It was only really a decent arbitrage if you didn't account for maker fees / gas fees etc.
If you already had a decent amount of BUSD or USDT on-hand, yeah you could maybe make $100 (assuming you'd also want to swap back to whatever you started with once it re-pegged).
Most average users won't have BUSD/USDT etc. just lying around. It would usually be tied up in interest bearing pools or some sort of liquidity pair, which would itself earn yield as people panic swapped USDC for something else.
If you were willing to outright buy USDC for fiat, then yes you could've picked it up at a discount, but the arbitrage opportunity at 98c is overblown and unattainable for most folks.
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[ 5.8 ms ] story [ 15.3 ms ] threadUSDC shows as $0.9891 [0] to me as of 1145gmt. Much closer to $1 than this weekend but still a decent arbitrage if you think it will make it.
[0] https://coinmarketcap.com/currencies/usd-coin/
If you already had a decent amount of BUSD or USDT on-hand, yeah you could maybe make $100 (assuming you'd also want to swap back to whatever you started with once it re-pegged).
Most average users won't have BUSD/USDT etc. just lying around. It would usually be tied up in interest bearing pools or some sort of liquidity pair, which would itself earn yield as people panic swapped USDC for something else.
If you were willing to outright buy USDC for fiat, then yes you could've picked it up at a discount, but the arbitrage opportunity at 98c is overblown and unattainable for most folks.