What is confusing about people moving money between exchanges?
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What makes you think that the funds going from Kraken to QCX are not customer funds?
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Only Kraken customers would be moving funds from Kraken to QCX.
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You take the arb while it's there and you don't take it while it's not.
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yes, 0xfcd.. is a Kraken client deposit address. You realize that people can move money directly from one exchange to the other, right? There isn't a reason for exchanges themselves to be moving money around. Transfers directly between exchanges are most likely mutual clients.
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There are no "special" wallets for certain clients. Everybody gets a unique deposit address, which could be recycled and used on somebody else's account at some point if it's removed/expired from the original account.
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