Has a lot to do with trader preference. Stable exchange platform, 1256 contract tax treatment, the list goes on and on. A large scale arbitrage may not be feasi

Has a lot to do with trader preference. Stable exchange platform, 1256 contract tax treatment, the list goes on and on. A large scale arbitrage may not be feasible. In addition, market makers on the futures market are likely working off of a sizable inventory/pool of BTC. And they are likely pricing in a fat premium on top of anticipated buy orders. So they’re effectively acting as arbitrageurs. Bid-ask spread plus futures premium. 10-12% is rich but understandable.