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a price difference between two exchanges is not an arb. sometimes one venue is permanently 10bps rich: funding skew, fee tiers, oracle lag. trade that raw spread and you're long a basis that never converges. you're just donating fees. the real edge is knowing each pair's
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AI visual note: A trading history table showing several US100 and MU positions with small closed PnL amounts (+$0.0128 to +$0.0260), illustrating the post's point that tiny per-trade gains from raw spreads get consumed by fees (shown in USDC columns totaling ~$69.71 in costs), making the basis trade unprofitable unless you understand each pair's structural edge.