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Difference between Chance one’s arm and One would give his right arm

chance one’s arm—do smth. in the face of probable failure; take one’s chance of doing smth. successfully:

  • He chanced his arm in pursuit of a world record and for a while looked like he might just pull it off.

one would give his right arm —(hyperbolic) one is ready to give up his most valuable possession (to achieve smth.):

  • I’m sure Leon would give his right arm for a fraction of John’s success.