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High Level Alchemy converts an item into coins at a fixed value. The trade is profitable when that fixed value beats what you paid for the item plus what the spell costs to cast. The spell needs one nature rune and five fire runes, and this page prices both from the live market rather than assuming a constant — nature rune prices move, and they move exactly the profitability of every item on this list at once.
Because the alch value is fixed and the item price is not, alching profit is really a bet on the item staying cheap. Items drift in and out of profitability as their price moves, which is why this list changes shape from day to day rather than settling on a fixed set of winners.
Watch the buy limit column. A large alch profit on an item you can only buy a handful of at a time is worth far less per hour than a smaller profit on something you can buy in bulk.
