Tokens representing Nvidia shares can display price differences across issuers and trading venues, but two modeled $1,000 comparisons published by Coin Metrics leave almost no potential margin. In one case, a gross spread of 10 basis points leaves 1 basis point after entry and exit slippage, before trading fees. In the other, a gross spread of 18 basis points is offset by 33 basis points of slippage, resulting in a negative remainder of 15 basis points. Bitquery also normalized its data per underlying share and corrected its dividend treatment, while access to settlement routes depends on the issuer, wallet eligibility and the ability to convert between contracts. These historical modeled results do not prove that executable quotes were simultaneously available or that profits were realized, and they do not establish a universal absence of arbitrage opportunities.
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