waitlist..begone! if you manage cross-venue risk you should check this out from chatting with our pro-tail / small insti users, the biggest mistake most people make in cross-venue trading is not having a snappy realtime consolidated view of their risk & the ability to safely manage positions on multiple venues at once (eg when they are short on margin) it's usually done manually by ctrl+tabbing between venues, or slapped together with some janky scripts that's what we've solved. optimized execution, real-time monitoring, holistic portfolio/margin view, in a single consolidated interface you could even just use it as a readonly view of your positions and margin balances if you want and still do the execution yourself if you want to save the fees (we charge a 2bps builder fee for HL and Extended) free public beta access here: loris.tools/trade

The number one rule of investing is never trust a man who wears bracelets This rule has never failed me

a long time ago i autistically saved this video showing live Alameda market making / trading from a period when SBF was sitting smack dab in-between FTX & Alameda. BTC price was $9,400 so this must have been filmed in mid 2020. the video itself has since been scrubbed from the internet, but it's still pretty interesting so figured i'd share. it also originally informed a bit of how we built our own internal tooling (minus the fraud). various internal Alameda dashboards including: - Fills, Fills Summary - Desired Position ("des pos") - Coin Summaries - Interest Rate Params (presumably for dated futures) - exchange-specific data streams (orderbook, fills, orders) other misc tech used: - 1Password, ~10-12 character length master pw visible/audible. could probably have reverse engineered this a bit more if you were a bad actor. bad opsec. - FTX dot com, light shilling of FTX / leveraged tokens - Twitter, Whale Alert - Outlook, Excel, Google Suite exchanges mentioned/shown: - BitMEX, OK, ZB, GDAX, Binance, Bitfinex, Deribit verbal discussion: - manual discretionary position sizing with "Ryan" [Salame], in 50 BTC chunks - position rebalancing "all those exchanges [we] have like 100 BTC [$1mm] each" - manual interest rate adjustments "i'm gonna take 90 [days] up more" - fades to lean into / out of positions - "Spoofy" showing fake 3,000 BTC bid on BitMEX - small example EOS trade (the ethereum killah) was just thinking about this recently so decided to dig it up and share. mindblowing how much has changed in the past 4 years, both in market structure and products as well as the obvious rise and fall of SBF and co.

Aster is faking about 90% of its volume i haven't seen many organic aster users on CT so i don't even know if this will piss anyone off tbh unclear if this is internal or external (MM) wash volume. my guess would be internal given their affiliations & lack of organic ct presence eyeball test shows nearly of all the volume is fake. flagship btc perp volume is a giant ridiculous constant wall

On @Lighter_xyz I traded $27 billion organic volume with zero fees. Do you know how much I would have paid in fees for the same $27 billion volume on other DEXs and CEXs: • Hyperliquid – $12,150,000 • Aster – $43,200,000 • Binance – $13,500,000 • Coinbase – $48,600,000 • Drift – $10,800,000 • dYdX – $12,150,000 • Bybit – $14,850,000 • OKX – $27,000,000 • Kucoin – $16,200,000 • MEXC – $5,400,000 You could almost retire on my fee savings alone.

lol this shit is wild. bro was shot and killed by the chief of the korean CIA at a *dinner party* 3. Park Chung-hee (1962–1979) – Assassinated. On Oct 26, 1979, South Korean President Park Chung-hee was shot and killed by Kim Jae-gyu, head of the KCIA (a powerful spy agency). It happened during a dinner party at a KCIA safe house in Seoul. Kim also killed Park’s bodyguard, claiming the president’s harsh rule was hurting the country. Some think it was a personal feud. The assassination ended Park’s 18-year rule and led to political chaos, including a military coup the next year.

Exceptions: - fitness trackers - a single small beaded bracelet made by one of his children. But know deep down inside this means he wants to be a bracelet man, so you are playing with fire

anyone remember when those shit heads @zhusu and @KyleDavies were trying to crowd finance lawsuits against crypto people and threatened to sue me for revealing that 99% of the volume was fake on their (now-defunct) ass-tier perp cex pepperidge loris remembers

this is what competing against wintermute looks like as a perp dex MM

in today's episode of DWF being back on their bullshit i suspect DWF is behind the latest RARE fake pump. this is the exact same playbook they executed on TRB and others. absolutely despicable the exchanges continue to allow this. do. not. buy. this. dogshit. if you are making markets in it keep your risk limits tight. we are not touching this. afaict the playbook goes like this: 1) find target symbol, coordinate w project for max allocation, corner spot supply 2) lift every spot offer everywhere on all exchanges 3) pump price 50%+ for X days in a row to some target 4) trickle sell perps up to local target top, max out negative funding to lure in bidders seeking funding payments (+ further price increase) 5) continue to trickle sell into any perp bids. you can afford the short term max negative funding when your bags are up +1,000% and any perp bids are monetizing that 6) when bids seem to be peaking, turbo dump spot and perps in everyone's face, liquidate all longs 7) wait 1 month 8) return to step 2 probably missing some key parts but that's what i can make of it. anyone else keeping tabs on this? what did i miss

i, shitcoin trader, with net worth 4 thousand dollars, am deeply affected by the loss today of jim simons, deca-billionaire polymath you can see by the fact we both smoke cigarettes that we are misunderstood rebels, and therefore alike in many ways rest in peace, jim

i love base but this aint it. sadly the majority of this volume is fake :( @SynFuturesDefi making up vast majority (90%+) of this stated volume and their volume is clearly all fake. haven't seen anyone call them out on their bs but we didn't integrate because of it how can i tell their volume is majority fake? 1) oi/volume. they claim 24hr BTC/USDT PERP volume of $312m but only $3m open interest - so OI/volume = 1%. for comparison binance is $9bn / $20bn -> OI/volume = 45% 2) spread. despite having -1 bp maker fees their spread on BTC/USDT PERP is 10 bps (could drive a semi truck through this, as far as blue chips go). this would collapse to being tick-wide given the rebate, at 9 figure daily volume. binance's spread is a tick wide and their best fee tier on usdt-m perps is much smaller. 3) volume patterns. they're too smooth. volume arrives in fits and jumps around volatility - not in smooth sine wave patterns. zoom out on 1 hr timescale and compare to binance. @bsx_labs is a notable exception. good platform, great UI, strong team. no bullshit metrics, honest people. criminally underutilized imo

In the last 30 seconds Hyperliquid made $121,195 Annually, that's $127,400,184,000 with an S&P500 average P/E ratio of 25 a fair value for $HYPE would be $8,920 (3.1T market cap)

my takeaway from these excellent CBB threads is that "table selection" remains deeply underrated effective table selection (picking the best markets to deploy on) drives far higher long-run EV than incremental infra tuning in hyper-efficient markets this is one area in which i, frankly, need to be better clearly you can be a B-tier operator in soft markets and make gobs more money than A-tier operators in competitive markets anyone have a heuristic for crypto table selection? for quant trader types

settings enthusiast

oh you made a profitable polymarket market making bot? that's so cool dude!

what an incredible failure of PR comms *smaller not particularly well-known figure claims something bad about binance *entire multi-hundred-billion-dollar exchange comes out swinging *TAGS the user in question and threatens legal action publicly sheesh! are you really that on your heels binance?

lighter is faking about 80% of their volume definitely kicking the hornet's nest here but w/e "faking" is perhaps too imprecise - facilitating inorganic volume

import pandas as np import numpy as pd

i've been in the lab again presenting: *Historical Funding* on Loris Tools this will soon be THE canonical, most complete data source for historical funding rates known to mankind. free for anyone to use now you can chart historical funding between any major CEX / DEX exchange, on any listed token snapshots are taken every 5 minutes 24/7 link below

just in case anyone was wondering how this is going for our favorite neighborhood pastry chef his hyperliquid bags are now worth $143,000,000 for those in the back, that's one hundred and forty three million dollars ~half of it could be realized now that's a lot of croissants

there are 2 potential HYPE sell events i am keeping an eye on i will be holding regardless as i possess astronomical testicular fortitude the events are: 1) November 2025 - $440m / month HL team unlocks start. this is...material, and nobody is really talking about it. will the team preserver their pristine image and diamond hand, or are they mere mortals like us swamp dwellers, and will sell hype to acquire penthouses on the monaco waterfront? i am curious to see how they handle this. selling would be completely understandable (and expected) from a human emotional perspective, but in some sense it would violate the purity of the protocol 2) November 30, 2025-January 1, 2026 - USA 1-year long-term cap gains treatment date takes effect, post-TGE. a lot of US-based holders will sell on/around this date to save the 17% in taxes that they'd incur from selling 1 day earlier. some will defer the sale until Jan 1 to roll the taxes owed to their 2027 filing (for tax year 2026). ask your CPA, this is just my understanding i will not be selling but i am curious to hear thoughts about these from others

In the last 30 seconds Hyperliquid made $121,195 Annually, that's $127,400,184,000 with an S&P500 average P/E ratio of 25 a fair value for $HYPE would be $8,920 (3.1T market cap)

james wynn the absolute maniac is back at it again we are 2% away from liquidation price of $104,930 he is FRANTICALLY puking his ETH and kPEPE longs to decrease his BTC liquidation price he is sitting at -$20mm unrealized shit is getting extremely real in the wynn household rn BTC is dumping on thin friday evening liquidity we might see some fireworks here folks

classic fractal entropy the fibonacci confluence with the inverse gamma parabola retracement is begging for elliott wave matrix overlay combine that with the rsi divergence recalibration against the ichimoku cloud’s kumo twist, and you’ve got a textbook quantum harmonic correction phase definitely signaling an oscillatory wavelet expansion into a higher-order fractal bifurcation

don't let anyone tell you # of screens doesn't matter it's literally the most important thing

how to build an options market making system for complete retards coming soon to feast on 'theta gang passive income legit every time'-ooors tick tock lmk what's missing in the replies maybe we build in public

college student, 19yrs, running a deprecated version of hummingbot from his TI-83 graphing calculator in suburban ohio: "btc is at 94k. my time has come. i'll find the the world's thinnest order book on some god forsaken shitcoin i'll post 2-sided quotes $200 notional, 202bps wide [hilariously, 2 bps outside the cutoff for MM incentives] i'll set price tolerances of 0.1 bps so any time someone on the other side of the world sneezes, my quotes cancel and repost 0.5 bps in the opposite direction wagmi" i understand it is a learning process, and lord knows i've had my fair share of blunders. but the parameters here were just too good here not to share hope he is running some A/B tests on those params.

step 1: start an actual bakery step 2: become Tier A crypto market maker step 3: be early MM on Tier A new perp dex / L1 (hyperliquid) step 4: get airdropped $3 million dollars of L1 memecoin (PURR) step 5: build Telegram bots to onboard the unwashed masses to said L1 step 6: watch your memecoin portfolio 50x step 7: retire vote @LaurentZeimes for president

How we lost $25k because of a perp DEX API quirk We trade heavily on a perp DEX (top 10 points holder, top 5 by volume). Turns out their cancel_order() API endpoint is..special. It always returns 200 OK. You can call cancel_order() with: • A valid order ID (13295238234991) • A valid client order ID • An invalid order ID or client order ID • An order ID that was already canceled • An order ID from 6 months ago • A ham sandwich • Your mother → Still 200 OK. This is fine if you know it’s happening and code around it. We didn’t. The actual issue: • Occasionally, create_order() RTT spikes to 50ms+ during busy times. • We’d fire off an order, then cancel it by client order ID before the order had actually landed. • Cancel returns 200 OK, so we assume the order is dead and remove it from our books. • A few seconds later, it fills. → We get picked off for 10-20 bps per incident. The kicker? These fills were mixed in with normal fills, so it was hard to spot. We also had stale-order background loops running, but they’re periodic and didn’t always catch these before fill. Fix: • For this DEX, we now *require* websocket cancel confirms or we continue spamming the cancel until our max retries limit is exhausted. Damage: • Estimated loss: $20K-$30K. Lesson: • Every API has quirks. They’re usually not logical, sometimes not even visible, and often expensive. • Always verify that success actually means success, trust no 200.

introducing loris-tools, shipped in a few days. you don't need the liquidity heatmaps. you don't need the full trades feed. you don't need the indicators. you don't need the ui cruft. try loris-tools, link below. everything you need. nothing you don't. simple. forever free. lose less money. no login required - ever. i will not be adding features. i might though. please don't dm me. it will probably break sometimes. dm me. this post resembles an orderbook visually. get it?

import numpy as pd import pandas as np

spent the past couple of hours writing a bot to snipe Resy reservations as soon as they're released, usually 30 days out at 9am bullshit like Appointment Trader makes it impossible to get a res at some places so i shall HFT they ass yes i acknowledge botting makes it worse. but this is Resy's problem to fix, not mine. sorry users will act in accordance with incentives

when i was 19, i was a welder's helper for a month during college winter break we worked 7x12s (12 hrs per day, 7 days per wk) in a turnaround at an ammonia plant in a shitty rural area sideways freezing rain, sleet, and howling wind nonstop. brutal when you're on a scaffolding platform 100 feet in the air the welder i was shadowing was this 60 year old mexican man with hands arthritic and gnarled in the form of the grip on his welding gun nicest, happiest person you'd ever meet gave me some perspective on life physical labor of any kind is difficult both mentally and, of course, physically if you happen to be endowed with the gift of understanding, problem solving, shape rotation, math ability, just know that not everybody is so lucky so lean forward in your herman miller ergonomic chair, take a big sip of your nitro cold brew coffee and do the fucking work

htx / huobi is now blatantly, openly faking its volume on even its flagship products like BTCUSDT perps i count one ~$30mm volume spike in each of the past 12 hours, each concentrated in a 15 min period this means they're faking upwards of 80% of the volume. on a former tier 1 exchange. this appears to have begun around 8/8, but my guess is the old volumizoooor bot broke and the maintainer left the company or something so they had to fall back to an old dumb one. or they just got lazy not fking great, Bob! might be time to pull our huobi funds for the 5th time this year

i hate to say it but @cz_binance was right

ok since i've opened this can of worms yet again fully *HALF* (5/10) of the top 10 @DefiLlama perps dex protocols are faking most/all of their volume go to the Defi Llama perps DEX page and scan the Volume/TVL column for anything over ~5. all fake. faking volume is easy. faking TVL is not as easy @OfficialApeXdex @SynFuturesDefi @SatoriFinance @HoldstationW @jojo_exchange all majority fake volume. naming names, prove me wrong (disclaimer this 5 volume/tvl number has no basis in actual research but seems to be a reasonable heuristic. check for yourself) this is not only an insult to the incredibly hard working teams who build actual perp DEXs with actual users and actual volume, it is actively hurting them by siphoning away users to fake protocols run by people who are willing to lie look, i get it. building an app with zero users sucks. but instead of lying, you should pivot or innovate a better way to attract users or change industries seriously how have analytics sites not established a better way to screen this by now? this problem is as old as the industry itself if you click through to the Trade tab on any, it is glaringly obvious. many of them aren't even varying their volumes across time! what is the point of ranking by volume (by default) if those numbers aren't reliable?!

Kidding but serious

this is terrible financial advice

this is the kind of cool shit you can do with a functioning logging solution (grafana + loki + promtail) logged errors piped in, parsed, and visualized by type (exchange, symbol, function, anything you want) so we know exactly where the roots of issues are in real time has dramatically improved situational response times to the inevitable weird shit that gets dumped out of the Worst Feeds On Earth (like entire html webpages) during market events and making one of these dashboards takes less than an hour once you have the queries and baseline formatting how you want it i keep this (+ more) on a 50" tv in the office 24/7. now have a pulse on issues as they arise, quickly (note not all symbols/exchanges/functions shown, only the ones that have thrown an error in the past 30s)

alpha hot off the press: absolute best way to quick smell-test any defi app that claims to have a lot of users is the similarweb chrome extension it estimates traffic based on cisco umbrella DNS resolutions. not perfect but good enough perp dex claims 100mm daily volume and has 200k monthly visitors? ✅ good to go perp dex claims 1bn daily volume and has 450 monthly visitors? ❌🤡 clown town the key is that all the fakers are too busy faking their volume and TVL to bother with spamming dns lookups, so this filter catches them 90%+ of the time

overnight success

this is an oversimplification but, if all other trading stopped on the HYPE/USDC pair and it was just the hyperliquid assistance fund buying ~$1mm of HYPE with the daily protocol fees, which it is HYPE would grind up roughly 100% in 1 month, according to the current order book which shows $34.0mm of ask liquidity at +100% depth so...how is this not a screaming buy down here?

with prices in the shadow realm and desk heads clocking out for the summer you can actually make money on funding arbs right now. click arbs are back baby so i just shipped a new funding rates screener dashboard. we use a similar tool internally - real-time funding rates across major derivs exchanges - no zero signup required (ever), instant free access - clean grid view showing best opportunities first - standardized symbol / info for easy comparison + annualized APR (to be fair, a marketing gimmick, spreads collapse within a couple days, but what the hell) - works on mobile - fast, frequent (~30s) updates it is worth caveating that there is some trickery afoot with inter-exchange funding arbs. i have not normalized funding interval lengths (easier said than done and there is nuance here) nor have i normalized to account for the exchanges which allow for floating vs fixed rates nor have i normalized to account for ... etc etc. caveat emptor. anyhoo pls let me know in replies what should i add to loris (dot) tools next. preferably something for hyperliquid folks. want to focus on building there in earnest. what is missing from HL anayltics or info or block explorer or ...? hit me up in DMs or via loris (dot) tools feedback modal

👀 hyperliquid

new @LorisTools dev hire is COOKING we are fully up and running on all timeframes for historical funding rates, across all 21 CEX + DEX venues, up to 30 days and beyond completely free of charge to the end user, as always, and with free CSV export longer interval selections >24 hr are aggregated + smoothed in 1hr and 4hr buckets

we are mere days from going live on fully automated options MM with our buildout from scratch, including full risk dashboard frontend, mass quoter, and taker eye has taken a bit longer than expected, but we had some side quests in the interim related to our d1 mm got the kinks worked out (ahem) of our auto-fitter with realtime syncing to frontend manual adjustments fitter works close to real-time but will need to add some more advanced stuff like pre-calculating vol changes based on spot-vol correlation so we don't get picked off, esp in crypto where 10% wicks happen with some frequency in the below video you can see the realtime market updates (red lines wiggling) and auto-fitting (blue/green curves shifting), taken from our dashboard's vols page red lines are live bid-ask vols backed out from the orderbook, blue shows our live vols by strike, green shows live vols by delta bucket within 1 year we will be a top 10 participant in crypto options MM. timestamp it.

it blows my mind that teams still suck so hard at faking their volume here's how you do it: 1) stream real-time trades from binance via ws 2) wash trade the binance volume on your own shitty venue, scaled down arbitrarily, with size, price, and time variance sprinkled in 3) target a fixed % of daily binance volume that grows linearly over 1 year to give the appearance of platform growth it is truly not that fking hard Disclaimer: This material is provided solely for general informational purposes and should not be construed as legal, regulatory, financial, or trading advice. It does not constitute a recommendation or endorsement of any practice described herein, nor should it be relied upon as guidance for compliance with applicable laws or regulations. Any references to trading activity, data manipulation, or market practices are illustrative only and not intended to suggest or encourage actual implementation. The author assumes no responsibility or liability for actions taken or not taken based on the content of this statement. Readers are strongly advised to seek independent legal and compliance counsel before engaging in any trading-related activities.

HYPE just flipped Bitget’s exchange token in mkt cap thoughts @GracyBitget ? might be time to coordinate a pump girlfran or at least crank up the B booking on your retail flow hope you’re well

a few arbitrages come down the pike just now on our production mm system, made 600 bucks on a few trades in rapid succession (10 ms) the strange part about this was it was actually between 2 top 10 venues which is unusual to see these days esp on majors in 2022 we used to see just walls of green from these kinds of outright delta 1 arbs when things got dislocated i imagine 2021 and before was a slaughterhouse but sadly i didn't take the full time leap until 22

so we're just doing bloated VC rounds in hyperliquid eco now? not like, a huge fan of this

becoming increasingly convinced that farming hip-3 markets has highest probability of being the next bloodline retiring wealth opportunity set thinking of my great grandchildren today

i like how DWF's "deepest liquidity" OTC portal shows a 450 bps spread on 1 BTC two-way quote i will happily OTC 10x that amount for a 90% reduction on that spread. binance screens will do you even better those idiots are one of the best examples of being able to succeed in this industry primarily off relationships pls ignore me as i cope and seethe

not to brag but our senior quant dev/trader was the biggest raw lobster market maker in runescape circa '09-'10 biggest swinging dick in varrock west bank lmk if you need the hookup

when you internalize this truth, you set yourself free of the ~10 businesses i've attempted, ~2 have worked out. and most of them have been weird businesses that you'd be embarrassed to explain to your grandmother. like selling nicotine pouches online, or acquiring government defense procurement contracts for live ammunition i've: - failed due to a lack of 'passion' - failed due to founder infighting - failed due to industry obsoletion - failed due to margin compression - failed due to distribution constraints - failed due to red tape, defensive incumbents and these are mostly excuses for "i didn't care enough to push harder" in my experience, you need to have 'passion' to make a lot of money. and you only develop a 'passion' for something once you're good at it. and the only way to get good at something is to sink your teeth in without inhibition. so if your primary barrier to starting something is worrying about what other people think about you, rip that bandaid off immediately, and put something (half baked is ok) out into the world. and then, you will see for yourself, that literally nobody cares

loris-tools now available as free desktop app (via browser, no download required) and mobile app (no download) loris.tools long live cryptowatch

i've hired ~20 people in my life but 2 filters that work *shockingly* well in hiring is: 1️⃣ request two simple but specific things in a job listing (eg link to github and requested salary) 2️⃣ see how fast they respond to messages (ideally after an initial delay on your end, post application receipt) if they pass test #1 and respond to #2 in under 10 minutes, they are almost always a pleasure to work with. if they fail either test, keep looking.

this is an oversimplification but, if all other trading stopped on the HYPE/USDC pair and it was just the hyperliquid assistance fund buying ~$4mm of HYPE with the daily protocol fees, which it is HYPE would grind up roughly 50% in 3 weeks, according to the current order book which shows $82.0mm of ask liquidity at +50% depth so...how is this not a screaming buy down here?

one of the most useful pieces of shorthand math that i use daily is 1,000,000 / 365 = ~2700 (it's 2740 but i usually just round down to 2700) if you want to make 1 million dollars per year, you need to make $2,700 per day on average if a city has 5m visitors per year, it has 5x2700=13,500 visitors per day (ish) recommend drilling this one into your head, you'll use it frequently, and people are always surprised when i can annualize things in millions from a daily value

implemented! thanks for idea @xmgnr no more sneaky unannounced api changes getting missed by us for months - cron job every day at 10am - fetches each exchange's API documentation - pages contents are dynamic so can't just check whole thing - use BeautifulSoup to extract relevant section - hash this, checks against previous day's hash - if different, add to list, else pass - message any changes to dedicated slack channel

Found a bracelet guy Visible jewelry on men is attention-seeking / performative which means his investments will have that bias too Taken in the limit, would you trust a man wearing an iced out grill and chains to manage your family trust? Kidding, but serious

it's funny to me that so many perp dexs are faking their volume in various ways but then draw the line at ~approximately matching hyperliquid's volume (within 50%) if your strategy is duping retail into using your platform with eye popping volume numbers then you should just ball as hard as fking possible just start blasting $30bn of volume every day and top the charts at that point it's like they have to maintain the thinnest veneer of believability, maybe to themselves alone, to stay under the some [ethical/perception/dashboard de-platform risk] boundary

we all know jeff has fully outsourced his wardrobe at this late stage counterpoint

the fabled manual hft i remember manually click arbing Vircurex vs Cryptsy back before i knew how to code, circa 2014 back when UIs looked like an excel spreadsheet in html simpler times

are the 10+ legit quant shops in the room with us right now?

making good progress, options market making system bones are mostly in place copilot chat inside vscode speeding up greenfield dev 3-5x+ no joke building out risk engine next week to calc & consolidate portfolio greeks hope to lean on copilot for UI, not our strongsuit

cool shit has been achieved, internally we just executed the first swap on our own hyperevm amm and fetched the tx from our own hyperevm node and displayed the tx results on our own hyperevm explorer you can just do things hyperliquid

Introducing @hyperzap_xyz PROBLEM: Onboarding to HyperEVM sucks. SOLUTION: HyperZap - One Click. All of HyperEVM. Launching today: • HyperZapBot: trade any HyperEVM token in Telegram • 1-click onboarding: go from USDC (Arbitrum) → HYPE (HyperEVM) in one tap 1-click onboarding is how HyperEVM acquires the next million users. A streamlined trading interface is how it retains them. The HyperEVM ecosystem will mint thousands of 8-9 figure founders & traders in the next 5 years. It needs a home base for onboarding, discovery, and execution. This is it. No VCs. No market makers. No outside capital. Bootstrapped by me and 3 cracked devs. Hyper fucking LIQUID.

continuing with this theme this one is just us capitalizing on sloppy execution by someone trying to get out of a position on this 2-3% down move over the past 30 mins appears they were short and decided to exit (take profit) so began blasting marketable orders into the book indiscriminately every few seconds 700 bps+ (!!) arbs here which in this particular case means they were slinging clips of ~$250k+ on this particular illiquid altcoin on an illiquid venue if they'd just twapped out in $5k clips they would have gotten out for ~tens of bps instead of ~750. this wasn't even a violent down move we netted a little over a grand on this one

😑 don't make me do it

Even though the majority of the @Lighter_xyz volume is still wash trading, their website traffic *doubled* MoM between Aug and Sept They had 1.6M monthly visitors to their website in September For a sense of scale, this is ~1/3rd of the 5M monthly visitors that visited Hyperliquid Even adjusted for this being skewed heavily toward late-stage points farming traffic, this is major traction, no two ways about it, and it's impressive

oh we cooking this week on @extendedapp, 20k points

i recently built out an improved markout calculation & visualization section of our internal risk mgmt dashboard for our delta 1 crypto mm system i stand by the claim that having a good proprietary UI for internal usage is a key differentiator that a lot of people / groups underestimate and underallocate resources to doesn't have to be sexy / complex but it does need to work the corollary to "you can't manage what you can't measure" is "you can't measure what you don't monitor" we spend a lot of time looking at both raw pnl (and %) and markouts - both are useful for different views of overall performance but watching the actual markout numbers auto populate + a basic graphical representation / moving average helps keep a pulse on the beating heart of the whole system not many off the shelf systems to monitor this stuff, especially in crypto mm "hft"

my full HYPE stack is vanilla staked from a combination of: 1) tax treatment ambiguity 2) random HyperEVM protocol risk * position_size > expected value of points + marginal yield 3) my utility of protecting full hype stack (tail risk) >> marginal yield utility 4) my uncertainty / distrust of yield source from certain protocols

in this moment of extreme pain, with many having lost their life savings and reports of devastated individuals taking their own lives let’s take a moment to celebrate the folks on X posting about their all time high pnl day round of applause, high fives all around

the other thing about looking at severely dislocated funding rates is it's the single best indicator (other than price itself) for where supply / demand is out of whack it's a good way to find straight up cross-venue price arbs as well. you can click trade this shit watch prices for a few minutes to see how they swing around for a bit before diving in. if they are pegged to a continuous price differential then there is probably a MM keeping them in line with funding rates if it's swinging around wildly, get the bazookas out and start blasting that arb in the SAHARA (whatever that is) example here, it's got an additional 100bps (!) of price arbitrage, RIGHT way *with* the funding arb! which is an additional 50bps buy 0.11059 on GATE sell 0.11180 on MEXC

2.33% of a top 5 exchange's maker volume (24hr) sup

day 0 - guys, you have no idea what a billion dollars means. you are completely out of touch. forget 9 or 10 figures - aspire to 4 figures first. then 5 figures. then 6. keep your chin up. everyone is broke. day 1 - oh btw i'm a billionaire now

recently hit 15,000 personal contributions/commits over past 5 years since i learned to code we had our biggest year last year; launching new products and hiring more team members this year each individual contribution is a single drop in a limitless ocean and what is an ocean but a multitude of drops? never stopping. never giving up.

All you need is 500,000 HYPE in cold storage to be wildly rich forever

one thing that has been funny to me about building @LorisTools is that i now have a much better visceral sense of what actual traffic is like on exchanges at any given time loris.tools has 10-20 active users on the site. extrapolated out, it's something like 20k unique monthly active users a lot of the new small-medium perp DEXs are actually in the same ballpark it's funny to me to picture a perp DEX team that raised a $10m seed round, hired 25 (expensive) people, bought 100,000 followers on X, had the CEO do the full podcast + streaming circuit, has a16z on speed dial and the active userbase at any moment in time is literally 10 dudes in vietnam or spain or VPNing from ohio staring at a chart looking for a dopamine hit

would anyone be interested in a markets overview dashboard 1-page site? mostly binance data it's the one we've been using internally not planning on adding any features but it's a useful tool, can make a public version available if there is interest @velo_xyz is fuller featured but sometimes quick and dirty works

the absolute fastest way to increase follower count is post content that makes people think they will *earn more money* by following you or better yet, post content that actually DOES help them earn more money and by the way, if you don’t follow me, you should because you will earn more money if you do

i like how nowadays a seed round is $26.5mm like oh here i am just a tiny little seed aspiring to be a sapling, just living off expired ramen and hustle last missing piece is just a teensy bit of working capital to scrape together some early hires oh please sirs, a weensy TWENTY SIX POINT FIVE MILLION DOLLARS should be just enough

individuals whose monitor pixels rendered this particular logo version prior to today are said to have a median net worth of $44 million

funding blowing out on BERA on a lazy Sunday morning get to work one-man-band funding arb man. some juice to squeeze here while the rest of the world goes to church and watches football, you can be arbitraging bear-themed perpetual futures in your banana hammock at home 72 bps between @extendedapp and @paradex rn

Friday night shipping: major @LorisTools refactor. We split the Loris Tools frontend and backend. Now pages load in 1s instead of 10s. loris.tools We switched from Django rendering every page on a Tokyo server to Vercel + Next.js pre-rendering pages with ISR/SSR and serving them from the edge, so users get cached HTML instantly and client-side transitions near-zero latency. 25 exchanges, 1,435 symbols, 22,960 funding rates, filtered and sorted, loaded in 1 second. The doors are now blown wide open for deploying more dashboards (that don't take forever to load). Not sure what we'll do next. Maybe options? Seems a bit underserved. Maybe more perp dex stuff? Taking suggestions.

i do not support this unfortunately the incentive misalignment 'attack' surface area for this type of proposal is far too broad it dilutes the purity of the buybacks it signals all kinds of things, including the existence of insiders / cabal behavior "just 5%" becomes "just 20%" becomes "just..." i am not in

i am happy to report that @LorisTools experienced zero downtime during the events of October 10 at peak load our servers experienced a flood of traffic, serving over 47 users simultaneously but thanks to our incredible engineering team we were able to serve all requests without interruption

i am hiring 1 part time full stack contract developer to build out @LorisTools (no crossover with hyperzap or perps MM business) 10-20 hrs per week, no end date Python, Next.js, AWS elastic beanstalk, Vercel, Postgres, redis stack ideally euro tz (i am eastern usa). DM with your hourly rate and link to gh + personal site / linktree / etc (no PDFs) if interested! flexible terms, you will learn a lot about perp dexs, exchange apis, and crypto market microstructure

thinking about putting through 1 quadrillion dollars of volume in a single day on @Lighter_xyz just to make things awkward for everyone w/ the whole zero fees thing

fascinating observation. in old photos of him i observe no bracelet quite likely worn under doctor's orders for medical benefits or perhaps nuclear codes inscribed on the inside or possibly worn as a treat once the total firm aum surpassed 50bn this is a very rare exception to the rule that would require further study

these charts! my god. nearly every alt was down 50-100% at local bottom among the most severe 1-day market events in my career, up there with covid march 2020 the fact that this stemmed from a literal Trump tweet and had fully propagated within 30 mins of the 4:52pm timestamp is also mind blowing not exactly the paragon of antifragility! i am frankly surprised the meltdown was so severe. how has the market not digested the Trump strategy of tactically hitting them with the big headline numbers to give room for negotiation, only to walk it back later? i wouldn't even characterize the alt environment as frothy, for that matter. tepid in fact. and yet everything got absolutely obliterated on a 3% dip in equities from a tweet

guy who does it purely for the love of the game and absolutely no other reason just wanted to throw in a vote in favor of giving @VolSignals the benefit of the doubt i knew him when i was an options MM in chicago, the dude is smart and a good trader, is deservedly well respected in that world, and i know for a fact made many millions of dollars personally in his time as a trader. he also happens to have high ethics, to which i can personally attest he is not a brokie who 'needs the money' and whatever other nonsense that keeps getting implied also not to loop others into this embarrassing hissy fit peepeepoopoo is throwing but there is another fintwit beloved former options MM from a well-known major firm, who ALSO created a monthly subscription retail-facing options analytics product. and it's also cool and interesting. never heard a peep about that one, and i guarantee you've seen it (he has 40k+ followers). they're both just trying to build something for themselves, give me a break for that matter, if you ever made money as an MM or similar - get the FUCK off the soap box with your holier than thou ethics lecturing

me: create_order() kucoin: please enjoy our homepage html

oh wait it's actually one of the largest bitcoin holders on planet earth spot twapping on his venue of choice carry on

i predict the perp DEX distribution over the next 5-10 years will mimic the current CEX distribution there will be 1 large winner, a handful of medium winners, and a long tail of modest winners / failures. spot #1 is spoken for by Hyperliquid. not changing unless there is a catastrophic implosion. best shot at being numbers 2-5 (bybit/okx/gateio/bitget/kucoin) behind hyperliquid is copy/pasting everything hyperliquid did. fundamentally not possible to start a CEX without insiders benefitting disproportionately definitionally a prerequisite for DEXs! no VCs, democratized MM, cracked technical founders credibly running it for the greater good (big ask), same tokenomics, grand vision beyond perp DEX can probably count on two hands how many teams are capable of even attempting this and probably on a single hand how many would who's gonna step up

can anyone connect me to hyperliquid/hyperevm builder group chats? we are building on hyperevm and want to meet hl folks, mingle, bounce ideas bonus if it has some nyc ppl

the owner of ultra rare hypurr #21 only has $9.77 to his name how embarrassing