> For the complete documentation index, see [llms.txt](https://docs.axis.to/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/trading-strategies/cross-venue-arbitrage.md). # Cross-Venue Arbitrage Cross-venue arbitrage is Axis's bread-and-butter strategy. As dollars enter the protocol, the desk puts on basis positions and spreads spot inventory across execution venues. It monitors the same pair across those venues and, when a price discrepancy appears, executes trades to close the gap. Closing gaps this way steadily moves inventory from one venue to another, so the desk continually rebalances, transferring inventory (mostly stablecoins) between venues to keep trading capacity where it is needed. The core operational requirement is keeping trading inventory positioned on the right venues, where the opportunities are. The strategy seeks temporary price differences for the same or closely related exposure across centralized execution venues. Axis does not trade on decentralized venues. See [What Axis does not do](/susdx-the-rewards-vault/how-axis-earns-yield/trading-strategies.md#what-axis-does-not-do). ## Common structures ### Exchange versus exchange If BTC is executable at $60,000 on one exchange and $60,050 on another, a paired trade can buy on the cheaper exchange and sell on the more expensive exchange. The $50 difference is a gross spread before trading fees, slippage, market impact, transfers, and settlement. Profit remains uncertain until both legs execute and costs are known. ### Regional venue versus global venue The same asset can price differently on a regional venue than on a global one, because capital cannot move freely between them. Cross-border barriers, local banking access, and thin connectivity hold the gap open. Trading it requires inventory positioned on both sides and a route to move value between them. ## Why coordination matters The two legs may not settle together. One can fill while the other is delayed, rejected, or repriced. Transfers can be slow, inventory can become trapped, and an outage can prevent rebalancing. This creates combined exposure to price movement, venue solvency, custody, bridges, chains, contracts, and operational access. A larger displayed spread may simply compensate for larger execution risk. ## Result boundary Profit remains uncertain until both legs execute, costs are known, and the position is closed or reliably valued. Read [How Rewards Reach sUSDx](/susdx-the-rewards-vault/reward-distribution.md) for why even a realized result is separate from a distributed vault reward. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.axis.to/susdx-the-rewards-vault/how-axis-earns-yield/trading-strategies/cross-venue-arbitrage.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.