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price discovery happens on the primary trading venues
so orderbooks over RFQs is only good for crypto perps
for tradfi perps, the primary trading venues have liquidity that is orders of magnitude higher than what is currently available onchain
the only time any price discovery(for tradfi assets) is happening onchain is during weekend trading on hl
We need to stop with this nonsense of crowning RFQs over Orderbooks.
I’ve written about this before but once more wanted to share
Orderbooks like Lighter are venue for Price Discovery; where the price is set. The price is based on supply and demand.
RFQ models like Variational is a venue for Price Taking. It literally copies the price from elsewhere; physically cannot offer better pricing than the venue it hedges on without taking directional risk.
Simple math: RFQ Price = Source Price + Hedging Fees + Profit.
Actually, Variational isn't even a competitor to Hyperliquid/ Lighter; it is a customer of them when you check deep.
There is also the Last Look problem:
- In orderbook: If you see a price and click buy, you get filled. The engine is neutral, in Lighter's case it's proved by ZK that you get the fill you intended.
- In RFQ: You request a price. The MM (or OLP) looks at your request, looks at the market, and then decides if they want to take the trade. If you are profitable, the RFQ engine can simply start rejecting your quotes, can delay them or giving you worse pricing.
So please stop crowning RFQs. Most they can become an aggregator of actual trading venues.
8 fig position onchain. 0.0284-0.045% slippage.
this is the best possible execution that you can get onchain for a trade of that size.
onchain orderbooks could never...
The largest onchain oil trade we've ever seen just happened.
One wallet. $75,908,900 WTI short across five positions.
0.0284-0.045% price impact. Up $1M+ in unrealized profits.