FILLABLE - EXCHANGE RECORDER REGISTRATION
Registered: 2026-09-24 21:08 UTC, before the first recorded run.
Recorder: cex_recorder.py, sha256 f673f719a53c2a061fda56c6d2d50a59a75f58c38c1e19b2c74fa7ce4cdbf25d
What it records: every 15 minutes (:07, :22, :37, :52 UTC), the public order books of tokenized versions of SPY, QQQ, NVDA, TSLA, AAPL, GOOGL, META, CRCL, MSTR and COIN on Bybit, Bitget, OKX, Gate and MEXC (all issuer versions; USDT, USDC and USD quotes), walked to $1k, $2.5k, $5k, $10k, $25k, $50k and $100k: buy from the asks, sell the same quantity back into the bids. Before fees.
Seen before registering: one after-hours snapshot of all five exchanges (24 Sep 2026, 21:02 UTC). It is not part of the test.
Test window: 25 Sep 00:00 UTC to 1 Oct 24:00 UTC. Sessions as on the xStocks page (New York time). A median needs at least 20 readings.
C1: In US market hours at $10k, for at least 3 of AAPL, GOOGL, META and COIN, the cheapest big-exchange book (lowest median across exchanges and token versions, before fees) costs less than the on-chain market median from the xStocks recorder.
C2: After adding each exchange's taker fee for these tokens on both legs (from its published fee schedule, collected before the analysis; an exchange with no published fee is left out), a big exchange is the cheapest all-in route at $10k in US hours for at least 4 of the 10 names.
C3: At $100k, for at least half of the names, the cheapest big-exchange book costs at least twice as much overnight as in US hours (median against median).
Results will be published as registered, including the ones that fail.