> if it rises on certain exchanges, then it would arbitrage until it rose on other exchanges as well? More like the opposite. The fake price rise would be arbi

> if it rises on certain exchanges, then it would arbitrage until it rose on other exchanges as well? More like the opposite. The fake price rise would be arbitraged away to match the real price. At some point there has to be a real buyer/seller, otherwise arbitrage doesn't work. And a real buyer/seller is trading at the real price.