Friction is part of fair value.
Longer redemption, thin books, weaker rights and restricted transfers can justify a persistent discount.
OUR THESISA cheap wrapper can
PRICE ≠ VALUE
A cheap wrapper can
be an expensive assumption.
PRICE ≠ VALUECompare like with like.
Normalize token ratios, currencies and timestamps before calling a difference a spread.
The residual is a research question.
A large z-score highlights a deviation. It does not prove the price will converge or that the trade is executable.