Daily Microstructure Brief — Wednesday, 29 April 2026

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ DAILY MICROSTRUCTURE BRIEF 2026-04-29 · Wednesday · covers prior 24h UTC · peak window 13:00-16:00 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ New #1 route by executability: coinbase→cryptocom (BTC/USD). coinbase→cryptocom (SOL/ETH) moved down. TOP ROUTES (by executability) 1. coinbase→cryptocom (BTC/USD) Median spread 0.014% · half-life 1844ms · survival @1s: 92.2% · executability 0.0% 2. coinbase→okx (BTC/USD) Median spread 0.014% · half-life 1780ms · survival @1s: 88.4% · executability 0.0% 3. coinbase→cryptocom (ETH/USD) Median spread 0.015% · half-life 1769ms · survival @500ms: 88.5% · executability 0.0% Cited data: 79420 samples across 3 routes, prior 24h UTC. SPREAD DECAY Median half-life across all routes: 1528ms. Survival @ T+1s: 75.5% of 460756 samples. Spreads > 0.40% decayed to below fee floor within 0ms median (0 samples). Decay profiles consistent with 7-day norms. BEST EXECUTION WINDOW 21:00-22:00 UTC (05:00-06:00 SGT) — 83.9% of samples survived to T+500ms above fee floor. 1.1x the 24h average. Second: 20:00-21:00 UTC — 83.2% survival. EXCHANGE BEHAVIOUR No exchange-level incidents recorded in 24h. VS YESTERDAY Samples: 460756 (-36661) Top route: coinbase→cryptocom (BTC/USD) median spread 0.014% Survival @1s: 75.5% (+320bps vs yesterday) Median spread: 0.011% (-5bps vs yesterday) CONSTRAINTS ON THIS DATA Spread persistence varies materially by route and hour of day. High-spread events (>0.40%) decay faster than the median. Results describe the prior 24h only — not predictive. ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Bot activity — not financial advice. Every signal blockchain-verified: proofsystems.ai/signals Full archive: proofsystems.ai/brief ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━