Lido (LDO) staked Ethereum (stETH) traded at a discount to Ethereum (ETH) on Curve after a whale removed 84,131 ETH ($101 million) from the protocol, allowing arbitrageurs to profit from the situation.

Lookonchain reported that an MEV bot arbitraged 104 ETH ($124,800) from this situation. According to the on-chain analytics, the bot transactions took this format.

Another trader, Mandalacapital.eth, has longed stETH on Aave with a plan to take profit after stETH/ETH returns to peg. The trader deposited 4,513.70 stETH on Aave to borrow 3,193 ETH. He then exchanged the borrowed ETH for 3,258.46 stETH and borrowed again to increase the long leverage.