I have a question about the new way that Bitfinex integrates the Bitstamp order book. Raphael has said that now Bitstamp orders are augmented by between 0.15% and 0.25% before being displayed on the Bitfinex order book. However, take a look at these images of Bitstamp and Bitfinex order books taken at the same time earlier today:
Bitstamp's order book -
http://imgur.com/D8TqTksBitfinex's order book -
http://imgur.com/AKh049tBased on what Raphael said about price augmentation, the lowest ask on Bitfinex's order book should be no greater than $706.91 ($705.15*1.0025) - the lowest displayed is $709.41. And the highest bid should be no lower than $706.06 ($705*1.0015) - the highest displayed is $704.34. So either what Raphael told us about integration of the two order books is wrong, or the process is error-prone. And I have observed this phenomenon very often. This, to me, is very troubling. Does anybody have an explanation for this?
Raphael and Giancarlo - I know you're both probably very busy right now with everything going on. But when you get a second, could you please address this issue I raised? I think it's very important, and a cause of confusion for many people. Thanks!