The following formula is involved in the calculation of arbitrage profits for currency exchanges:
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Arbitrage profit for a currency exchange:

where A is the amount borrowed of currency A, D is the duration of the transaction in days, RA is the borrowing rate for currency A, RB is the lending rate for currency B, and ERAB is the exchange rate for currencies A and B.
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The following references can be used to cite this arbitrage profit calculator for currency exchanges:
 | Soper, D.S. (2019) "Arbitrage Profit Calculator for Currency Exchanges (Online Software)", http://www.danielsoper.com/fincalc. |
 | Siegel, J. and Shim, J. (1997). "Schaum's Quick Guide to Business Formulas", New York, NY: McGraw-Hill. |