I have sorted out the key points of this article to share with everyone, especially for those who like to speculate on new projects. It is necessary to take a look at when the entry rate is higher Price impact - The listing time of each exchange determines the buying position of investors and the actual return differences after listing on different exchanges. The initial rebound high point of listing shows a completely different distribution structure, and the listing timing directly determines the upper limit of short-term speculative space Since 26 years ago, IOSG has been tracking spot trading on top exchanges such as Coinbase, Binance, Bybit, OKX, Bithumb, and Upbit, as well as new listings on Binance Perp, covering 92 independent tokens Pre signal - Coinbase and Bybit go live Among the 33 tokens that entered Binance Perps, 17 were first listed as spot on other exchanges before being included in Perps, with Coinbase and Bybit being the main pre signals for Perps From a large sample perspective, when a token is supported by both Coinbase and ByBit, and its price performance is relatively stable, it is highly likely to land on Binance Perps within a week. This is currently one of the strongest and directly observable pre signals in the market Pay close attention to projects with stable prices on both Coinbase and Bybit as a prerequisite for Binance Perps. During the initial launch window or Binance spot price decline stage, seek better entry prices to avoid buying at high levels at the end of the Korean exchange The space for followers in the final round is limited: the peak values of Bithumb and Upbit are suppressed at around+35%, while OKX is only+25%. Due to the lag in entry timing, buying orders on these platforms are more focused on taking profits rather than initiating market trends The absolute advantage held by the first round The top tier of cryptocurrency listings (ByBit, Coinbase, Binance Perps) have the highest price elasticity, providing a high liquidity premium for early chips. Even if they subsequently return to zero, there is ample time to exit at the high point Exchange selection determines the risk return structure By combining the three indicators of entry location, peak space, and final return, users on different exchanges face completely different risk return structures Binance Perps, Coinbase and ByBit debut → OKX and Binance spot confirm at high points → Korean exchange picks up at end Look at how dismal the performance of the new coin has been since its launch In the 26 year bear market environment, the overall price performance of newly listed coins is weak, and no exchange has a positive 30 day average return