[runeks]

> Usually the "opportunities" in arbitrage that sites like this highlight ignore the fact that the targetted coin on one of the exchanges has abysmally low volume, so you'll be unlikely to be able to buy and sell it in time to take advantage.

I don't understand. If there's an order in the order book on the sell-side of one exchange that matches one on the buy-side of another exchange, what does volume on either exchange have to do with the ability to take advantage of this situation?

[polskibus]

That order can disappear in between. The probability of such event is not zero.

[runeks]

How does exchange volume affect the risk of this occurring?

[polskibus]

The more liquidity there is, the higher the chance that someone will jump in the place of another order that has been withdrawn. Low liquidity and volume means that such chance is lower.