Toxic Flow in Cryptocurrencies

The idea that the fair price is in the perpetual future and not in the cash coin is a pretty standard thing to think. And so, you know, I think that's more a mistake about your mental model of where fair is. So tell me how the market makers think of toxic flow, how you used to think of that versus normal flow. Yeah. Well, I think they'll there are going to be no, it's them delta hedging their options exposure and in turn, that's what moves the stuff.

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