{
  "schemaVersion": "vultax-public-research-data-v1",
  "articleUrl": "https://vultax.com/research/why-bitcoin-price-differs-between-exchanges",
  "datasets": [
    {
      "title": "Gap between the highest and lowest Bitcoin venue, by hour",
      "columns": [
        {
          "name": "Category",
          "unit": null
        },
        {
          "name": "Highest minus lowest venue",
          "unit": "bps"
        }
      ],
      "rows": [
        [
          "00",
          4.97
        ],
        [
          "01",
          4.95
        ],
        [
          "02",
          4.83
        ],
        [
          "03",
          4.68
        ],
        [
          "04",
          5.35
        ],
        [
          "05",
          8.03
        ],
        [
          "06",
          5.39
        ],
        [
          "07",
          5.9
        ],
        [
          "08",
          6.99
        ],
        [
          "09",
          8.12
        ],
        [
          "10",
          7.56
        ],
        [
          "11",
          8.13
        ],
        [
          "12",
          6.87
        ],
        [
          "13",
          6.25
        ],
        [
          "14",
          6.72
        ],
        [
          "15",
          6.05
        ],
        [
          "16",
          5.65
        ],
        [
          "17",
          6.06
        ],
        [
          "18",
          5.67
        ],
        [
          "19",
          3.83
        ],
        [
          "20",
          5.45
        ],
        [
          "21",
          4.13
        ],
        [
          "22",
          4.79
        ],
        [
          "23",
          6.13
        ]
      ],
      "measurementContext": "Median basis points by UTC hour, 16 venues, 12–13 September 2026",
      "sources": [
        {
          "label": "Vultax live crypto pack",
          "url": "https://vultax.com/live/crypto.json",
          "note": "Cross-venue gap and executable check every ten minutes; 1,029 readings, 6–13 September 2026"
        },
        {
          "label": "Vultax methodology",
          "url": "https://vultax.com/methodology",
          "note": "How venue books are collected and normalised"
        },
        {
          "label": "BitMEX — XBTUSDT instrument",
          "url": "https://www.bitmex.com/api/v1/instrument?symbol=XBTUSDT",
          "note": "Contract type of the BitMEX book in this study"
        },
        {
          "label": "Makarov & Schoar — Trading and arbitrage in cryptocurrency markets (Journal of Financial Economics)",
          "url": "https://www.sciencedirect.com/science/article/abs/pii/S0304405X19301746",
          "note": "Cross-country price gaps and capital controls, 2017–2018"
        },
        {
          "label": "Vultax: Why most crypto arbitrage spreads are not executable",
          "url": "https://vultax.com/research/why-crypto-arbitrage-spreads-are-not-executable",
          "note": "Fees, depth, transfer time and data latency"
        },
        {
          "label": "Vultax: Exchange liquidity is not trading volume",
          "url": "https://vultax.com/research/exchange-liquidity-is-not-trading-volume",
          "note": "Depth as the measure of a venue"
        }
      ],
      "measurement": {
        "kind": "observed",
        "temporalCoverage": "2026-09-12T19:16Z/2026-09-13T22:57Z",
        "population": "1,095 minute readings",
        "methodology": "Highest minus lowest midpoint among 16 venues with fresh books, over the median midpoint, in basis points; median per UTC hour."
      },
      "id": "by-hour-chart",
      "kind": "published-chart",
      "description": "Vultax compared Bitcoin's order books on 18 exchanges every minute for 28 hours. Half stayed within a basis point of each other, the widest pair of ordinary venues differed by 5.8 bps, Upbit ran 1.31% above, and in a week of readings no gap survived fees.",
      "articleUrl": "https://vultax.com/research/why-bitcoin-price-differs-between-exchanges",
      "sectionUrl": "https://vultax.com/research/why-bitcoin-price-differs-between-exchanges#by-hour",
      "publishedAt": "2026-09-14",
      "modifiedAt": "2026-09-14",
      "version": "37bb87dcba9b66b09bf01286e8f757c9ed1ef40b412869891b27a135890aab02",
      "isLive": false,
      "limitations": "Published research snapshots and calculations; these exports do not contain current quotes or live account data. Observation windows and populations are stated in the source captions and methodology. Missing metadata is unknown, not zero. Prices are order-book midpoints read from Vultax's market-data service over 28 hours and can differ from any single exchange's own display. The executable check uses an assumed fee. Nothing here is a recommendation to trade or financial advice.",
      "downloads": {
        "json": "https://vultax.com/research/why-bitcoin-price-differs-between-exchanges/data.json?dataset=by-hour-chart",
        "csv": "https://vultax.com/research/why-bitcoin-price-differs-between-exchanges/data.csv?dataset=by-hour-chart"
      }
    }
  ]
}