Daily Microstructure Brief — Tuesday, 12 May 2026

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ DAILY MICROSTRUCTURE BRIEF 2026-05-12 · Tuesday · covers prior 24h UTC · peak window 13:00-16:00 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ cryptocom→coinbase (DOGE/USDT) leads executability today, past coinbase→okx (DOT/USDT). TOP ROUTES (by executability) 1. cryptocom→coinbase (DOGE/USDT) Median spread 0.018% · half-life 974ms · survival @1s: 46.2% · executability 2.6% 2. okx→coinbase (DOGE/USDT) Median spread 0.042% · half-life 966ms · survival @1s: 46.7% · executability 2.2% 3. cryptocom→coinbase (DOGE/USD) Median spread 0.022% · half-life 832ms · survival @500ms: 38.4% · executability 1.3% Cited data: 274 samples across 3 routes, prior 24h UTC. SPREAD DECAY Median half-life across all routes: 1457ms. Survival @ T+1s: 71.9% of 476191 samples. Spreads > 0.40% decayed to below fee floor within 546ms median (9 samples). Decay profiles consistent with 7-day norms. BEST EXECUTION WINDOW 05:00-06:00 UTC (13:00-14:00 SGT) — 84.2% of samples survived to T+500ms above fee floor. 1.2x the 24h average. Second: 23:00-00:00 UTC — 81.3% survival. EXCHANGE BEHAVIOUR All exchanges stable — no degradation events in 24h. VS YESTERDAY Samples: 476191 (+278115) Top route: cryptocom→coinbase (DOGE/USDT) median spread 0.018% Survival @1s: 71.9% (-1040bps vs yesterday) Median spread: 0.012% (+1bps 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 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━