野喜

Zero Labs | 十九线套利者

[野喜 @lufeiyaofei]

@__cybernews @CarlZha wow

[野喜 @lufeiyaofei]

@amagirikaya @jokieliu @tomieinlove 你的信息处于30年前

[野喜 @lufeiyaofei]

@cyrilxuq pdd的价格快跌破7了，咋弄
满满的现金就是不回购呀

[野喜 @lufeiyaofei]

@heyibinance @Yuki27__ 能不能拉拉盘，一千多买的 bnb 亏麻了

[野喜 @lufeiyaofei]

@mtrainier2020 韩台这次的大股东也是美国😅

[野喜 @lufeiyaofei]

@dan326714 骑砍呀

[野喜 @lufeiyaofei]

@dan326714 ddddd

[野喜 @lufeiyaofei]

@elonmusk @attackdogX 说的对，等你困难的时候，你应该也等着别人入侵后再给你赏赐

[Stat Arb @quant_arb]

Market making usually ends up eating arbitrage opportunities in the end, and we've seen this happen in the liquid digital asset perpetual futures markets.

I'll explain:

For a given arbitrage, there's a level of reward and a level of cost to trade into it. When that ratio is extremely large you get taker only opportunities. This usually only happens in really unsophisticated markets, or with extreme latency requirements.

We are far away from the taker only arbitrages that used to exist except for maybe with some niche DEX/DEX or CEX/DEX arbitrages that exist, but even then most players have gotten smarter now.

Nowadays, most players will run maker/taker where you make on the illiquid leg and then take out on the liquid leg. This is an effective way to reduce costs, and you can still capture a lot of the profits. The only reason you would use the taker/taker quoter then is if the opportunities are extremely short lived (this type of trade eventually becomes a latency fight).

Now, the reason I say that market making eventually captures arbitrages is that when you quote around a fair value you are really saying I want to quote around where I think the market will be in the future and not where it is currently - this prevents you getting picked off by savy traders.

If I am quoting in a crappy exchange and it is far from Binance, then I will probably have some feature along the lines of basis to Binance and that will produce a forecast which says that the price on the crappy exchange will go towards Binance. This or I will simply quote around some global fair value which is volume weighted and hence will end up looking a lot like quoting around Binance (and also some Okex/Bybit).

Quoting around Binance on a crappy exchange is basically the same as running a maker/maker arbitrage strategy since you will be buying when it is below Binance and selling when above Binance (by using the Binance price your quotes will be aggressive in the respective directions when this misalignment occurs).

If you add a taking algorithm into your market maker which usually will take the form of some internal quotes you don't show the market and then send out taker orders when they cross the market, then if you do this, you will end up doing taker/taker arbitrages (or taker/maker depending on your hedge leg).

Your market maker on Binance will hedge the position because it will have an awareness of global inventory, and as such you will make (or if urgency requires it in your system - take) out of the position. The end result is that if you quote on two exchanges, and one is misaligned, then your forecast will pull you into quoting in such a way that you end up capturing arbitrages anyways.

Market making both legs is the most cost effective way to trade such things and it also allows you to combine the arbitrage view of where price is going with other features (such as overall price momentum/reversal). As such, more edge than just the arbitrage can be captured as many exchanges with arbitrages provide for a great way to dump toxic flow and pick up inventory in the direction you want it.

All of this means that as a market matures, market makers will eventually take over the role of keeping markets in line. On the low latency front they typically will have better latency tech and their hitting machines (taker systems) will be faster than a purely taker arbitrage focused shop on average, and for making into the opportunity, full maker using great quoting logic and additional market making alphas will crush an arbitrage only shop.

This is what we've seen happen. Most of the arbitrages now are only on niche DEXs / CEXs or have operational challenges (arbitraging Turkish crypto exchanges requires you to transfer Lyra internationally which is hard). Market makers eat the arbs in the end.

If you enjoyed reading, I have many articles on the topic of arbitrage on my blog www dot algos dot org.

[野喜 @lufeiyaofei]

@0xfengxun 你是重仓了多少需要喊人抬一下

[野喜 @lufeiyaofei]

@seven_nad 想想这人三个月前还在疯狂吹 probable 呢，然后用户资产分数直接被砍剩 1%，几乎归零

[野喜 @lufeiyaofei]

@elonmusk 中国有句俗话：吹牛逼要打草稿

[野喜 @lufeiyaofei]

@0xKaKa03 不怕 牛快来了 加大投入哈哈

[野喜 @lufeiyaofei]

今天因为甲方要求，需要找一个行业视频，并稍微改一下给甲方宣传用
视频是找到了，但是上面还是有很多原单位的字样，就尝试用剪映、美图等工具来消除，发现竟然都是要收费的
听闻海外版capcut很多功能免费，下载依然不能用
突然想gpt是否可以
然后再次惊艳，做的远远比我手动用这些工具好

由此的思考是，未来绝大部分软件功能都会集成于ai
能留下来的独立软件，也主要是给ai调用，且存在ai无法跨越的壁垒，例如高频且实时的行业能力和插件应用

[野喜 @lufeiyaofei]

@mamm75229513 prl吗

[野喜 @lufeiyaofei]

@TomSzczypka 只允许你们禁止出口？

[野喜 @lufeiyaofei]

@Hudeidei1 确实智障了，同样的任务，以前10%额度跑完，现在40%还在循环

[野喜 @lufeiyaofei]

@22333D 币圈

[野喜 @lufeiyaofei]

@dan326714 只有需要接盘才会来，悟了