Period before BRR launched

Transition period

Period after BTC listed

Exchange Name

Mean

Variance

Mean

Variance

Mean

Variance

Bitstamp (BSTP)

0.002176592

0.002869119

0.0082446

0.001925276

−0.002495066

0.001875019

Coinbase (COIN)

0.001543808

0.002124158

0.008316514

0.002006074

−0.002557783

0.001836004

itBit (IBIT)

0.000668537

0.001610118

0.008275029

0.001882028

−0.002592162

0.0018289

Kraken (KRKN)

0.001551391

0.002025986

0.008242422

0.001990083

−0.002500686

0.001824706