows, subtract every cost from the executable sale proceeds. Keep fixed charges separate from percentage charges so you can see how trade size changes the result.
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| Spreadsheet row | What to enter | How to use it |
|---|---|---|
| Committed capital | Quote-currency amount allocated to the route | Denominator for the stated net-return percentage |
| Buy quantity | Quantity actually or realistically acquired | Use the depth-adjusted fill, not the requested amount if only partly filled |
| Average buy fill | Weighted average ask price | Purchase cost before the buy fee |
| Buy fee | Executed fee for the buy leg | Convert to the quote currency if charged in the asset |
| Transfer cost | Withdrawal and applicable network charge | Use the selected asset and network; avoid duplicate accounting |
| Average sell fill | Weighted average bid price | Sale proceeds before the sell fee |
| Sell fee | Executed fee for the sell leg | Use the sell account’s current tier and order treatment |
| Other route costs | Conversion, funding, borrowing, or rebalancing amounts | Leave at zero only when the route truly has none |
| Net profit | Sale proceeds minus all preceding costs | Primary result in the quote currency |
| Net return | Net profit ÷ committed capital × 100 | Report the denominator beside the percentage |
Worked hypothetical example
Consider a $2,000 route with an executable gap of 1.20 percent. The gross difference is $24 because $2,000 × 0.012 = $24. Assume, purely for arithmetic illustration, $4 in total trading fees, a $5 withdrawal charge, and $3 of estimated execution slippage.
| Item | Amount | Effect on result |
|---|---|---|
| Gross executable difference | $24 | Starting spread before costs |
| Buy and sell trading fees | −$4 | Both legs included |
| Withdrawal cost | −$5 | Flat charge in this hypothetical route |
| Estimated slippage | −$3 | Price impact across the intended size |
| Estimated net profit | $12 | $24 − $4 − $5 − $3 |
| Net return on stated capital | 0.60% | $12 ÷ $2,000 × 100 |
This is an assumed example, not a typical return, forecast, or published statistic. A further $12 adverse move would erase the estimated margin. Your own inputs must come from the current books, account fee tiers, and selected transfer route.
How to find the break-even spread
Break-even occurs when net profit equals zero. Hold your assumptions fixed and solve for the minimum executable sale proceeds:
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Required sale proceeds = executable purchase cost + buy fee + sell fee + transfer costs + slippage or price impact + other route costs
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Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallTo express the result as a spread, divide the required additional proceeds by the capital base you selected. This shortcut is valid only when all costs are expressed in the same quote currency and the denominator is defined consistently. Percentage trading fees rise with notional; a flat withdrawal fee does not. Consequently, the break-even percentage changes with trade size. It also changes when your fee tier, pair, order type, book depth, network, or rebalancing policy changes.
Use sensitivity checks rather than one optimistic number
- Recalculate with a worse average buy fill and a worse average sell fill.
- Increase the expected transfer time or model a second quote observed after settlement.
- Use the taker fee when an order might match immediately, even if you hoped to rest as a maker.
- Reduce the fillable quantity to test a partial-fill outcome.
- Show the result with and without a later rebalance so the inventory assumption is transparent.
If a small change in any one assumption turns the result negative, the route has little margin for execution error.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Comparing two arbitrage routes fairly
Keep trade size and quote currency constant. Compare the following fields rather than ranking venues by headline spreads:
| Comparison field | What to record for each route | Why it can change the winner |
|---|---|---|
| Account-specific fees | Buy and sell maker/taker treatment and current tier | A lower displayed spread can produce more net profit with lower fees |
| Executable prices | Weighted average fills for the intended size | Top-of-book prices may not support the full order |
| Fillable quantity | Depth available at acceptable levels and partial-fill risk | A route may not support the capital you want to deploy |
| Transfer route | Asset, network, withdrawal charge, deposit charge, and availability | Flat and network costs can dominate small trades |
| Timing | Expected transfer and settlement delay | The spread may close before the second leg |
| Other costs | Conversion, funding, borrowing, and rebalancing | Omitting a required step overstates profit |
| Result | Estimated net profit and net return on the same capital base | Only the fully costed result is comparable |
Common calculation errors and fixes
Using the ticker spread as profit
Symptom: The calculation uses the best displayed bid and ask for the entire order. Fix: Walk the book, compute weighted average fills, and model partial execution.
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Symptom: A percentage is subtracted once from the gross gap. Fix: Calculate the executed buy and sell fees separately, with the correct maker or taker treatment for each portion.
Assuming every limit order is maker
Symptom: The spreadsheet applies the maker rate because the order type says “limit.” Fix: Check whether the order matches immediately; use post-only only if cancellation risk is acceptable.
Double-counting network fees
Symptom: Both the platform withdrawal charge and the same network charge are deducted as separate items. Fix: Verify whether the network cost is already included in the quoted withdrawal fee.
Ignoring fee denomination
Symptom: A token-denominated fee is subtracted as though it were dollars. Fix: Convert it to the selected quote currency using a documented valuation time and rate.
Mixing inventory assumptions
Symptom: The calculation assumes pre-funded balances for execution but also subtracts a transfer that would not occur until later, or omits the rebalance entirely. Fix: Label the route as transfer-based or pre-positioned and include only the transactions required by that policy.
Treating an estimate as guaranteed
Symptom: A positive spreadsheet value is described as certain profit. Fix: Timestamp the inputs, show a downside case, and state that prices, depth, fees, and transfer status can change before completion.
Operational checklist before submitting an order
- Confirm the asset, pair, quote currency, and intended size on both venues.
- Capture the current order-book levels and calculate average fills for that size.
- Open the current fee schedule or order preview for each account and verify tier and maker/taker treatment.
- Check whether the order could match immediately, remain partially filled, or be cancelled by a post-only rule.
- Verify the selected withdrawal asset, network, charge, deposit availability, and expected transfer timing.
- Add any conversion, funding, borrowing, or planned rebalancing cost.
- Convert every item into one quote currency and calculate net profit and net return.
- Run a worse-fill and delay scenario; proceed only if the margin still meets your own threshold.
- Recheck the calculation immediately before submission because order books, fees, and network conditions are volatile.
What the evidence can and cannot tell you
Coinbase’s fee documentation and Kraken’s maker/taker and order-book guidance describe mechanics, not a guaranteed arbitrage return. The 2022 academic discussion of cross-exchange trading is useful for understanding transfer delay, depth, and price impact, but it is not a current fee schedule. A 2023 paper by A. Capponi and co-authors shows why fee frictions matter to automated-market-maker arbitrage; it does not establish current rates for a particular venue. Use those sources to structure your model, then replace assumptions with the live conditions of your own route.
Fee schedules, withdrawal status, network charges, and liquidity can change without notice. Recheck the exact venue, pair, account tier, asset, and network every time you use numerical assumptions.
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