Exchanges function under the same principles than any other business or market, lets suppose that you want to buy a smartphone, if you take the time to do a small research you will notice that almost all stores will have a different price for the very same model.

But why is that? After all we are talking about the very same product, and while there are many reasons for this, transportation costs and profit margins are two of the most important factors that make the price of the same good to be different on each store and it is your job as a consumer to find the best offer, and while exchanges do not work exactly in this way, the principles which dictate the price of an asset are the same, as each exchange has its own supply and demand and this makes the price of the same asset to be slightly different.