Methodology. Each fund’s close ratio — its last closing price divided by the crypto spot at that close — is recalibrated every market close, so it silently absorbs sponsor-fee decay (no scraped holdings). Implied fair value is that ratio times the live spot; the gap is how far the last close sits from it — effectively how far spot has moved since the ETF last printed. Spot is live 24/7; closes and ratios update once per US market close.

For educational purposes only. A gap is not a trade signal — spot ETFs reprice at the next session open, and thinly-traded funds can show a stale close for days.