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Relative value
When the same coin prints two prices on two exchanges, can the gap be taken as profit?
Cross-exchange spread
What it bets
The price gap of the same contract on two venues will shrink, and fees, transfer, and waiting have not yet eaten that gap.
How the rule is written
Sell on the expensive venue and buy on the cheap venue. Close when the prices move together. If both sides cannot fill at the same time, the rule is incomplete. Transfer time, withdrawal status, fees, and margin on both sides all have to be written into the cost. The gap disappearing before the orders fill is a normal result of this method.
When it fails
One side fills and the other does not. Or, during the transfer, the price move is already over. A gap that looks free often exists only in the instant when the two sides cannot be filled together.
Do not confuse it with
A pair is two different markets. A cross-exchange spread is one market on two venues. An Alphavo export file does not connect an exchange account for you.