Cross-Exchange Setups and Working as a Maker: How Professionals Earn
A taker on one market pays the spread. There are two ways to earn: catch price differences between exchanges or become a maker yourself. We go through both on a live rupee example — with limits, fees, tax and risks.
Within one exchange a taker pays the spread (lesson 8). Professionals earn in two ways: they catch price differences between exchanges or post their own ads and earn the spread as makers. We go through both on the rupee; in your currency the numbers differ, but the checks are the same.
A cross-exchange setup
| Exchange | Buy USDT | Sell USDT |
|---|---|---|
| Binance | 104.99 | 103.93 |
| Gate | 104.94 | 103.52 |
| Bybit | 106.50 | 109.00 |
| Bitget | 106.99 | 102.80 |
| HTX | 107.53 | 102.20 |
| KuCoin | 109.45 | 101.82 |
| OKX | — | 100.61 |
Selling USDT on an exchange vs buying on Binance (₹104.99), %
Chart data
| Difference | |
|---|---|
| Binance | -1.01 % |
| Gate | -1.4 % |
| Bybit | 3.82 % |
| Bitget | -2.09 % |
| HTX | -2.66 % |
| KuCoin | -3.02 % |
| OKX | -4.17 % |
A setup appears when the “Sell” price on one exchange is above the “Buy” price on another. In this snapshot there is one such pair: buy on Binance and sell on Bybit.
| Step | Calculation | Amount, ₹ |
|---|---|---|
| Buy on Binance (UPI) | 5,000 × 104.99 | 524,950.00 |
| Transfer to Bybit | network fee 1 USDT (example) | 4,999 USDT |
| Sell on Bybit | 4,999 × 109.00 | 544,891.00 |
| Gross result | ≈+3.80% | +19,941.00 |
Why 5,000 USDT rather than 1,000? Because this Bybit buyer’s minimum trade is ₹5 lakh. With less capital you cannot capture the setup. Also, that amount will not go through UPI with its ₹1 lakh daily limit: the buyer will pay by bank transfer, and a large incoming payment calls for even more careful payer checks.
| Risk | What happens | How to account for it |
|---|---|---|
| The ad disappears | While USDT travels between exchanges, the buyer closes the ad or fills it with another seller | Check the “fallback exit”: in the example the next Bybit bid is ₹104.2, below the buy price |
| Ad terms | A large minimum limit, counterparty requirements, manual review | Open the ad and read the terms before buying |
| Fee and transfer network | The withdrawal fee depends on the network; the wrong network means lost coins | Match the network and deposit address; start with a test transfer |
| Time | Transfer and crediting take minutes, payment checks as long again | Do not enter if the gap lasts seconds |
| Thin market | A high price on a low-activity exchange: KuCoin ₹109.45 with Activity 24H of 3,048 | Look at Activity 24H and depth, not just price |
Working as a maker
- Capital in two currencies. A sell ad requires USDT in your P2P balance, a buy ad requires local currency in your account. Capital is usually split roughly in half and rebalanced during the day.
- Permission to post ads. Exchanges have different conditions: verification, trade history, sometimes a deposit and merchant status.
- Several payment methods in your name. That way you reach more buyers and sellers.
- Time. Ads need attention: answering chats, checking payments, updating prices.
The price is set one tick better than the best trusted ad on your side — not better than an anomalous top row. The order book builder with a “100+ orders and 95%+ completion rate” filter shows who you actually compete with, and the spreads page shows which method leaves more room.
Example: USDT/INR maker spread on Binance by method, TOP-1, %
Chart data
| Spread | |
|---|---|
| UPI | -1.34 % |
| Digital eRupee | -0.39 % |
| Paytm | 1.03 % |
| Google Pay | 1.94 % |
| PhonePe | 0.55 % |
| IMPS | -1.34 % |
| Bank India | 0.1 % |
- 1
Post two ads
A USDT buy ad slightly above the best trusted bid, a sell ad slightly below the best trusted ask. - 2
Fill trades
Every sale only after money from the KYC account holder has arrived (lesson 7). - 3
Rebalance
When USDT or local currency runs out on one side, that ad stops working. - 4
Update prices
If your price drops out of the top rows, the ad does not fill; if you undercut competitors too aggressively, the spread disappears.
| Spread | Gross result, ₹ | After 30% tax and 4% cess (India), ₹ |
|---|---|---|
| 0.5% | 520 | 358 |
| 1.0% | 1,039 | 715 |
| 1.5% | 1,559 | 1,073 |
| 2.0% | 2,079 | 1,430 |
| Risk | Why | What to do |
|---|---|---|
| Account freeze | More trades mean more counterparties, and one of them may be a scammer | Filters, payer name checks, a separate account, regular profit withdrawals |
| Capital imbalance | One side fills faster, and capital gets stuck | Rebalance and avoid overly aggressive pricing on one side |
| Price war | Competitors undercut your price | Do not narrow the spread below the level that covers taxes and fees |
| Maker fee | Exchanges may charge makers a fee | Check the rate in the exchange rules and include it in the calculation |
Frequently asked questions
What is cross-exchange P2P arbitrage?
Buying crypto on one exchange’s P2P, transferring it to another and selling it there at a higher price. You need KYC accounts on both exchanges and capital that fits the ads’ limits.
How is a maker different from a merchant?
Maker is a role: someone who posts their own ads. Merchant is an exchange status: a verified maker with history and special conditions. Every merchant is a maker, but not every maker is a merchant.
Why does my maker spread disappear?
Competitors undercut the price, and to stay in the top rows you have to narrow the spread. If it no longer covers tax and fees, it is better to switch the payment method or wait than to work at zero.
Sources
- 1.P2P.Army: P2P order book builderP2P.Army10/30/2026official
- 2.P2P.Army: USDT/INR spreads on Binance P2PP2P.Army10/30/2026
- 3.P2P.Army: INR statistics on P2P exchangesP2P.Army10/30/2026
About the author
Crypto expert, arbitrage trader and investor
Crypto expert and hands-on crypto arbitrage trader, investor and software developer with over 20 years of experience. On the P2P.Army blog he covers exchange news, P2P and cross-exchange arbitrage.
- Crypto arbitrage
- P2P arbitrage
- Cross-exchange arbitrage
- Crypto exchanges
- Investing
- Software development
