CryptoSlate
Coin Metrics modeled two $1,000 trades in Nvidia share tokens and found little or no arbitrage left after entry and exit slippage. Buying Hyperliquid NVDAx and selling Binance NVDAb left a reported 1 basis point before fees; buying Hyperliquid NVDAx and selling Kraken NVDAx left a negative 15 basis points. The analysis was published Nov. 3 and covers data through Nov. 2, 2026.
Why it matters
A displayed price gap is not the same as a tradeable profit. The two legs must represent matching share exposure, and a trader needs access to the instruments and routes used to buy and sell. Coin Metrics' figures are modeled historical comparisons, not evidence of simultaneous executable quotes or realized returns. Trading fees are excluded, and the chart's rounded labels mean the first example's reported spread and slippage do not arithmetically reconcile exactly.
Tokenized Nvidia exposure also varies by issuer and venue. Bitquery corrected its historical prices to account for shares per token and dividends; in its Sept. 15-Oct. 13 sample, median daily gaps among the four busiest versions rounded to no more than 0.12%. Separate contracts may lack a direct bridge or issuer swap, so acquiring one version does not necessarily provide the token needed for the other leg.
Market impact
Execution costs and access rules further narrow the opportunity. Kraken lists a 10-basis-point taker fee for its Pro spot book, while xStock conversions carry a 1% fee. Primary-market access requires onboarding and whitelisted wallets, and eligibility restrictions apply in several jurisdictions. The usable margin therefore depends on matching exposure, both legs' costs and whether the trader can deliver or sell the right instrument.
Frequently asked questions
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How much spread remained in Coin Metrics' two modeled Nvidia-token trades?
The NVDAx-to-NVDAb comparison left 1 basis point before fees. The NVDAx comparison across Hyperliquid and Kraken showed negative 15 basis points.
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Do Coin Metrics' modeled results prove that the trades were executable?
No. They are historical modeled comparisons, not evidence of simultaneous executable quotes or realized profit. Trading fees are excluded.
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Why might two Nvidia tokens with different prices not support arbitrage?
The tokens may represent different share exposure or use separate contracts without a direct bridge or issuer swap. Buying one version may not provide the token needed for the sale.
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What did Bitquery's adjusted Nvidia-token comparison find?
After adjusting for shares per token and dividends, median daily gaps among the four busiest versions in its Sept. 15-Oct. 13 sample rounded to no more than 0.12%.
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Which costs and access conditions can reduce the remaining trading margin?
Kraken lists a 10-basis-point taker fee for its Pro spot book, and xStock conversions carry a 1% fee. Primary-market access requires onboarding and whitelisted wallets, and eligibility restrictions apply in some jurisdictions.
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