Definition. The relative price gap between BTC on Coinbase (USD) and the multi-exchange global price, expressed as a percentage of the global price.

Interpretation. A positive value means BTC trades at a premium on Coinbase, often associated with buying pressure from US-based investors. A negative value means a discount, often associated with selling pressure.

This is the Point-in-Time (PiT) variant of Coinbase Premium. PiT metrics are strictly append-only and their history is immutable. The historic data does not necessarily reflect the best current knowledge, but the information at the time when a data point was first computed. PiT metrics are ideal candidates for applications in model backtesting and related quantitative purposes. Read our article on PiT metrics for more information.