Planned to sell off some Litecoin today that I grabbed on yesterday's dip - then I noticed something.
The price between Bittrex and Litecoin had a $20-25 difference - was I seeing this right?
Noticed it from the charts on tradingview so maybe it was just their feed that's off considering they "calculate" the USD price since its not an ouput bittrex does.
Time to do some math
To verify I looked at how much BTC I would get by selling LTC and then calculated that against the price of BTC on bittrex (whole accounting for fees) then I looked on coinbase at the price I could sell the same amount of LTC for and calculated what that total amount was.
Holy crap, there really is an arbitrage profit!
Getting more bang for my buck
I decided to use a little BTC to buy a couple more LTC to milk the arbitrage even more as I didn't mind taking off some BTC after this bounce either.
Then I sent my LTC to my coinbase wallet, which cost me roughly $2.40 and once it arrived I sold it on coinbase into my USD wallet for $303.77 a coin, less the $30 ridiculously high commission they charged (really coinbase, I mean really?)
Here is the sale
Here is what LTC was going for on Bittrex (give or take a dollar)
Again, based on my calculations the tradingview price is actually pretty accurate but I decided I'd give myself a $1 buffer along with the fees to see if it was all worth it before I had pulled the trigger.
Final Tally
Proceeds from the Coinbase sale were $2,004. Less the $2.40 withdraw fee from bittrex netted $2,001.60
The bittrex price was roughly $278.31 at the time but I rounded up to $280 just to play it safe. That price times the 6.6976 works out to $1,875.32
Net difference = $126.27
Thank you for the free half a litecoin worth of money - Merry Christmas!
Learn to Invest Like The Cat
Best Regards,
Disclaimer: All content in this post is my opinion and for educational purposes.