Depending on the direction, but there are ways to actually make a little extra on top of the middle exchange rate (e.g. on the USD to EUR path), since there are

Depending on the direction, but there are ways to actually make a little extra on top of the middle exchange rate (e.g. on the USD to EUR path), since there are many people that want to buy no-KYC bitcoin in Europe and they are willing to pay a couple % extra.