<10:25:19> "K": https://twitter.com/skew_markets/status/1106131647987154944
<10:25:42> "K": Good write up on liquidity and respective time zones on when BTC is most active
<10:29:05> "K":
<10:29:32> "K": The Anti-BFX Agenda is strong these days
<10:29:49> "K": Dude people still FUD tether ffs lol
<10:30:01> "K": and they even opened up redeptions for ALLL of the retail plebs
<10:30:25> "K": not to mention usdt/usd pairs..
<10:30:45> "K": Think I saw a tweet a while back, where BFX had the deepest liquidity on books for spot markets.
<10:30:48> "K": let me see
<10:31:30> "K": https://twitter.com/bitfinex/status/1100334074210779137
<10:33:26> "K": BTW it costs £24.3k for colocation at finex
<10:33:49> "K": For 1 year, excluding installation.
<10:33:52> "K": Pretty cheap imho
<10:34:01> "K": for co-lo it is
<10:34:31> "K": Ik, but it gives real advantages in terms of speed. Especially if you into the hft side of things
<10:35:03> "K": Okex co-lo is $40k avg..
<10:35:51> "K": True, to each their own I guess. But for liquidity modelling and HFT based off order flow/block it's pretty much needed.
<10:36:24> "K": Because the sooner you can get your signal processed and sent back to the server the more likely you are to get filled and or complete a round trip.
<10:36:59> "K": Doubly so for arbtriage moments on some pairs that only appear for a small window.
<10:37:06> "G": that is true
<10:37:08> "K": Like for example the BTC/USD pair and the BTC/JPY pair
<10:37:13> "K": on the same exchange finex
<10:37:38> "K": 3% withdrawl for 1MM +
<10:37:40> "K": fees
<10:37:55> "K": so it's harder to withdraw larger amounts and "bulk-arb"
<10:38:07> "K": so people have to keep doing it in smaller increments
<10:38:30> "K": but then it get's to the point where they've used up their "quota" for not hitting that fees.
<10:38:49> "K": And until they can do another cycle/trip the arb gap widens again.
<10:39:11> "K": In this case you need more "individual players/accounts" to do the arbing rather than a select "few" with deep pockets and or coins.
<10:39:38> "B": do BFX run multiple books?
<10:39:43> "G": no one book
<10:39:47> "K": B nope just 1 book.
<10:40:04> "K": ETHFINEX and bfx books are shared
<10:40:12> "B": 100% sure on that??
<10:40:19> "K": Yes
<10:40:27> "B": ok
<10:42:12> "B": i'm not a dev/code writer but work in the industry and we have an exchnage we inherited from a very very well known (now not in the UK) broker/exchange their old ECN system
<10:42:29> "B": that gave the impression on 1 book but in fgact there were many books
<10:42:36> "G": disgusting
<10:42:42> "G": gox used t o have that, soooo shit
<10:43:02> "B": the ECN would scan in nano-seconds each book to clash the order
<10:43:08> "K": I guess it could be similar...
<10:43:23> "K": As in theirs a public book for bfx which is what everyone sees.
<10:43:37> "B": but this was with FX/CFDs/metals etc etc etc not a single instrument
<10:43:44> "G": bfx is one book and thats why u see some orders > 5 sig digits sometimes cuz its from the other currency
<10:43:47> "K": And then another book, where people are able to see hidden asks/bids stops etc,,,
<10:43:52> "K": But I doubt they do that.
<10:43:53> "B": thats what i mean
<10:44:50> "B": i had just read flash boys (michael lewis) when i worked there and was interesting
<10:45:25> "K": B Flash boys is an amazing book
<10:45:32> "K": And also the reminsice of a stock operator.
<10:45:50> "B": it is a great read
<10:46:00> "K": https://en.wikipedia.org/wiki/Reminiscences_of_a_Stock_Operator
<10:46:14> "B": that old ECN system i am talking about is now dead and zipped away
<10:46:23> "B": what about bitmex?
<10:46:37> "B": i notice price changes on mkt order
<10:46:49> "K": B Bitmex does active liquidity modelling on their exchange and books.
<10:47:00> "K": Although they claim to keep that arm of the business seperate...
<10:47:18> "B": well thats bullshit!
<10:47:54> "K": They even had to oficcially recognise/comment on it when people got riled up on the Anchor MM shenanigans...
<10:48:04> "K": G Look at this...
<10:48:14> "B": they are they have to be!!!
<10:48:16> "B": exactly
<10:48:19> "B": instant liq
<10:48:39> "K": G https://boards.greenhouse.io/bitmex/jobs/4134149002
<10:48:39> "B": instant liq is double edged sord tho
<10:48:44> "B": sword
<10:48:51> "K": They are actively hiring for their MM deks
<10:48:55> "K": desk*
<10:49:05> "B": lol
<10:50:23> "K": for Citi
<10:50:36> "B": yep you know it, even same rack!
<10:50:41> "K": https://boards.greenhouse.io/bitmex/jobs/4126285002
<10:50:58> "K": And you think the quants don't pass on that information to the trading desk^
<10:51:22> "K": "Knowledge on variety of stress testing scenarios (eg. spot/vol grid) for initial/maintenance margin calculation. -Mathematically modelling linear and non-linear products during liquidations."
<10:52:21> "B": how ocme bitmexx is always having system overloads? that wipes out book and you get them SO fcking wicks
<10:52:44> "B": cos the books empty
<10:53:00> "R": if you are getting stopped out, try setting the stop to use the index price not the last price
<10:53:10> "R": it helps to stop you getting wicked out on crazy mex shiz
<10:53:15> "B": YES
<10:53:23> "B": thats EXACTLY what i think too!!!!
<10:53:49> "R": is that to me? ive had speaker on mute
<10:54:48> "B": their platform should handle every order, no matter waht - our old OCN could handle thousands of oders per second, and this was old tech on a rack in LD4 running under hyper-V!!
<10:55:15> "B": yes, i had that, worked in my favour so didnt compalin! lol
<10:56:16> "B": they are more like system overLORDS
<10:56:53> "R": B it's complex, they have to recaculate every open position when anyone takes a position or the price moves at any time
<10:56:57> "R": its one massive mutex
<10:58:59> "G": they have to, or they decide to, sound like ur reciting from the official bitmex press release
<10:59:24> "B": R, i worked with our old head dev, russian guy who co-wrote this old exchange and he broke down how it works and trust me they shoud be able to handle it, even my mobile phone can handle their orders probably.
<10:59:52> "R": im not sure you do undertstand
<11:00:03> "R": they have a blog post or two on it if you care to have a read
<11:00:36> "R": the way they insure the risk attribute etc seems unique
<11:00:41> "B": mate i do understand thats the problem
<11:00:51> "R": ok mate sorry i wasnt trying to be rude
<11:00:53> "K": R There are ways that they are able to shed their load and manage the overlaods./ It's just that THEY DO NO HAVE AN INCENTIVE TO FIX IT
<11:01:10> "R": I agree they may not have an incentive, i am just stating its not a simple problem
<11:01:23> "R": and imo its not something easy to parallelize
<11:01:34> "R": (in their current implementation)
<11:01:46> "A": think about it, bitmex never had overload problems in 2018 when the price was going up
<11:01:48> "B": and they could do that yes
<11:02:01> "K": R No one said it was a simple problem, it's just that the know-how and technology is already here and easily accessible to FIX said PROBLEMS
<11:02:05> "B": yep this is true
<11:02:16> "A": 2017 December and bitmex was fine
<11:02:23> "R": if you have one giant mutex that you need to be atomic and have to update each tick its a mare
<11:02:31> "K": 2018 up to around Jan/Feb was ok on bitmex...
<11:02:36> "R": what they should have done was responsibly stop new signups
<11:02:42> "R": but arthur is a cunt so would never
<11:02:45> "K": Ever since they fked everyone's API limits and then delisted a bunch of alt contracts
<11:03:00> "R": i honestly think their DB jsut gets vertically scaled on EC2 atm
<11:03:16> "R": everything will be in RAM on one box i bet you
<11:03:43> "K": But Okex doesn't follow it as well @ G
<11:03:52> "K": the good ol' woodchipper
<11:05:33> "A": I suspect bitmex overload is paying for Hong Kong office
<11:05:55> "R": have a plan
<11:05:59> "R": overload no issue
<11:06:07> "R": unless u doing 5min bullshit
<11:06:29> "K": dude the office is bare-bones and empty lol
<11:06:50> "R": i'd rather be on the fucking beach in the seychelles
don't @ the messnger
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