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5min chapter
Jeff Yan - High Frequency Crypto Market Making & the Hyperliquid Exchange (S6E2)
Flirting with Models
The Future of Market Manipulation
I'm not a believer that the way we see the market is often influenced by the horizon over which we trade it. You as a high frequency trader, I think probably have a different perspective of the way markets work than someone like me who opt rates at a longer tail. It's pretty rare for Bitcoin and Ethereum on any exchange because there's just a lot more liquidity. And I would say it's more about asset and less about the exchange. So I've seen it on almost all exchanges. People do different things on different exchanges. But they all have all the same patterns. There's some sweet spot of liquidity. Maybe somebody just needs to buy a lot and demands that liquidity now.
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