Cross-platform fee arbitrage mainly falls into two categories—high risk with controllable losses and pure low risk. Today, let's talk about the practical strategies for the former.

**The underlying logic of arbitrage is actually very simple**

Although the contract index price data sources from the market, which exchange's data is referenced and how the weights are allocated are entirely decided by the exchanges themselves. When the market is calm, the fee and index price differences are minimal, but once the market becomes volatile, the spot prices can easily become misaligned, and the indices can become chaotic. The fee difference can instantly amplify—this is where the arbitrage opportunity lies.

**The operational threshold isn't that high**

Three core conditions are indispensable: the target currency must be a product that settles fees every 1 hour; the fee difference between exchanges must be significant (usually a leading exchange's fee is settled every 4 hours, and when the difference reaches -2%, it automatically switches to 1-hour settlement); most importantly, the currency must be in a strong upward trend.

**Taking RIVER on the 16th as an example**

Compared to a leading exchange and a compliant platform, both have a 1-hour fee cycle. The leading exchange's fee was -2 at the time, while the compliant platform was -0.7, a difference of 1.3 points. But that's not enough to act directly because there are also price differences. The leading exchange reported a price of 29.7 at 12:59, while the compliant platform was 31.8, a spread of 7%.

The real arbitrage opportunity lies in the process of this price gap narrowing. You need to precisely calculate the entry timing and position size; otherwise, you risk being shaken out and losing profits. This is where the high risk lies—any adverse market movement can instantly turn the arbitrage into a loss.