Tokenized equity perps can show attractive price gaps, but not every gap is a trade. A reference quote can be stale, the stock market can be closed, FX conversion can lag, or the perp book can be too thin to fill. This is why a scanner should show data age and not only the size of the difference. A large stale gap is often worse than a smaller fresh one.

False signals usually come from timing mismatch. Perps may trade continuously while the underlying stock does not. A broker quote can update slower than a crypto venue. A mark price can look clean while the bid and ask are wide. Before treating a gap as arbitrage, check the executable side, recent updates, venue status, and position size. The best edge is the one that still exists after those checks.

Red flags

• Old hedge reference or unknown market state.
• Wide perp spread relative to the visible gap.
• Signal disappears after checking executable bid and ask.