# 4.2. Beta Phase: Arbitrage Pairs Trading Before the first stage, Future Gold Arbitrage was analyzing major exchanges and their spreads of BTC pairs. Additionally, we focused and established an infrastructure to enable the arbitrage trading. After realizing the huge difference of spreads, Future Gold Arbitrage developed an automated arbitrage trading system, which is able to spot potential arbitrage opportunities of the 19 biggest exchanges, taking into consideration transaction time, transaction fees, volume, order books etc. This system is online since November 2017 and is already used for aggregated arbitrage trading. A closed group of trusted enthusiasts and traders was testing this prototype, until there were no major errors left --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.futuregold.us/ai-arbitrage-trade-system/4.-product-solution/4.2.-beta-phase-arbitrage-pairs-trading.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.