Past Work — Research
Cross-Exchange
Crypto Arbitrage.
"Cross-Exchange Arbitrage and Market Efficiency in Cryptocurrency Markets" — a data-driven empirical analysis of pricing inefficiencies across major cryptocurrency exchanges, evaluating whether arbitrage opportunities persist in a modern, increasingly institutionalized crypto market.
I built a dataset of daily price data for Bitcoin, Ethereum, and Solana across Coinbase, Binance, Kraken, and Bitfinex — over 1,400 matched observations per asset after cleaning and standardizing across time zones. I incorporated real-world trading frictions (exchange fees, withdrawal costs, on-chain transaction fees, transfer delays) and applied regression modeling and variance decomposition to evaluate systematic versus idiosyncratic arbitrage risk.
Key finding: while cross-exchange price discrepancies occur consistently, the vast majority are not economically exploitable once realistic costs are applied. Transaction fees alone eliminated over 99% of theoretical Bitcoin arbitrage profits.