# Why Bitcoin's Price Differs Between Exchanges: 18 Venues Checked Every Minute

Historical scope checked against the publication dated 25 October 2026. This record describes that earlier version; subsequent page changes are not covered.

Selected calculations checked in Lean. The empirical study is not formally proved.

Calculation and displayed-value checks:

- At the illustrative $77,000 price, one basis point is $7.70. (`why_bitcoin_price_differs_between_exchanges_1`; arithmetic).
- At that illustrative price, a 5.8 basis-point gap is $44.66, consistent with about $45. (`why_bitcoin_price_differs_between_exchanges_2`; arithmetic).

Conditional formulas:

- `Vultax.ResearchLibrary.basis_points`.
- `Vultax.ResearchLibrary.fee_deduction`.


Outside the proof:

- Authenticity, completeness and accuracy of source observations.
- Data collection, sampling, classification, bootstrap intervals and causal inference.
- Current prices, policy, legal status, allegations, product claims and future outcomes.
- Production code correctness, execution, available liquidity and profitability.

[Selected Lean calculations](../LibraryChecks.lean). [Mathematical definitions](../ResearchModels.lean). [About this public subset](../README.md).

Body SHA-256: `1a046a1ac44a58a7698cb88bad44b3f01bdf8d26ecdc7bcb797765cffbcf9779`. Source observations are premises, not conclusions of the proofs.

25 Oct 2026: the body hash now leaves out the photograph block (image), as it already left out sources and updatedAt. The scope is unchanged. Previous body SHA-256: f746f25bb8c37d5cd893e16427b410cf0c7e6985985fc9df57f02b224a82ea3a.

27 Oct 2026: the article text was updated after the event. The checked tables and calculations are unchanged, so the scope is unchanged. Previous body SHA-256: 5baf54117e204213973a48e37fa91278a08ba191a705baf4b81950cbd1b2f3c8.