Typical gap between the highest and lowest venue: 5.8 bps

Vultax read Bitcoin's order books on 18 exchanges every minute for 28 hours. Half stayed within a basis point, the highest and lowest ordinary venues sat a median 5.8 bps apart, and Upbit ran 1.31% above. Bitcoin does not have one price.

- Upbit above the other venues: +1.31%
- Venues within 1 bp of the pack on 80% of readings: 9 of 18
- Readings where the gap paid after fees: 0 of 1,029

Observed 2026-09-12T19:16Z to 2026-09-13T22:57Z, population: 1,095 minute readings with at least ten venue books under 60 seconds old.

Study: https://vultax.com/research/why-bitcoin-price-differs-between-exchanges
Markdown: https://vultax.com/research/why-bitcoin-price-differs-between-exchanges.md
Data: https://vultax.com/research/why-bitcoin-price-differs-between-exchanges/data.json
Share card: https://vultax.com/og/article/research/why-bitcoin-price-differs-between-exchanges
Live screen: https://app.vultax.com/predictions/crypto/BTCUSDT

Vultax Research, Why Bitcoin's Price Differs Between Exchanges: 18 Venues Checked Every Minute, 2026-09-16, https://vultax.com/research/why-bitcoin-price-differs-between-exchanges