I used to filter OB by spread width for my MM bot
Completely wrong
Small spread + real flow > wide spread + no flow
High volume means nothing if it's wash traded you can't capture it
Took me a while to figure that out
Market selection is the alpha, not the strategy
Starting to get my MM bot profitable on Hyperliquid
But I don't quote every market
Order book selection matters more than the strategy itself. Volume, OI, taker flow and most importantly: no wash traders on the other side
$LAB order book breakdown (Binance Perps)
MC: $6.3B
Total depth: $700K
MC/Depth ratio: 9,000x
Normal token: ~50-200x
OFI: -0.139 → sell-side dominant
Book structure: walls placed at ±1% from mid, near-zero liquidity at touch
This is not a market. It's a controlled exit.