Spread & Venue Gap
How tight the Bitcoin market really is, hour by hour: the bid-ask spread (what a market order pays just to cross the book) and the price gap between Binance and Coinbase. Both are measured in basis points — hundredths of a percent. Spreads blowing out or venues drifting apart are classic signs of stressed or thin markets. Collected since August 2026; this history exists nowhere else for free.
Two measures of trading friction: the average bid-ask spread across Binance and Coinbase, and how far the two venues' mid-prices sit from each other, both in basis points (1 bps = 0.01%).
In calm, liquid markets both numbers hug zero. Spreads widen when market makers step back — typically in fast moves or thin hours. A persistent venue gap means price discovery is fragmenting, which arbitrage normally closes within seconds; when it stays open, something is impaired.
Hourly, from the same order-book snapshot as the depth series: spread = (best ask − best bid) ÷ mid, averaged across the two venues. Venue gap = |Binance mid − Coinbase mid| ÷ overall mid. Both × 10,000 into basis points.
Hourly samples, so second-scale spikes between snapshots are invisible. Top-of-book only — it says what crossing the spread costs, not what moving $10M costs (the depth chart covers that). Series begins August 2026.
Computed hourly from public Binance and Coinbase order-book data into our own database, collected since 13 August 2026.
Own hourly snapshots (Binance + Coinbase), collected since Aug 2026