According to LookOnChain, certain Ethereum (ETH) whale addresses are making profits through arbitrage between ETH and stETH. LookOnChain says, "With ETH and stETH depegging, 1 ETH can be swapped to 1.0038 stETH on a decentralized exchange (DEX). Swap 1,370 ETH to 1,370.3351 stETH in 1INCH and then exchange the same amount for ETH at Raido Finance (LDO). I swapped it. It cost 0.0061 ETH in gas fees, but I made a total profit of 0.329 ETH ($540). $540 in profit may seem small, but if you repeat this for a year, you can earn 118 ETH (equivalent to $194,000). “The annual percentage return (APY) is 8.6%. The more ETH/stETH is depegged, the more profits can be made,” he explained.