Tips of doing cryptocurrency arbitrage in KoinKnight

The way you see the data in KoinKnight and how soon you decide and able to complete that arbitrage makes all the difference and it is what that separates you from all. We are here to guide you on what are the best practices of doing crypto-arbitrage using KoinKnight. Below are the recommended steps for a successful arbitrage.

• Save arbitrage — Always try to save the arbitrage before doing it. The cryptocurrency market is volatile and it is always recommended to save it before it changes. An arbitrage can be saved on clicking on live track button as per below image. The saved arbitrages can be found on your profile page.

• Less arbitrage time — Always prefer arbitrage which takes less arbitrage time. You can find the minimum arbitrage time beside arbitrage percentage in the above image. Arbitrage time is calculated as block time * number of block confirmations. Block time is dependent on individual blockchain whereas number of block confirmations are decided by individual exchanges.
• Check orderbook when “with volume” flag is off — Please make sure that the order volume is enough for performing arbitrage at the exchanges when “with volume” flag is off.
• Check wallet status — Some of the exchanges do not provide any API for tracking wallet status for individual coins. It is always advisable to do a check on wallet status before starting an arbitrage.
• Maintain list of favourite exchanges — Do not try to perform arbitrage in all exchanges. Always maintain a list of 4–5 favorite exchanges and do arbitrage within these exchanges. You can find the list of supported exchanges here.
• Distribute money — After you have maintained a list of exchanges, distribute your money in all these exchanges so that you can start arbitrage from any exchange without wasting any time.
• Use filters — Instead of following arbitrages for all exchanges, try setting filters on your favorite exchanges and perform arbitrage. You can follow this article on how to use filters to maximize your returns.
• Avoid slow cryptocurrencies — Always try to avoid doing arbitrage on Bitcoin, Bitcoin cash, Litecoin, or any other coin which takes a lot of time to transfer from one exchange to another. If an exchange receives these coins in fewer block confirmations, then you can prefer doing arbitrage on it or else skip it.
• Go for faster transfer times — ERC20, NEP5, XRP, XLM, etc coins are always recommended for doing arbitrage since it takes less time to transfer assets between exchanges.
• Set Alerts — It is very difficult to track arbitrages all the time. Instead of tracking it all the time and straining your eyes, you can set your preferred alerts and relax. KoinKnight supports telegram and browser notifications which can help in performing arbitrage before everyone else. You can follow this article on how to set alerts based on your requirements.