There really isn't such a thing as a risk-free hedge. The only thing risk free is a closed position. Risk still exists if short on Bittrex and Long on Poloniex. It may net to zero but credit risk is real and people on the front page are reporting slow payouts from Bittrex which would make true arb very tough. Doesn't mean you can't make real money gaming this. The question you need to constantly ask yourself is how can get fucked doing this trade? You should also be mindful of crowded trades and the exits might get jammed (see the previous sentence). So, I will never again say be careful in the crypto world. It annoys the crap out of me when Indos say this on Just-Dice. How exactly do you 'be careful' gambling? In trading, whether arbitrage or some other form, always look at your risk and think about and find ways that unforeseen risk becomes foreseen. Ignorance is not bliss in any part of life.