🚀 Why is $NIGHT at 0.031 on Binance Alpha, while spot on Bybit remains stable at 0.069?

The most complete truth that even beginners can understand! (Attached: In-depth explanation of Midnight Network and market mechanisms)

Today (2025/12/9), the NIGHT token officially launched for trading.
But many people were confused by the price:
⭐Binance Alpha: 0.031 USDT
⭐Bybit Spot: 0.069 USDT

How can the same token have such a large price difference?
Which one is the real price?
Is someone manipulating the market?
Some even suspect it's a fake token?
Don't worry—this is a very typical case of fragmented pricing for new token listings.
I'll explain everything in a way that even beginners can instantly understand 👇

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🌑 What is NIGHT? Why is everyone paying attention?
NIGHT is the native token of the Midnight network, which is Cardano ecosystem's privacy sidechain, focusing on "Regulated Privacy."
Because it's a high-profile project, it naturally draws a lot of market attention.
But high attention ≠ price stability, especially on the first day of listing.

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💥 One-sentence explanation for the price difference:
#Binance Alpha is an early-stage on-chain trading environment with insufficient liquidity, while Bybit is a large CEX with deep liquidity. The order books on both sides are completely different, resulting in a huge price gap.
Here’s a breakdown 👇

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⭐ 1. Binance Alpha and Bybit are fundamentally different markets
✅ What is Binance Alpha?
It is not Binance’s main platform spot market.
It is:
An early-stage project platform for Binance Wallet (Web3 self-custody wallet)
Uses on-chain AMM (Automated Market Maker) model
Mainly trades in DEX environments on BSC/SOL/ETH chains
Liquidity pools are shallow, depth is lacking, and prices are easily amplified by volatility

📌 Official contract address (BSC):
0xfe930c2d63aed9b82fc4dbc801920dd2c1a3224f

Why is the price on #Alpha as low as 0.031?
Reason 1: Weak initial liquidity, trading volume only about $640,000
Small liquidity pool → thin order book
Thin order book → price easily pushed down by sell pressure

Reason 2: Airdrop mechanism creates massive sell pressure
Users with 230 Alpha Points
Can claim 600 NIGHT (worth about $30)
Many people sell immediately after claiming
Resulting in sustained downward pressure on price

Reason 3: Alpha is not a main exchange, users are cautious, buyers are hesitant
Historically, most projects on Alpha do not directly list on Binance main site, so there's little speculative buying.
👉 Result: Alpha’s price usually acts more like a "floor price."

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⭐ 2. Why is Bybit spot price as high as 0.069?
Bybit is a mature centralized exchange with deep order books and high trading volume.
Why did Bybit get pumped directly?
Reason 1: Large user base, strong liquidity (over 61.7 million active users)
Good depth → less slippage
Strong buying → price pushed up quickly

Reason 2: Multi-platform simultaneous listing triggers FOMO
In addition to #Bybit，#, OKX, #HTX、#Gate, #MEXC, etc. all opened trading at the same time.
Funds rush in, naturally driving up the price.

Reason 3: Leverage and perpetual contracts accelerate the rise
GATE supports NIGHT perpetuals →
Leverage-driven buying →
Spot price is also pulled up

Reason 4: Arbitrageurs buy on #Alpha, sell on Bybit
Even if withdrawals are temporarily restricted, arbitrage expectations drive up spot buying.
👉 Bybit’s price more reflects retail investor sentiment.

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⭐ 3. This is a typical “fragmented pricing” for new token listings
Today NIGHT launched for the first time, resulting in:
Multi-chain → multi-exchange → multiple pools
Fragmented liquidity
Early order books are inconsistent
This situation is completely normal.
Similar historical cases include: $NOT , $BRETT , $PYTH and other new tokens all had huge price gaps on the first day.

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⭐ 4. Other influencing factors in the current market
📌 1. Cardano ecosystem hype is rising
After the Binance announcement, $ADA once jumped 4%, positive sentiment.

📌 2. “Fake token prices” on DEX mislead many beginners
As reported on X (Twitter):
Some fake tokens on Solana/ETH cause CMC to display skewed prices.

📌 3. Fee differences
Bybit spot maker/taker: 0.1% / 0.1%
Alpha on-chain gas is higher → suppresses buy orders → lower price

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⭐ 5. Will the price difference converge?
🟡 Short term (hours to days)
As:
Liquidity is injected
More exchanges open trading
Arbitrage gradually happens
The price gap will shrink from 150% to around 5–15%.
If Binance main platform spot launches, price consistency will improve dramatically.

🟢 Medium to long term
Once Midnight mainnet launches, there are expectations for NIGHT to rise, but:
New tokens are highly volatile
High risk
Strong speculation
DYOR (do your own research) is recommended.

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🧠 Beginner’s one-sentence summary
NIGHT’s price is low on Binance Alpha due to shallow liquidity + airdrop sell pressure; Bybit’s price is high due to deep liquidity + leveraged buying + strong listing sentiment.
The order books for the two markets are completely different, so a huge price gap is very normal.

This article is sponsored by #Bybit  @Bybit_ZH ｜ #Binance @binancezh