I reviewed the entire arbitrage trading from January to February, and the most profitable cryptocurrency was undoubtedly $LIT. Here are a few opportunities before and after this coin: 1. Pre-TGE arbitrage before the launch. At that time, I felt that a pre-launch market cap of 3.5 billion was an excessively high selling price compared to the protocol's revenue, so I partially hedged my points under immense mental pressure. Looking back now, I still feel scared about it. Even though the margin I prepared corresponded to a liquidation price of 10u. However, since I had never hedged such a large position in a small coin, I became restless as soon as the price rose by 3-5%, fearing I would be taken out by a single spike. I remember that day at 4 AM, I couldn't stand the torment anymore and directly booked a flight for 10 AM, rushing back to Northeast China, where my friends could help me monitor the market in real-time, with ample backup to adjust the margin in case of emergencies. In the end, the result, looking back, was good. But next time, I will never hedge again. I can accept earning less, but I don't want to experience the anxiety of completely losing control over something and relying on others not to act maliciously again. 2. The @Backpack event after TGE. After the token launch, Backpack launched a $LIT contract trading activity with no fees, and there was spot trading on lighter. Since the coin price fluctuated wildly right after the launch, the price difference and rates between the two exchanges were very attractive. The only downside was that BP's overall OI was not large, limiting the funds that could be accommodated. I participated fully in this event for a week, earning arbitrage profits while also collecting some BP points. 3. Cross-exchange arbitrage between $LIT contracts on LG and @variational_io. Now the game finally reached my main battlefield, as funds, technology, and manpower were all concentrated on the order books of these two exchanges. The arbitrage between var and LG was divided into three phases: The first phase was a dream start. The index prices on both sides were relatively close, but the coin price had various fancy reversals. Often, just when a position was floating with a profit of 20bp in one direction, it could quickly earn an additional 10bp profit by opening a position in the opposite direction. ...