Crypto arbitrage means buying the same coin more cheaply on one exchange and selling it at a higher price on another, pocketing the price difference as profit. The idea sounds like risk-free money, and advertisements sell it in exactly those terms. Our own calculation using real prices shows the opposite: on Thursday evening, November 5, 2026, the largest price gap for Bitcoin across four major euro exchanges was around €10 per bitcoin. Trading fees for buying and selling €1,000 came to €10.50. A retail investor who had tried it would have walked away with a loss.

This article explains how price differences between crypto exchanges arise, works through a complete example including fees and transfer time, and puts the other forms…