This chart shows that ~5.64% of all transactions (with >= 100 USDC/USDT swap) resulted in an arbitrage with >1% gain between pairs that use USDC and USDT.

Transaction Arbitrage

Top 10 Wallets with Arbitrage Gains

These are the top 10 wallet with highest arbitrage gains (this includes transactions <1% gain). Upon checking out their transaction volume (including the failed transactions), it would seem that most of them are abritrage bots because of the thousands of transactions done per day.

Top 10 Transactions with the highest arbitrage gains

The table above shows the Top 10 Arbitrage gains. The paragraphs below will describe the transactions by the route they're using, the DEXes involved, and the initial amount to the arbitrage amount.

1. USDC -> WAGMI -> USDC via Aldrin Swap -> Serum Swap (430 USDC to 4,300 USDC)
2. USDC -> SLX -> USDC via Raydium -> Aldrin Swap (900 USDC to 2824 USDC)
3. USDC -> SOLX -> USDC via Raydium -> Serum Swap (273.56 USDC -> 849.04 USDC)
4. USDC -> EDO -> USDC via Raydium -> Aldrin (6,010 USDC -> 17,825 USDC)
5. USDC -> SHDW -> USDC via Orca -> Serum Swap (11,935.97 USDC -> 35,350 USDC)
6. USDC -> SHDW -> USDC via Orca -> Serum Swap (18,084 USDC -> 48,579 USDC)
7. USDT -> EPOCH -> USDC via Serum Swap -> Serum Swap (155 USDT -> 396 USDC)
8. USDC -> SBR -> USDC via Raydium Swap -> Serum Swap (526 USDC -> 1,300 USDC)
9. USDC -> RAY -> USDC via Raydium Swap -> Orca (896 USDC -> 2,164 USDC)
10. USDC -> SHDW -> USDC via Orca -> Serum Swap ( 10,411 USDC -> 23,195 USDC)

This analysis will mainly talk about stablecoin-stablecoin (USDC/USDT stablecoins) arbitrage on the Jupiter aggregator. This analysis will follow this outline. This will cover arbitrage opportunities that happened on Feb 01, 2022 onwards.

1. The percentage of transactions with >= 1% arbitrage to find out how common arbitrage opportunities are.
2. The top 10 wallets with total arbitrage gains to find out which wallets have the highest gains
3. The top 10 transactions with the highest % gained through arbitrage to find out which transactions have the highest % gain.

Methodology

Conclusion

Based on this analysis, we can say the following:

• The top wallets are mostly bots due to their high transaction volume.
• The among the top transactions, the most used stablecoin for arbitrage is USDC.
• The DEX with the most arbitrage opportunity is raydium, probably because it is the most popular DEX in the Solana ecosystem
• The SHDW token has the most number of arbitrage opportunities among the top pairs.