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4min chapter
Jeff Yan - High Frequency Crypto Market Making & the Hyperliquid Exchange (S6E2)
Flirting with Models
How to Deal With Spoofing
Spoofing is just, you see it very clearly on the order books and the resulting price fast. It's like people place these massive orders that they clearly don't want to get executed in some sense. The spoofing algorithm can then either place making orders that get addressed into or even a grass against passive orders that are placed mistakenly. That's a super common example. Another one is like, I don't know if this is really market manipulation, but there are certainly these pump and dump circles. Those are two concrete examples.
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