Insights
Written from a live book, not a whiteboard — survivability, building a trading operation, and validating an edge, from eight years operating crypto HFT systems.
We started in the same market SBF did, at the same time, with the same playbook. He's in prison; we're one of his creditors. Our side of the story.
Knight Capital, FTX, and a $45 billion AI fund didn't run out of alpha. The three speeds at which trading firms die, and the controls against each.
The strategy is one lit room. The engine is the building — built to keep standing when a piece fails and to grow when the market changes shape.
Strategy design, validation, and capital allocation in adversarial markets.
The maker fill gap on public order-book data: fill at touch grants three fills for every two a queue-aware rule allows, and invents the good ones.