Have you guys noticed the huge price differences for SpaceX across various exchanges? Especially between Binance, OKX, and Hyperliquid—Binance is quoting 170.5, OKX is at 156.2, and Hyperliquid is at 155.7. What’s causing this? Is there any arbitrage opportunity? — To cut to the chase, most likely not. Out of curiosity, I did some digging and actually found some relevant info. In short, the key reason is that each platform uses different equity data and valuation conversion methods. OKX uses the equity data from the S-1 filing, which lists 12.52 billion shares. Whether they’ll rebase again in the future is still uncertain. Hyperliquid previously disclosed using 11.87 billion shares, but since that statement has been removed (it’s controversial), the market estimates the likelihood of a future rebase is very low. Binance is currently using the 11.87 billion share figure but will rebase to 13.08 billion shares tomorrow. In simple terms, Binance is going to adjust its pricing (today at 4:30 PM). Meanwhile, OKX and Hyperliquid are unlikely to adjust their prices. If you’re wondering why, check out this article below for a detailed explanation: https://www.odaily.news/zh-CN/post/5211262 So basically, after Binance adjusts the SPCX price, it’ll be similar to the other two, meaning there’s no real arbitrage opportunity. The above is just my personal analysis and does not constitute investment advice.