Daily Microstructure Brief — Tuesday, 28 April 2026

━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ DAILY MICROSTRUCTURE BRIEF 2026-04-28 · Tuesday · covers prior 24h UTC · peak window 13:00-16:00 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ coinbase→cryptocom (SOL/ETH) held its spread longer than any route in the past seven days. TOP ROUTES (by executability) 1. coinbase→cryptocom (SOL/ETH) Median spread 0.085% · half-life 1325ms · survival @1s: 63.8% · executability 3.1% 2. okx→coinbase (SOL/USD) Median spread 0.067% · half-life 1221ms · survival @1s: 58.5% · executability 1.7% 3. cryptocom→coinbase (LTC/USD) Median spread 0.063% · half-life 1282ms · survival @500ms: 62.9% · executability 1.5% Cited data: 1126 samples across 3 routes, prior 24h UTC. SPREAD DECAY Median half-life across all routes: 1471ms. Survival @ T+1s: 72.3% of 497417 samples. Spreads > 0.40% decayed to below fee floor within 1960ms median (313 samples). Decay profiles consistent with 7-day norms. BEST EXECUTION WINDOW 21:00-22:00 UTC (05:00-06:00 SGT) — 84.4% of samples survived to T+500ms above fee floor. 1.2x the 24h average. Second: 11:00-12:00 UTC — 82.7% survival. EXCHANGE BEHAVIOUR All exchanges stable — no degradation events in 24h. VS YESTERDAY Samples: 497417 (+346245) Top route: coinbase→cryptocom (SOL/ETH) median spread 0.085% Survival @1s: 72.3% (-1030bps vs yesterday) Median spread: 0.016% (+7bps 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 ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━