Answer: Alright= as in "okay", "understood", or "I get it".
All right= as in "completely correct"
Explanation: The reason why these two are different is that they allude to different aspects and concepts of conversation. For example, if you wanted to respond to a friend after they had said something to you, you'd say, 'alright'. However, in a setting where you'd use 'all right' is when you're telling someone that they are 100% correct about something. Though this isn't used too often unless you're reviewing class work; something typically done by teachers.