Arbitrage trading in crypto—buying on one exchange and selling at a higher price on another—does not guarantee profit, according to new analysis. While holding funds on both venues eliminates transfer wait times before executing sells, trading fees and the cost of restoring balances can still erase any gains from the spread. The finding underscores that successful cross-exchange arbitrage requires careful accounting of all transaction costs, not just the visible price difference between venues. Traders who maintain pre-funded positions on multiple exchanges face ongoing expenses to rebalance holdings after each trade cycle.