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I did a $10k practice BTC arb trade across

and

using $L-USDt and $L-BTC which cleared 0.33% (after tether/USD market & trade fees) twitter.com/adam3us/status (sell BTC on bitfinex, simul buy on BTSE). not bad for 2mins transfer + tether/USD orderbook tinkering).

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Adam Back

@adam3us

Dec 6, 2019

liquid lands on another international bitcoin exchange! @BTSEcom thanks for the BTSE team working through liquid integration down to their advanced cold security system. good job @BTSEJonathan and team. (nice cold storage setup too). twitter.com/Blockstream/st…

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Hm I'm skeptical. I see the markets all in line with each other--did you do all the legs at the same time or get lucky to market moves? And fees should really eat up a LOT here, were you making or taking? If making--sure but you could get run over.

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if you have screenshots of simultaneous takes on BTSE USDT/USD, BTSE BTC/USD, and Bitfinex BTC/USDT that are good by 33bps together after all fees color me shocked.

3:50 AM · Dec 7, 2019Twitter Web App

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The spread does seem narrower

@bitfinex

BTC/USDt market vs

@BTSEcom

USDt/USD+BTC/USD. But I used USD/USDt+BTC/USD on bitfinex so maybe i partly gained from a move in USD/USDt (premium between BTC/USDt vs BTC/USD) between USDt conversion and simultaneous arb which took some time

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As the USD/USDt market is not very deep and I didn't want too much slippage. Wanted the trade to be as good as it could as a test vs lazy "market buy batch" so that took a bit of time. Wasn't that careful tho, could do marginally better waiting longer for orderbook to grow back.

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