The premium persisted across all 19 matched one-minute closing observations from 4:45 p.m. through 5:03 p.m. ET. These are comparisons of each venue’s last trade within a minute, not simultaneous quotes or a guaranteed arbitrage return. The comparison uses $USDT on both venues rather than treating a stablecoin quote as a cash-dollar price.
Coinbase’s $ETH/USD market also traded near the lower exchange price, closing the 5 p.m. minute at $2,255.71. Its lowest trade between 4:45 p.m. and 5:03 p.m. ET was $2,230, in the 4:47 p.m. minute.
The dislocation extended to Uniswap’s 0.05%-fee $ETH/$USDC pool. At 5:04:11 p.m. ET, an executed sale exchanged 29.25 $ETH for 75,974.43 $USDC.
A Lower Oracle Reference Price
At 4:34:23 p.m. ET, one transaction routed 50 million $USDT through a swap operation and delivered 20,940.13 $ETH to its recipient. Uniswap’s documentation explains that trades themselves change pool prices, with the impact depending on trade size and available liquidity.
The displayed Chainlink Ethereum $ETH/USD reference feed showed a lower price of $2,247.42 alongside oracle responses timestamped 5:04 p.m. ET.
That distinction matters for lending collateral: Aave’s documentation says its reserves use governance-selected oracle contracts to determine collateralization requirements. A higher swap price therefore does not automatically raise a borrower’s collateral valuation. The price snapshots alone do not establish the dislocation’s effect on liquidations.
Execution costs also extended beyond pool fees. The 247.52-$ETH sale included a separate transfer of 28.80 $ETH to Titan Builder, according to its transaction record.
