Execution
Reading exchange price dislocation
Price gaps across venues can reveal either opportunity or structural fragility depending on size, persistence, and liquidity.
A dislocation only matters if it persists long enough and large enough to overcome fees, transfer limits, and execution latency.
Short-lived spreads around fast headlines often reflect temporary market-maker pullback rather than durable arbitrage opportunity.
Persistent spreads combined with weak book depth or abnormal volume can signal venue-specific stress and should be treated as a market quality warning first.