<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0707</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0000829200</cik>
        <entityName>LOEB ARBITRAGE FUND</entityName>
        <issuerAddress>
            <street1>C/O LOEB PARTNERS CORP</street1>
            <street2>125 BROAD STREET, 14TH FLOOR</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10004</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>(212) 483-7000</issuerPhoneNumber>
        <jurisdictionOfInc>NEW YORK</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Gideon</firstName>
                <middleName>J.</middleName>
                <lastName>King</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>125 Broad Street</street1>
                <street2>14th Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10004</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Mr. King is the Chief Executive Officer of the General Partner of the Issuer</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Decline to Disclose</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
            <item>3C</item>
            <item>3C.7</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0000902664-13-002647</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>1988-01-15</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>250000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Frederick Fruitman</recipientName>
                <recipientCRDNumber>1526646</recipientCRDNumber>
                <associatedBDName>Loeb Partners Corporation</associatedBDName>
                <associatedBDCRDNumber>10929</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>8 EGERTON GARDENS</street1>
                    <street2>FLAT 2</street2>
                    <city>LONDON</city>
                    <stateOrCountry>X0</stateOrCountry>
                    <stateOrCountryDescription>UNITED KINGDOM</stateOrCountryDescription>
                    <zipCode>SW3-2BP</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>J. Patrick Kearns</recipientName>
                <recipientCRDNumber>836964</recipientCRDNumber>
                <associatedBDName>Fulcrum Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>140084</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1650 TYSONS BOULEVARD</street1>
                    <street2>SUITE 620</street2>
                    <city>MCLEAN</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <stateOrCountryDescription>VIRGINIA</stateOrCountryDescription>
                    <zipCode>22102</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Jeffrey S. Cohen</recipientName>
                <recipientCRDNumber>2846669</recipientCRDNumber>
                <associatedBDName>Stifel, Nicolaus &amp; Company, Incorporated</associatedBDName>
                <associatedBDCRDNumber>793</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>600 EAST 96TH STREET</street1>
                    <city>INDIANAPOLIS</city>
                    <stateOrCountry>IN</stateOrCountry>
                    <stateOrCountryDescription>INDIANA</stateOrCountryDescription>
                    <zipCode>46240</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Carl Cascio, Jr.</recipientName>
                <recipientCRDNumber>2791121</recipientCRDNumber>
                <associatedBDName>Loeb Partners Corporation</associatedBDName>
                <associatedBDCRDNumber>10929</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>61 BROADWAY</street1>
                    <street2>24TH FLOOR</street2>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10006</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Said M. Armutcuoglu</recipientName>
                <recipientCRDNumber>2281132</recipientCRDNumber>
                <associatedBDName>Loeb Partners Corporation</associatedBDName>
                <associatedBDCRDNumber>10929</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>61 BROADWAY</street1>
                    <street2>24TH FLOOR</street2>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10006</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
            <recipient>
                <recipientName>Joanne Zerillo</recipientName>
                <recipientCRDNumber>2284618</recipientCRDNumber>
                <associatedBDName>Papamarkou Wellner &amp; Co. Inc.</associatedBDName>
                <associatedBDCRDNumber>10963</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>399 PARK AVENUE</street1>
                    <street2>38TH FLOOR</street2>
                    <city>NEW YORK</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10022</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>820257616</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>191</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>24780653</dollarAmount>
                <isEstimate>true</isEstimate>
            </findersFees>
            <clarificationOfResponse>Estimate represents fees paid to date.  Finders receive a portion of the fees paid to the General Partner.</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse>The General Partner receives an annual management fee of 1.5-3% of the Issuer's net asset value.</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>LOEB ARBITRAGE FUND</issuerName>
                <signatureName>/s/ Gideon J. King</signatureName>
                <nameOfSigner>Gideon J. King</nameOfSigner>
                <signatureTitle>Chief Executive Officer of the General Partner</signatureTitle>
                <signatureDate>2014-07-15</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
