Nvidia token price gaps shrink to almost nothing after slippage in Coin Metrics tests

Price gap leaves 1 basis point in one test and loses 15 in another

Coin Metrics published a study on November 3, 2026 showing that price gaps between Nvidia-linked tokens mostly disappear after slippage in two modeled $1,000 comparisons. One comparison left 1 basis point before trading fees. The other was already negative at negative 15 basis points before fees.

One basis point is 0.01%. Slippage is the extra cost that can appear when an order reaches the market and the price moves during the trade.

The tokens track Nvidia shares but trade on different platforms. An exchange is a platform where crypto assets can be bought and sold.

Key numbers from the $1,000 comparisons

• Buying Hyperliquid NVDAx and selling Binance NVDAb showed a gross gap of 10 basis points, entry and exit slippage of 10 basis points, and 1 basis point left before trading fees.
• Buying Hyperliquid NVDAx and selling Kraken NVDAx showed a gross gap of 18 basis points, entry and exit slippage of 33 basis points, and negative 15 basis points before trading fees.
• The chart uses data from June 2026 through November 2, 2026.
• Bitquery said pairwise median daily gaps among the four busiest Nvidia token versions rounded to no more than 0.12% in its September 15 to October 13 sample. The widest pair was 0.1225%, rounded to 0.12%.

What Coin Metrics says about the method and limits

Coin Metrics said the results are historical modeled results, not live quotes or realized returns. Trading fees are excluded.

The labels are rounded independently. That is why plus 10 and minus 10 do not sum to the printed plus 1 in the first comparison.

The chart does not establish simultaneous executable quotes, realized profit, or a universal absence of opportunities.

Bitquery said in a November 1 correction that it normalized its Nvidia tokens per underlying share and adjusted dividend treatment. A wallet is a tool that holds crypto assets. Kraken said dividend reinvestment can increase the share exposure shown in an xStock balance while the number of on-chain tokens stays unchanged, and that prices for wrapped xStocks must be adjusted using its multiplier.

Why routes and contracts affect whether a trade can be done

Bitquery said its Nvidia tokens have separate contracts with no direct bridge or issuer swap between them. That means buying the cheaper product does not supply the different token needed for the sale.

The issuer requires onboarding, identity and anti-money-laundering checks, and whitelisted wallets for its primary market. Its cash Market Flow lists a $5,000 minimum, 24/5 availability, and fees currently set to zero.

Kraken's October 30 FAQ lists a 10-basis-point taker fee and a two-basis-point maker rebate for its Pro spot order book. App purchases using US dollars or USDG have no trading fee but may include a spread, while xStock conversions carry a 1% fee.

Kraken excludes US persons and customers in the US, UK, Canada, and Australia from xStocks access. The issuer classifies xStocks as tracker certificates that provide economic exposure, without direct share ownership or voting rights.

What is confirmed

Coin Metrics reported the two before-fee results above. Bitquery reported the corrected historical prices and the 0.12% rounded maximum median daily gap. The issuer and Kraken details above come from their stated documentation and FAQ cited in the source.

What is still unclear

Exact contract mapping and all-in execution conditions are unverified, according to the source. Venue labels alone also do not establish that a transfer route involving wrapping and bridging was used for every observation in the June to November sample.

Why executable costs and access matter

The usable margin depends on executable prices for matching exposure, the costs of both legs, and the ability to deliver or sell the relevant instrument. A holder must compare the same share exposure, have something to sell on the expensive side, and qualify for the route used to settle the trade.

Sources

• CryptoSlate