Table 1

HME test results for log (BTC-USD) and log (ETH-USD) for different exchanges

EMH testADFKPSSDF-GLSLag order1% Critical ValueHypothesis
Exchange/assetADFLag orderp-valueHypothesisKPSSLag orderp-valueHypothesis
Coinbase BTC-USD−8.03037<0.001Stationary0.236876<0.001Stationary−7.17627−2.57Stationary
Kraken BTC-USD−8.03677<0.001Stationary0.236676<0.001Stationary−4.85027−2.57Stationary
Binance BTC-USD−8.04547<0.001Stationary0.236326<0.001Stationary−4.91647−2.57Stationary
CoinMarketCap BTC-USD−7.92067<0.001Stationary0.240676<0.001Stationary−5.00007−2.57Stationary
Coinbase ETH-USD−7.90937<0.001Stationary0.174976<0.001Stationary−5.18667−2.57Stationary
Kraken ETH-USD−7.93047<0.001Stationary0.174416<0.001Stationary−7.08337−2.57Stationary
Binance ETH-USD−7.70327<0.001Stationary0.170736<0.001Stationary−6.92827−2.57Stationary
CoinMarketCap ETH-USD−7.83947<0.001Stationary0.175876<0.001Stationary−7.37987−2.57Stationary
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