This is an opinion editorial by Michael Chapiro, a materials engineer, an aerospace and defense executive and founder of Caliber.

On Wednesday, November 9, in the aftermath of the collapse of FTX, reports began emerging on Twitter of prices for buying bitcoin being quoted and subsequently executed for about $1,000 dollars above the spot market price on Swan and Strike, while the bitcoin price traded primarily in the $16-18k range, a small drop on the order of 10-20% from the prior week before the FTX debacle. One tweet claimed a discrepancy as high as $1,600, though they do not provide a screenshot to confirm. These problems remain ongoing with screenshots showing price discrepancies mostly in the $600-1200 range, indicating spreads in the range of 3.5-7%, well in excess of the highest fees charged by any major exchange even on their fee-boosted consumer interfaces.

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