{"pair":"btc/usd","exchanges":5,"summary":[{"exchange":"binance","spread_bps":0.0122,"tob_imbalance":-0.1269,"depth_imbalance":-0.1386},{"exchange":"bybit","spread_bps":0.0122,"tob_imbalance":-0.3272,"depth_imbalance":-0.1394},{"exchange":"okx","spread_bps":0.0122,"tob_imbalance":0.8822,"depth_imbalance":0.8867},{"exchange":"deribit","spread_bps":0.0608,"tob_imbalance":0.9998,"depth_imbalance":0.1987},{"exchange":"hyperliquid","spread_bps":0.1217,"tob_imbalance":0.9908,"depth_imbalance":-0.4814}],"preview":true,"signed":false,"note":"Preview — spread and imbalance only, unsigned"}