OpenOcean finds the best price for BAKE/BNB is 0.000445，and meanwhile the BAKE/BNB price on Binance is 0.0005. The price difference is room for arbitrage. We will use the BAKE/BNB case as an example to introduce the arbitrage between DEXes and CEXes.
Preparations before arbitrage
Know about how to do Swaps on OpenOcean
Install MetaMask Wallet and create an account and Connect MetaMask Wallet to OpenOcean BSC chain
Have a CEX account
User guide for arbitrage
1、 Access OpenOcean BSC chain : https://openocean.finance/classic and select BSC chain
2、 Observe the P2P price difference between CEX and OpenOcean，and target to find currency pairs with relatively large difference.
For example, OpenOcean finds the best price for BAKE/BNB is 0.000445，and meanwhile the BAKE/BNB price on Binance is 0.0005. The price of BAKE is relatively better compared to BNB on OpenOcean while the price of BNB is relatively better compared to BNB on Binance. That means there is room for arbitrage.
3、 Buy BAKE with10个BNB on Binance and get 22471 BAKE after transaction fee.
4、 The best situation is that users already hold BAKE in their wallet. They don’t need to transfer from CEX to DEX. There is no time difference for trading. If there is no BAKE in wallet, the user needs to transfer from Binance account to their MetaMask Wallet. They get 22467.18个BAKE after gas and transaction fee.
5、 Swap 22467.18 BAKE to BNB on OpenOcean through MetaMask wallet.
6、 Afrer gas fee，the user gets 10.0761 BNB（there was 0.2 BNB in wallet before transaction）. OpenOcean does not charge additional gas fee for each transaction.
7、 The net gain of this transaction is 0.0761 BNB and the profit margin is 0.761%。The arbitrage can be done on a rolling basis according to the volatility of the market.