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Notes from the Desk
Perspectives on market making, trading microstructure, and treasury strategy from the people building liquidity for digital asset markets.
Latest Articles
Research, field notes, and practical guidance from our trading and partnerships teams.CEX vs. DEX Liquidity: What Actually Changes When the Book Moves On-Chain
Ask where crypto liquidity lives and most say 'the big exchanges.' A growing share is on-chain — and providing it is a fundamentally different job.
Fair-Value Pricing Across Fragmented Venues
There's no such thing as 'the price of Bitcoin' — there are hundreds, one per venue, and they disagree. How a market maker manufactures the single number everything else depends on.
Adverse Selection & Toxic Flow
Every market maker has a nightmare counterparty: the one who's right. How informed flow quietly sets the spread everyone else pays.
OTC vs. Your Exchange Account
Why the simplest way to trade a large position usually isn't the best one.
Order Book Microstructure 101
Most people read an order book like a menu. It's really a queue with rules — a real-time auction where your position in line matters as much as your price.
Spread Decomposition
A spread looks like two numbers from the outside. Underneath it's a stack of costs and a read on the competition — here are the dials a market maker is always turning.
The Liquidity Provider's Real Job
Most people think a liquidity provider's job is volume. It isn't. The real work is holding risk nobody else wants, at a price, continuously.
What “Liquidity” Actually Means in Crypto
Ask ten people what 'liquidity' means and you'll get ten answers. It's really three things — depth, spread, and resilience — and they fail in different ways.
Inventory Risk and Quote Skew
Hold inventory and you skew your quotes to get flat. But the skew shouldn't be linear — once real risk limits exist, it has to bend.