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Jeff Yan - High Frequency Crypto Market Making & the Hyperliquid Exchange (S6E2)
Flirting with Models
The Toxic Flow of Crypto Markets
The best market is just one where people are free to trade. There's a lot of value that the takers provide as well. It's not clear that the maker orders are all market makers and the taker orders are retail. And so yeah, the toxic flow is basically these takers.
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