Coincheck | BtcBox | bitFlyer | ||||
---|---|---|---|---|---|---|
AVG | CR | AVG | CR | AVG | CR | |
(1) | (2) | (1) | (2) | (1) | (2) | |
Intercept | 0.0744*** | 0.1208*** | 0.0900*** | 0.0560*** | 0.1913*** | 0.2437*** |
(0.0021) | (0.0029) | (0.0038) | (0.0033) | (0.0030) | (0.0039) | |
GMT01_JST10 | 0.0004 | 0.0027 | 0.0074 | 0.0076 | 0.0108* | 0.0211*** |
(0.0030) | (0.0041) | (0.0055) | (0.0050) | (0.0043) | (0.0059) | |
GMT02_JST11 | \(-\) 0.0025 | \(-\) 0.0030 | 0.0067 | 0.0100* | 0.0067 | 0.0116* |
(0.0030) | (0.0041) | (0.0055) | (0.0050) | (0.0042) | (0.0057) | |
GMT03_JST12 | 0.0025 | 0.0013 | 0.0080 | 0.0114* | 0.0116** | 0.0188** |
(0.0031) | (0.0041) | (0.0055) | (0.0050) | (0.0043) | (0.0058) | |
GMT04_JST13 | 0.0004 | \(-\) 0.0001 | 0.0082 | 0.0138** | 0.0111** | 0.0224*** |
(0.0031) | (0.0042) | (0.0056) | (0.0052) | (0.0042) | (0.0057) | |
GMT05_JST14 | \(-\) 0.0003 | 0.0036 | 0.0074 | 0.0135** | 0.0060 | 0.0085 |
(0.0030) | (0.0042) | (0.0056) | (0.0052) | (0.0044) | (0.0058) | |
GMT06_JST15 | 0.0021 | 0.0040 | 0.0017 | 0.0060 | 0.0086* | 0.0155** |
(0.0031) | (0.0042) | (0.0055) | (0.0049) | (0.0044) | (0.0059) | |
GMT07_JST16 | 0.0022 | 0.0050 | 0.0038 | 0.0116* | 0.0086 | 0.0139* |
(0.0031) | (0.0042) | (0.0056) | (0.0052) | (0.0045) | (0.0060) | |
GMT08_JST17 | 0.0023 | 0.0067 | 0.0048 | 0.0155** | 0.0037 | 0.0086 |
(0.0031) | (0.0042) | (0.0056) | (0.0053) | (0.0042) | (0.0056) | |
GMT09_JST18 | 0.0015 | 0.0069 | 0.0119* | 0.0252*** | 0.0025 | 0.0043 |
(0.0032) | (0.0043) | (0.0059) | (0.0056) | (0.0042) | (0.0057) | |
GMT10_JST19 | \(-\) 0.0014 | 0.0012 | 0.0145* | 0.0284*** | \(-\) 0.0012 | \(-\) 0.0062 |
(0.0029) | (0.0040) | (0.0059) | (0.0057) | (0.0042) | (0.0055) | |
GMT11_JST20 | 0.0035 | 0.0078 | 0.0130* | 0.0290*** | 0.0007 | \(-\) 0.0053 |
(0.0031) | (0.0043) | (0.0060) | (0.0058) | (0.0042) | (0.0055) | |
GMT12_JST21 | 0.0037 | 0.0047 | 0.0181** | 0.0345*** | 0.0031 | \(-\) 0.0051 |
(0.0030) | (0.0041) | (0.0060) | (0.0059) | (0.0042) | (0.0054) | |
GMT13_JST22 | 0.0045 | 0.0078 | 0.0218*** | 0.0392*** | 0.0081 | \(-\) 0.0008 |
(0.0030) | (0.0041) | (0.0061) | (0.0060) | (0.0043) | (0.0054) | |
GMT14_JST23 | 0.0040 | 0.0064 | 0.0203** | 0.0365*** | \(-\) 0.0004 | \(-\) 0.0094 |
(0.0031) | (0.0042) | (0.0062) | (0.0060) | (0.0043) | (0.0054) | |
GMT15_JST00 | \(-\) 0.0021 | \(-\) 0.0029 | 0.0180** | 0.0344*** | \(-\) 0.0140** | \(-\) 0.0248*** |
(0.0029) | (0.0040) | (0.0062) | (0.0060) | (0.0043) | (0.0055) | |
GMT16_JST01 | \(-\) 0.0039 | \(-\) 0.0056 | 0.0077 | 0.0288*** | \(-\) 0.0329*** | \(-\) 0.0426*** |
(0.0031) | (0.0042) | (0.0061) | (0.0060) | (0.0041) | (0.0054) | |
GMT17_JST02 | \(-\) 0.0117*** | \(-\) 0.0204*** | \(-\) 0.0054 | 0.0164** | \(-\) 0.0533*** | \(-\) 0.0640*** |
(0.0031) | (0.0041) | (0.0060) | (0.0057) | (0.0040) | (0.0055) | |
GMT18_JST03 | \(-\) 0.0155*** | \(-\) 0.0277*** | \(-\) 0.0152** | 0.0074 | \(-\) 0.0641*** | \(-\) 0.0803*** |
(0.0033) | (0.0042) | (0.0058) | (0.0055) | (0.0042) | (0.0058) | |
GMT19_JST04 | \(-\) 0.0213*** | \(-\) 0.0376*** | \(-\) 0.0208*** | 0.0037 | \(-\) 0.0614*** | \(-\) 0.0840*** |
(0.0031) | (0.0040) | (0.0057) | (0.0055) | (0.0042) | (0.0056) | |
GMT20_JST05 | \(-\) 0.0218*** | \(-\) 0.0372*** | \(-\) 0.0168** | 0.0102 | \(-\) 0.0602*** | \(-\) 0.0807*** |
(0.0031) | (0.0039) | (0.0057) | (0.0055) | (0.0040) | (0.0054) | |
GMT21_JST06 | \(-\) 0.0151*** | \(-\) 0.0198*** | \(-\) 0.0054 | 0.0191*** | \(-\) 0.0391*** | \(-\) 0.0563*** |
(0.0031) | (0.0042) | (0.0059) | (0.0057) | (0.0041) | (0.0055) | |
GMT22_JST07 | \(-\) 0.0080* | \(-\) 0.0146*** | \(-\) 0.0026 | 0.0202*** | \(-\) 0.0184*** | \(-\) 0.0311*** |
(0.0033) | (0.0042) | (0.0059) | (0.0057) | (0.0041) | (0.0056) | |
GMT23_JST08 | \(-\) 0.0053 | \(-\) 0.0053 | 0.0049 | 0.0223*** | \(-\) 0.0099* | \(-\) 0.0207*** |
(0.0031) | (0.0042) | (0.0057) | (0.0056) | (0.0042) | (0.0056) | |
\(N\) | 46,064 | 46,064 | 45,595 | 45,595 | 15,746 | 15,746 |
Log likelihood | 41,113.46 | 28,458.96 | 11,042.28 | 11,357.60 | 18,071.69 | 13,578.86 |
Wald Chi2(23) | 276.13*** | 541.91*** | 147.34*** | 150.15*** | 1774.90*** | 1678.91*** |