The same coin trades at different prices - does that mean mined π and exchange π are different things?

No. Fungibility is a property of the asset on the ledger; price is a property of the market you trade in. The same native π can trade at different prices on different venues because of liquidity, fees, spreads and demand. That is a market difference, not an on-chain difference, and the ledger records no per-unit origin either way.

FAQ — “Same coin = same price?”

The claim

“You say π = π (same coin), but the price on the exchange isn’t the same value. So it’s not the same thing.”

The answer: this conflates three very different things

#	Concept	Question	Property of	Always equal?
1	Fungibility	Can a unit be exchanged for a unit of the same kind?	the asset	✅ Yes for π
2	Market price	What does the market pay at a given place/time?	the market	❌ No
3	Realizable value	What do you actually get after liquidity, fees, and restrictions?	execution	❌ No

The common mistake: “same coin” means (1) — not (2) and not (3).

The evidence: the same asset trades at different prices

Pi itself across venues (Sept 2026)

OKX ≈ $0.09433 · Gate ≈ $0.09424 · Bitget a different number
Arbitrage spread ≈ 0.12% — cheapest Gate, most expensive OKX
🔗 https://cryptorank.io/price/pi-network-1/arbitrage · https://arb.sh/arbitrage/crypto/pi/okx-vs-bitget · https://yieldo.me/arbitrage/pi

Bitcoin — the “Kimchi Premium”

The same BTC trades higher in Korea (~2.48%) than on global exchanges.
🔗 https://www.investopedia.com/terms/k/kimchi-premium.asp

The US dollar

The same banknote sells at a higher black-market rate in countries with capital controls — the same currency.

👉 Same asset = different prices. A price difference is not evidence of a different asset.

Why prices differ for the same π

Liquidity & depth — a thin market swings and large orders move the price
Spread & fees — different per venue
Deposit/withdrawal and regional access limits — they block arbitrage, so the gap persists
Trading pairs — PI/USDT ≠ PI/BTC
IOU vs native — a real reason (see below)
Speculation/manipulation in small markets

Important: the “value” of π in your wallet

A wallet is not a market → it has no “price”. The number in the wallet is a quantity, not a value.
Real value = the price you can actually sell at, which varies with venue, liquidity, and fees.
So “value” naturally varies — but the coin is one.

The only real reason for a difference in “actual value”

If the venue gives you an IOU (an internal balance) instead of native on-chain π:

What you hold	Value
native π on-chain (your wallet)	the asset’s own value
an IOU on an exchange (its internal balance)	the asset’s value − counterparty risk (the venue may fail/restrict)

👉 This is not a difference in the coin — it’s a difference in what you actually hold (IOU vs native). This is the only real distinction, and we flagged it earlier.

A general rule

“One price everywhere” is an illusion — it requires perfect market efficiency (no fees, no restrictions), which doesn’t hold even for Bitcoin or the US dollar. Fungibility = asset identity. Price = market state.

Conclusion

✅ “Same coin” = same asset (fungibility) — true.
❌ “Same price” = a market illusion — never holds for any global asset.
A price difference indicates a lack of liquidity/access, not a different coin.
The only real difference = IOU vs native.

Sources

CryptoRank — Pi price comparison across exchanges: https://cryptorank.io/price/pi-network-1/arbitrage
arb.sh — PI spread (OKX vs Bitget): https://arb.sh/arbitrage/crypto/pi/okx-vs-bitget
Investopedia — Kimchi Premium: https://www.investopedia.com/terms/k/kimchi-premium.asp
docs/FAQ-ALL-OBJECTIONS.md (Group D: IOU/token)