Why do two exchanges quote different Bitcoin prices at the same moment?

They maintain different order books, liquidity, fiat pairs, fees and regional funding channels. Arbitrage narrows differences but does not eliminate execution and transfer costs.

The answer

They maintain different order books, liquidity, fiat pairs, fees and regional funding channels. Arbitrage narrows differences but does not eliminate execution and transfer costs.

What to do next

Compare net executable quotes rather than headline tickers and check the exact currency pair.

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