Identifying profitable trading opportunities is a key benefit of exploiting price discrepancies. By identifying profitable trading opportunities, traders can:

1. _Buy low and sell high_: Traders can buy undervalued assets at a low price and sell them at a higher price, earning a profit.

2. _Sell high and buy low_: Traders can sell overvalued assets at a high price and buy them back at a lower price, earning a profit.

3. _Earn excess returns_: Traders can earn excess returns, by identifying profitable trading opportunities and capitalising on them.

4. _Improve their trading performance_: Traders can improve their trading performance, by identifying profitable trading opportunities and acting on them.

5. _Increase their profits_: Traders can increase their profits, by identifying profitable trading opportunities and exploiting them.

6. _Enhance their market understanding_: Traders can enhance their market understanding, by analyzing profitable trading opportunities and identifying their causes.

7. _Develop effective trading strategies_: Traders can develop effective trading strategies, by identifying profitable trading opportunities and designing strategies to capitalise on them.

By identifying profitable trading opportunities, traders can earn excess returns, improve their trading performance, and increase their profits. This requires a combination of market knowledge, analysis, and trading skills.