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The Prediction Market Paradox Exchange-ification usually improves markets. Take any OTC market and move it to a central limit order book… spreads tighten, price discovery improves, and counterparty risk evaporates. US rates trading moved from voice brokers to the CME long ago;- Hidden Ways @Kalshi Hurts Retail 1/ These markets are the same, right? But one of these is Kalshi and the other is Polymarket. The ticksize on Kalshi is 1c, but on Polymarket it’s 0.1c. Kalshi is known for its exorbitant fees, but in this thread, I’ll shine a light on an even
- Tokenized Equities (Here We Go Again) Seemingly every week, yet another protocol announces they are putting equities on-chain. We are living in the dark ages, they say. Blockchain is here! Tokenize! They're creating worse versions of existing products for users who don't want
- "CLOBs on RWAs don't work" like CME, ICE, NYSE, and all those other no name exchanges yeahdaily reminder of why CLOBs on RWAs don’t work you’re trading an illiquid derivative of an illiquid derivative subject to crypto’s liquidity dynamics - not the real market
- Every sign JELLYJELLY is getting manipulated rn. Did you know futures on onions and movie tickets are illegal in the US? It's for the same reason. Concretely, buy perps, then buy spot like crazy. Either the perp goes up, or you make a ton of funding. If the perp is moreI've never seen this before. The open interest on the derivatives market for Jelly Jelly is LARGER than the fully diluted market cap of the token itself. We may see a high profile MM blow up because of this. These types of contracts are honeypots for systematic trading firms.
- We applied to @ycombinator to build recruiting software with AI. @gustaf changed our life - he suggested we pivot. Today, I'm excited to announce the first-ever public launch of QFEX, a 24/7 no-broker trading exchange my cofounder @joshua_wharton and I have been building inA message from our CEO, Annanay Kapila @annanay QFEX is the first 24/7 no-broker trading exchange for equities, commodities, and FX. On QFEX, traders have direct access to markets, thereby removing the need for costly and manipulative brokers. Futures on traditional exchanges
- >be railbird >yc w22 >spend 3 years getting a license >get acquired, 0 revenue >no series a, only safes >the boys get rich gg, well played. PS Miles please return my messages mate.*DRAFTKINGS BUYS RAILBIRD *DRAFTKINGS CONFIRMED PLANS TO LAUNCH DRAFTKINGS PREDICTIONS MARKET $DKNG
- @koomen reminded the whole group what we were called when we got into YC...
- EP1: Annanay Kapila (@annanay) of QFEX Interviewed by Ruben Dominguez Ibar (@rdominguezibar) & Guillermo Flor (@guilleflorvs) How does a former quant trader start a futures exchange in the wake of a competitive market? Timestamps: (00:00) Introduction (00:21) Emergence of
- I put 0 at the end of my name because we're going to build FTX 2.0 with 0 crime.
- The Arbitrageurs’ Market Maker Beware the narratives - AMMs are a delight for arbitrageurs, and a sinister way to extract money from unwilling supporters. 🧵 ↓
- Replying to @annanayThe Manipulation Paradox Prediction markets face an impossible problem: the more important they become, the more vulnerable they are to manipulation. Consider the 2024 US election. Financial markets globally exhibited heightened volatility as asset prices incorporated different
