Why is there a gap of 11% between the CBOE Future contract price and the BTC Spot price? Should they not be closer in a perfect market? Maybe the gap will be the same on the contract expiry date?
Is this because the arbitragers still need to integrate the CBOE Futures into their system?
Even between bitcoin exchanges, the bitcoin price varies. $17240 on cex and $16310 on bitstamp.
https://www.investopedia.com/terms/f/futurescontract.asp
Thought it is not exactly same, but similar case is Where you pay Premium with Stock Options to have the right RIGHT to buy the stock one month from now.
Regarding cex & bitstamp they are exchange out side of USA, each of them have different Risk factors associated to each of those exchanges, that is why that price difference .
Coinbase and CBOE are both US based exchanges and are under govt. regulation and are reputable than any other bitcoin exchanges in the world.
According to [0] futures shouldn't have a time premium because both parties are obligated to to fulfill the contract.
As you stated in the OP, the 11% spread should be a "riskless" arbitrage. If so, I suspect that this spread will decrease.
[0] https://money.stackexchange.com/questions/12359/do-futures-h...
Not for Bitcoin. You can hit that in a day. I'd be happy to bet we move 11% in one direction or another within 30 days