Out of boredom, I looked at the same-exchange basis spreads and wrote some code. I backtested the positive basis spreads of the same coin on several exchanges over the past three months.
The flow on Binance spot futures showed a difference greater than 2% 221 times in the past three months, with the highest basis spread reaching 17.74%. Why isn't anyone mentioning this? Although the liquidity exposure isn't large, it's still incredibly absurd. 🤔