Headline now: 9 pairs on tape · widest right now: QQQ · RH-Lighter ↔ Lighter-Mainnet (spot) at 24.3bps (≈$24.30 per $10k, cost ≈13.0bps) · US market closed

pairs watched: 9 · SPY spot↔perp · RH-Lighter: med 12.8bps · beyond-cost 77% · spot rich 100% of the time · 4 gaps closed, median 90 min · 14 never closed · QQQ spot↔perp · RH-Lighter: med 0.7bps · beyond-cost 0% · spot rich 72% of the time · 3 gaps closed, median 275 min · 7 never closed · TSLA spot↔perp · RH-Lighter: med 5.2bps · beyond-cost 0% · perp rich 99% of the time · 26 gaps closed, median 60 min · 15 never closed · PLTR spot↔perp · RH-Lighter: med 2.0bps · beyond-cost 0% · perp rich 52% of the time · 12 gaps closed, median 115 min. Question: Same asset on two books, including spot vs its OWN perp on one venue, no bridging, do the prices disagree by more than it costs to cross both? Status on the floor: live. Source: research:liveStudies on blessed-cat-541.convex.cloud.