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A price gap is not your profit. For a cross-exchange spot trade, calculate the amount you can actually sell, subtract the amount you actually spend, both trading fees, the selected withdrawal or transfer charge, execution price impact, and every other cost required by that route. The result is an estimate of net profit, not a guaranteed return.
Use one quote currency and one clearly defined capital amount throughout. A useful formula is: net profit = executable sale proceeds − executable purchase cost − buy fee − sell fee − transfer costs − slippage or price impact − other route costs. A break-even opportunity is one in which that expression equals zero.
What “profit” means in a crypto arbitrage trade
Arbitrage usually means buying an asset where it is cheaper and selling it where it is more expensive. A ticker, chart or calculator may show a gross spread between two quoted prices, but that spread says nothing about what remains after execution. The buy quote may be available for only a small amount, the sell quote may move before your order arrives, and each venue can charge a different fee for each part of the trade.
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There is no universal minimum spread. The required spread changes with your account fee tier, the pair, order type, trade size, available order-book depth, transfer asset and network, withdrawal policy, timing and any funding, borrowing, conversion or rebalancing you actually use.
Define the route before calculating anything
Write down the exact transaction path. This prevents you from subtracting costs that do not apply or omitting costs that do.
- Asset: the coin or token purchased and sold.
- Buy venue and pair: for example, the asset quoted in a particular fiat or stablecoin.
- Sell venue and pair: use the same quote currency for straightforward accounting, or record every conversion needed.
- Trade size: specify quote-currency capital or asset quantity. Do not mix the two without a conversion at the execution price.
- Inventory arrangement: state whether cash and the asset are already held on both venues, or whether the purchased asset must be transferred.
- Transfer path: identify the asset and network, the sending venue, the receiving venue and any later rebalance.
- Accounting currency: convert every fee and result into one unit such as USD, EUR or USDC.
- Timing assumption: record whether both legs are expected to fill immediately or whether a transfer, confirmation or later sale is involved.
Only include a later rebalance when it is part of the strategy you are evaluating. A pre-positioned strategy may avoid a transfer during the trade but still incur a cost when inventories are restored.
The complete net-profit formula
Use separate line items rather than one unexplained percentage allowance:
Net profit = Sale proceeds − Purchase cost − Buy-side fee − Sell-side fee − Withdrawal or transfer cost − Slippage or price impact − Other route costs.
“Sale proceeds” and “purchase cost” should be based on expected executable fills, not simply the best bid and ask. “Other route costs” can include a conversion charge, funding or borrowing expense, a separately billed network fee, or a rebalancing trade when those items apply. Do not subtract a network charge twice when it is already embedded in the venue’s withdrawal fee.
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| Line item | What to record | Why it changes the result |
|---|---|---|
| Purchase cost | Total quote currency spent for the intended filled quantity | Book depth can force part of the order to execute at higher prices |
| Sale proceeds | Total quote currency received from the intended filled quantity | The best displayed bid may not absorb the whole position |
| Buy fee | Actual fee for each executed buy fill | Tier, pair, product and maker/taker status differ by account and venue |
| Sell fee | Actual fee for each executed sell fill | The second leg can have a different rate or liquidity treatment |
| Withdrawal/transfer | Charge for the selected asset and network | Fees and availability vary by venue, asset and network |
| Price impact | Difference between quoted top price and size-weighted fills | Larger orders consume multiple order-book levels |
| Other route costs | Applicable conversion, funding, borrowing or rebalancing expenses | These are strategy-specific and should not be assumed universally |
Step-by-step calculation workflow
1. Choose the capital and route
Decide whether the example uses, say, 2,000 units of quote currency, a fixed asset quantity, or balances already split between two venues. Record the buy and sell pairs and the exact transfer path. If your route relies on balances already present on both venues, do not charge a transfer that will not occur during that cycle; include the eventual rebalance separately if it is part of your operating plan.
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Read enough bid and ask levels to fill the planned amount. Compute a weighted-average buy price from the asks consumed and a weighted-average sell price from the bids consumed. A displayed top-of-book quote is only valid for the quantity available at that level. Orders can fill partially, and the book can change between observation and submission, so label these prices as estimates made at a particular time.
3. Determine the fee for every executed portion
Check the venue’s current fee page and the order preview for your account, product, pair and tier. Coinbase Advanced explains that rates vary by product, fee tier and whether an order provides or takes liquidity, and that the fee tier at order time controls the charge. A partially matched order can therefore contain a taker portion that executes immediately and a maker portion that remains resting.
Do not infer maker treatment from the word “limit.” Kraken’s execution guidance says a market order executes immediately as taker, while a limit order can also match immediately and receive taker treatment. A post-only instruction can prevent an immediate match, but the venue may cancel the order instead of filling it. Model the fill outcome you actually expect, not the label you selected.
4. Add transfer and route expenses
Enter the withdrawal charge for the exact asset and network. Verify whether the receiving venue accepts that network and whether deposits are available at the time you intend to trade. Add a separately billed network expense only when it is not already included in the withdrawal amount. Include conversion, funding, borrowing or rebalance costs only when the route uses them.
5. Model timing and uncertainty
In a transfer-based route, the price difference can narrow while funds move or wait for confirmations. A positive result calculated from a snapshot is therefore an estimate conditional on your assumptions. Historical academic work on cross-exchange trading identifies transfer delays and insufficient order-book depth as structural frictions; they are not unusual edge cases that a formula can remove.
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6. Subtract the costs and test break-even
Calculate the expression with the executable prices and actual fee assumptions. Then change one variable, usually the executable sell price or gross spread, until net profit reaches zero. Keep trade size, depth, fees, transfer path and timing assumptions fixed while solving; otherwise you are comparing different routes rather than finding the break-even point for one route.
How to estimate slippage from market depth
Slippage in this context is the difference between the price you first see and the size-weighted price at which your intended order can fill. For a buy, consume ask levels until the desired quantity is reached. For a sell, consume bid levels. Divide total quote value by total filled asset quantity to obtain an average execution price for each leg.
For example, if only 0.4 units are offered at the best ask and your order needs 1 unit, the remaining 0.6 units must come from higher asks. Applying a flat “0.1% slippage” without checking those levels can materially overstate profit. Kraken’s limit-order guidance also notes that a limit order may fill only partially; an unfilled remainder is not equivalent to a completed sale at the quoted price.
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- Record the timestamp of the book snapshot.
- Use the quantity available at every level consumed.
- Calculate a weighted average, not an arithmetic average of displayed prices.
- Show an incomplete-fill case when the opposite side lacks enough depth.
- Recalculate immediately before submission because quotes and quantities can change.
Trading-fee mechanics that affect both legs
Apply a fee to each executed side. A route with a low buy fee can still lose money if the sell leg is charged at a higher taker rate. The relevant rate can depend on rolling volume, product, pair, account tier and whether liquidity is added or removed. Rates and schedules are volatile, so a generic percentage copied from an old article is not a reliable input.
| Order situation | Accounting treatment | Practical check |
|---|---|---|
| Market order | Use the venue’s taker fee for the executed quantity | Confirm the current taker rate in the account preview |
| Limit order that matches immediately | Use taker treatment for the immediately matched portion | Do not assume “limit” means maker |
| Limit order that rests and later fills | Use maker treatment where the venue classifies it as adding liquidity | Check the fill report, not just the order type |
| Partially matched order | Split fees by the maker and taker portions actually executed | Use fills or the detailed order preview |
| Post-only order | Model a maker fill only if it remains and executes; a rejected or cancelled order produces no completed leg | Include the possibility of no fill |
Transfer costs, networks and inventory choices
The transfer asset and network are part of the price calculation. A venue may quote different withdrawal charges for different assets or networks, and a network may be temporarily unavailable. Record the charge in the asset first, then convert it to the accounting currency at the rate used in your model. If a platform’s withdrawal amount already includes the network charge, do not add the same charge again.
Pre-positioning inventory on both venues changes the calculation rather than making transfer friction disappear. The immediate cycle may have no blockchain transfer, but maintaining the inventory can require a later rebalance, conversion or withdrawal. Compare the cost of that rebalance with the cost and delay of transferring during the opportunity.
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Spreadsheet layout that exposes assumptions
A simple worksheet is easier to audit when fixed and percentage costs are separated. Use one row per item and keep the original units alongside the quote-currency conversion.
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- List every ask level used for the buy and calculate the weighted-average buy price.
- Calculate acquired quantity before fees and show whether the fee is charged in quote currency, base asset or another currency.
- List every bid level used for the sell and calculate weighted-average sale proceeds.
- Add buy and sell fees as separate rows, with the applicable tier and maker/taker assumption.
- Add the selected withdrawal charge and any separately billed network amount, checking for duplication.
- Add applicable conversion, funding, borrowing, slippage, impact or rebalancing rows.
- Calculate net profit and divide it by the stated capital denominator for net return.
- Run sensitivity cases for a worse sell price, a larger impact, a different fee tier and a delayed transfer.
Keeping a flat withdrawal charge separate from percentage fees makes scale effects visible. A fixed charge consumes a larger share of a small trade than of a large one, while percentage fees grow with notional value.
Worked arithmetic example (hypothetical)
Suppose a route commits 2,000 units of quote currency and the size-adjusted, executable sale value is 1.20% higher than the purchase value. The gross difference is 2,000 × 0.012 = 24 units. Assume, purely for illustration, 4 units of combined trading fees, a 5-unit withdrawal charge and 3 units of estimated execution slippage or impact. Net profit is 24 − 4 − 5 − 3 = 12 units. Using the stated 2,000-unit capital denominator, the estimated net return is 12 ÷ 2,000 = 0.60%.
This arithmetic is not a typical result or forecast. It depends entirely on the assumed prices, fees, transfer and execution. A further adverse move of 12 units would erase that estimated margin, and a larger move could turn it negative. Replace every assumption with your own fill data before treating the worksheet as a decision.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Finding the break-even spread
Break-even is reached when sale proceeds exactly equal purchase cost plus all applicable costs. If the purchase cost is fixed at P, the buy fee is B, the sell fee is S, transfer and other fixed costs total F, and expected execution impact is I, then the required sale proceeds are P + B + S + F + I. Express the required excess over P as a percentage of P only after all terms use the same currency and the same trade size.
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Comparing two venues or routes
Hold trade size and quote currency constant before comparing alternatives. The route with the larger visible spread may produce less net profit if its book is thin or its withdrawal cost is high.
| Comparison axis | Questions to answer |
|---|---|
| Fees | What are the current account-specific buy and sell rates, and will each fill be maker or taker? |
| Execution | What weighted-average prices and fillable quantities are available at the intended size? |
| Transfer | Which asset and network are used, what is the withdrawal charge, and is the route currently available? |
| Timing | Can funds arrive and trade before the gap closes, and what happens if confirmation is delayed? |
| Other costs | Are conversion, funding, borrowing or rebalance expenses required? |
| Outcome | What are the estimated net profit and net return under identical assumptions? |
Costs and mistakes traders commonly miss
- Charging only one trading leg: both executed sides have fees.
- Using the top quote for the whole order: depth determines the average fill.
- Calling every limit order maker: immediate matches can be taker fills.
- Ignoring partial fills: an unfilled remainder cannot be counted as completed inventory.
- Double-counting network charges: inspect what the withdrawal fee already includes.
- Using a stale fee tier: rates can change with volume, product and account status.
- Leaving out conversion or rebalance trades: include them when the strategy requires them.
- Assuming a transfer is instantaneous: delay creates exposure to a changing price.
- Mixing currencies: convert every line to the same quote currency at a stated rate.
- Reporting an undefined percentage: name the capital denominator and whether it includes both inventories.
Troubleshooting a negative or unreliable result
The spreadsheet shows a profit but the preview does not
Replace the generic fee with the current order-preview fee, split maker and taker portions, and recalculate from the preview’s estimated proceeds. Then refresh both order books and use their size-weighted prices.
The order cannot fill at the modeled size
Reduce the size to the quantity supported by visible depth, model multiple levels, or mark the route as unavailable. Do not preserve the original profit by assuming an unfillable price.
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The transfer option is unavailable
Remove that route from the calculation until the selected asset and network are enabled for deposits and withdrawals on both venues. A theoretical spread is not executable without a working settlement path.
Net profit changes while funds are moving
Run delayed-price scenarios rather than treating the initial estimate as locked. Include the possibility that the sell price falls, the buy leg fills without a timely sale, or only part of the intended amount arrives before the opportunity closes.
Why the estimate is never a guarantee
Order books, fee schedules, withdrawal status and network costs can change after you calculate. A transfer-based route adds time exposure, while an order-book route adds fill and impact uncertainty. Academic work on automated market making emphasizes that fees reduce arbitrage returns, and historical cross-exchange research describes transfer delays and depth constraints as important frictions. Those findings explain why a positive spreadsheet result should be treated as conditional, not risk-free.
Recheck the exact venue, pair, account tier, asset, network, available depth and order preview immediately before committing capital. Keep the timestamp and assumptions with each calculation so a later result can be traced to the data that produced it.
Decentralized and automated-market-maker routes
The same accounting principle applies when one leg uses an automated market maker rather than a traditional order book: start with the executable output for the intended input, subtract the pool or protocol fee and any route-specific transaction expense, and compare it with the executable sale value elsewhere. The fee-friction result is structural; a protocol’s current rate and transaction expense must be measured for the particular pool and transaction. Do not transfer a centralized-exchange fee schedule to an automated market maker.
Quick Recap
A practical decision checklist
- Is the route, pair, size and accounting currency explicitly defined?
- Are buy and sell prices based on enough depth for the intended quantity?
- Are fees taken from the current account tier and actual maker/taker fills?
- Is the transfer asset, network, charge and availability confirmed?
- Are conversion, funding, borrowing and rebalance items included only when applicable?
- Are fixed charges separated from percentage charges?
- Is the capital denominator stated for the net-return percentage?
- Have delayed-transfer and adverse-price scenarios been tested?
- Does the route still break even after every listed cost?
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