[Analysis: On-chain arbitrage window emerged during Binance hack; single address profited approximately $3.47 million in two hours] Odaily Planet Daily reports that a significant on-chain arbitrage opportunity appeared during the Binance attack. A community user recounted that, to circumvent Tether's freeze, the attackers exchanged a large amount of USDT for ETH via DEX, causing the ETH price on Uniswap to rise to $2,560 to $2,750, with some transactions exceeding $3,000. Meanwhile, the ETH price obtained by Aave through the Chainlink oracle remained between $2,250 and $2,290, creating a 15% to 30% price difference between on-chain and oracle quotes that lasted for nearly an hour. Arbitrageurs exploited this price difference by depositing USDC/USDT as collateral into Aave, borrowing ETH at the oracle price, and then selling it at a higher price on the DEX. Once the price difference narrowed, they bought back the ETH to repay the loan. According to the user's statistics, within 6 hours of the incident, 61 addresses borrowed ETH on the Aave mainnet (excluding the hacker's address). The address with the highest profit sold 12,289 ETH at an average price of approximately $2,580, and then bought back 12,314 ETH at an average price of approximately $2,297, making a profit of approximately $3.47 million. The top ten arbitrage addresses collectively profited approximately $6.36 million. The user stated that the arbitrageurs exploited the price discrepancy between centralized exchanges and DEXs; the Aave contract itself had no vulnerabilities. As DEX prices fell and Aave froze the V3 mainnet market, the arbitrage window gradually closed. The above profits are based on on-chain transaction statistics and have not yet deducted gas fees.