RootData: HTX, BingX, OrangeX Top Derivatives Spread Rankings for 5 Days

Persistent spread gaps at the top of RootData's ranking point to structural liquidity fragmentation rather than a one-off dislocation. For arbitrage desks, five consecutive days is long enough to suggest a repeatable, if capacity-constrained, opportunity; for the venues themselves, it signals thinner books or slower price discovery relative to peers. The open question is whether these spreads compress as market makers rotate in, or persist as a feature of the current derivatives landscape.