A DeFi trader has profited over $818,000 by trading arbitrage opportunities on decentralized exchanges across different chains.
The trader is profiting huge chunks by trading digital assets on arbitrage. The address makes a profit of approximately $20 to $100 per transaction by buying an asset from one market and selling it in another, even if it’s on another chain.
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The DeFi trader is making transactions every 5 to 10 minutes across different chains, including Ethereum, Polygon, BNBChain, and Arbitrum. Most of these transactions are swaps on decentralized exchanges (DEXs) such as 1Inch, ParaSwap, Uniswap, and others.
The profits vary depending on market volatility. For example, he profited $1950 in a single Open Exchange’s OX token trade when its founder, Su Zhu, was arrested recently, causing a big dump in the OX market.
Because cryptocurrency trading is open 24/7, it presents enormous arbitrage opportunities for traders to profit from. Another major advantage is the use of smart contracts, which automates trades while finding a profitable trade.
Also Read: FTX Exploiter Moves 10,000 ETH To Bitcoin Via THORChain
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