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Thanks for having me on the podcast! It was a great conversation about a new category of integration: the first centralized exchange directly tapping into Hyperliquid's onchain infrastructure.
I was telling a colleague that promising is about 50% of good parenting. Even if you can’t take your kids on a ski trip, you should promise one. When they grow up, they’ll remember the talks of ski trips as much as the actual trips, and their memories will be richer for it. Got compared to a prop AMM spoofing routers for this simple observation.
ok i subscribe to the kyle samani “that analogy is terrible” school of thought here
marketable orders vs twaps aren’t “wrong tool vs right tool” they’re different tools for different objectives
if you need immediate risk transfer, slippage + fees on a $1m / $10m marketable order are obviously relevant
and that’s probably more relevant to the modal user looking at these dashboards, i.e. not quant firms
"if i blast a $20k / $100k / $1m order into the book, what is my actual cost?" is absolutely a relevant question
yes, if you’re working an order over time, the appropriate metric is implementation shortfall under that execution strategy
but both measurements are useful. dismissing one because you personally prefer the other is incomplete