{
  "study_version": "1.0",
  "generated_at": "2026-07-24T23:01:01.919Z",
  "findings": [
    {
      "id": "no-single-winner",
      "title": "No exchange is cheapest everywhere",
      "statement": "No exchange was cheapest across all 24 scenarios. The most frequent winner, MEXC, led 11 of them (46%); 4 different venues won at least one.",
      "sampleCount": 50,
      "dateRange": {
        "start": "2026-07-15T11:53:31.289Z",
        "end": "2026-07-24T18:01:20.423Z"
      },
      "scenarioDefinition": "24 buy-side cells (asset × market × order size), full window",
      "coverageVersion": 3,
      "method": "Per cell, the cheapest sufficient-depth venue in each sweep; scenario winner = modal winner over the window.",
      "dataLink": "/research/snapshots/v1/findings.json#winners",
      "provisional": false
    },
    {
      "id": "lowest-fee-not-cheapest",
      "title": "The lowest headline fee usually is not the cheapest trade",
      "statement": "Across 1200 comparable measurements (≥2 venues able to fill), the venue with the lowest advertised fee was also cheapest all-in only 65% of the time.",
      "sampleCount": 1200,
      "dateRange": {
        "start": "2026-07-15T11:53:31.289Z",
        "end": "2026-07-24T18:01:20.423Z"
      },
      "scenarioDefinition": "Buy-side cells where ≥2 venues could fill the size",
      "coverageVersion": 3,
      "method": "Per observation: compare the lowest-advertised-fee venue to the lowest fee+spread+slippage venue; count agreement.",
      "dataLink": "/research/snapshots/v1/findings.json#fee-vs-allin",
      "provisional": false
    },
    {
      "id": "winner-changes-with-size",
      "title": "The cheapest venue changes with trade size",
      "statement": "In 4 of 6 asset-market lines, the cheapest venue at the smallest size was NOT the cheapest at the largest — fees are flat but depth is not.",
      "sampleCount": 6,
      "dateRange": {
        "start": "2026-07-15T11:53:31.289Z",
        "end": "2026-07-24T18:01:20.423Z"
      },
      "scenarioDefinition": "Per asset × market: winner at the smallest vs largest order size",
      "coverageVersion": 3,
      "method": "Compare the modal winner of the smallest-size cell to the largest-size cell in each asset-market line.",
      "dataLink": "/research/snapshots/v1/findings.json#by-size",
      "provisional": false
    },
    {
      "id": "cost-composition",
      "title": "The advertised fee is a fraction of the real cost",
      "statement": "On a $100K BTC perp buy, across order-book venues the advertised fee was ~75% of total cost; spread ~6% and slippage ~19% made up the rest.",
      "sampleCount": 40,
      "dateRange": {
        "start": "2026-07-15T11:53:31.289Z",
        "end": "2026-07-24T18:01:20.423Z"
      },
      "scenarioDefinition": "BTC perpetual, $100K, order-book venues (oracle venues excluded), latest sweep",
      "coverageVersion": 3,
      "method": "Mean component share (fee / spread / slippage) of total all-in cost across sufficient-depth order-book venues.",
      "dataLink": "/research/snapshots/v1/findings.json#composition",
      "provisional": false
    },
    {
      "id": "buy-sell-perp",
      "title": "Buying and selling do not always share the cheapest venue (perp)",
      "statement": "On perp cells, the cheapest venue to BUY differed from the cheapest to SELL in 1 of 12 paired cells (8%); median buy/sell cost gap 0.07 bps.",
      "sampleCount": 43,
      "dateRange": {
        "start": "2026-07-16T08:12:27.604Z",
        "end": "2026-07-24T18:01:20.423Z"
      },
      "scenarioDefinition": "12 paired perp cells measured on both sides",
      "coverageVersion": 3,
      "method": "Per cell, compare the modal buy winner (ask walk) to the modal sell winner (bid walk); gap = |sell winner total − buy winner total|.",
      "dataLink": "/research/snapshots/v1/findings.json#buy-sell-perp",
      "provisional": false
    },
    {
      "id": "buy-sell-spot",
      "title": "Buying and selling do not always share the cheapest venue (spot)",
      "statement": "On spot cells, the cheapest venue to BUY differed from the cheapest to SELL in 0 of 12 paired cells (0%); median buy/sell cost gap 0.23 bps.",
      "sampleCount": 43,
      "dateRange": {
        "start": "2026-07-16T08:12:27.604Z",
        "end": "2026-07-24T18:01:20.423Z"
      },
      "scenarioDefinition": "12 paired spot cells measured on both sides",
      "coverageVersion": 3,
      "method": "Per cell, compare the modal buy winner (ask walk) to the modal sell winner (bid walk); gap = |sell winner total − buy winner total|.",
      "dataLink": "/research/snapshots/v1/findings.json#buy-sell-spot",
      "provisional": false
    }
  ]
}