Exactly this 👆
A $100 spread looks great until you actually trade at volume.
That 100 BTC example ate through four full price levels in one go and still left the book looking ugly afterward.
For anyone wondering how thin and fragile liquidity can be right now: the entire ask side up to +0.5% only had ~590 BTC in this snapshot. That’s less than $57 M of sell liquidity on two of the biggest venues combined.
If you trade more than pocket change, you need to be looking at cumulative depth, not just the top of the book.
Bitcoin collateral just went from ‘loose change’ to ‘private island money’ in 18 months.
Respect to whoever’s still quoting 20 bps spreads through all this…
(our risk desk is doing snow angels in the P&L)
We hear from many new protocols that they find it difficult to attract real liquidity in early markets. In other words, the pump and dump culture has destroyed the ability to build sustainable, organic market depth. As such, we thought we would share a few words that we used in our early days to help projects find stability.
We would ask: "May we provide liquidity?" before engaging further in a conversation. We almost never got a No.
It inevitably enabled the opportunity for deeper partnerships. We've met a lot of really interesting projects this way.
We think the combination of engineering reliability we can provide and transparency was the key to its effectiveness. You might give it a try.
And yes, we think it should also work for projects looking for stablecoin liquidity, as well as perpetuals.
Just two cents from a liquidity provider concerned about the next generation's decentralised markets and ecosystem health.
I hear from many young men that they find it difficult to meet young women in a public setting. In other words, the online culture has destroyed the ability to spontaneously meet strangers. As such, I thought I would share a few words that I used in my youth to meet someone that I found compelling.
I would ask: “May I meet you?” before engaging further in a conversation. I almost never got a No.
It inevitably enabled the opportunity for a further conversation. I met a lot of really interesting people this way.
I think the combination of proper grammar and politeness was the key to its effectiveness. You might give it a try.
And yes, I think it should also work for women seeking men as well as same sex interactions.
Just two cents from an older happily married guy concerned about our next generation’s happiness and population replacement rates.
A viral moment of Nvidia’s Jensen Huang having chimaek (fried chicken and beer) in South Korea may have made investors hungry as well.
Huang sent Korean fried chicken stocks soaring after his outing with Samsung's Jay Y Lee and Hyundai's Chung Euisun https://t.co/Qn8dxWkYmo
@ThinkingUSD Talking about HFT expertise and Hype, did you know
@Auros_global has been consistently the #1 market maker on Hyperliquid?
We're also strong believers in the project.