The exchange price is public and runs 24/7, on the same phone your client uses to trade with you. No other CFD gets benchmarked this easily.
So every weakness shows:
1. Wide spreads compared to the exchanges
2. Depth that looks fine until someone trades size
3. Pricing that gets worse on Saturday night, exactly when crypto traders are active
With FX or gold, most clients never see big gaps. With crypto, they see them every time they open your app next to an exchange app.
A simple test: open your own platform at 10pm on a Saturday. Put it next to a major exchange and place a trade the size of your average client.
Then ask your dealing desk:
1. What does your BTC spread look like against the main exchanges?
2. What happens to spread and depth over the weekend?
3. Are you warehousing crypto risk you don't fully understand, or offsetting it?
If your crypto book is small, your clients have probably already run this test.
