Stablecoin Arbitrage on Jupiter

    Because Jupiter is a dex aggregator, there are natural opportunities where one could take advantage of liquidity pairs across the ecosystem to create arbitrage.

    Introduction

    Jupiter is the key liquidity aggregator for Solana, offering the widest range of tokens and best route discovery between any token pair. Jupiter:

    • Offer best price swaps for your users
    • Automatically stay up to date with the latest tokens and liquidity sources
    • Make swaps a revenue source by adding your own platform fee to the transaction
    • Set caching options to make your swap as speedy or as precise you wish.

    Method

    This analysis will visualize the following on Jupiter since February 1st:

    1. what percentage of all swaps (with a size of at least $100) where a wallet starts the transaction with USDC or USDT and ends the transaction with either USDC or USDT have resulted in at least a 1% gain?
    2. Are there any patterns behind the most common sources of arbitrage on Jupiter?
    3. the top 10 wallets

    Arbitrages with more than 1% profit

    Since February 1st, 356871 swaps happened using Jupiter having these two conditions:

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    2.15% of them (7696 out of 356871) were Arbitrages with at least 1% profit.

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    1- A size of at least $100
    2- The transaction starts with USDC or USDT and ends with either USDC or USDT

    In the following graph you can see the daily distribution of those transactions:

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    As you can see on February 2nd and February 24th we had the most number of Arbitrages (respectively 675 and 559)

    Top Transactions

    In the following table, you can see 2 transactions which the first one has the highest profit (USD) and the second one has the highest Arbitrage

    Top 10 Wallets

    We can see this subject from two points of view:
    1- Top wallets with most profits
    2- Top wallets with most Arbitrages

    Top wallets with most profits

    In the following table, you can see the 10 top wallets with the most profits since February 1st

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    Top wallets with most Arbitrages

    In the following table, you can see the 10 top wallets with the most Arbitrages since February 1st

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