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8 Apr, 8 tweets, 2 min read
2) NOT INVESTMENT ADVICE. NOT TRADING ADVICE.

(Sorry for the deleted thread -- had a key typo at the start...)
3) People constantly want higher ratelimits.

But not all orders are the same.

The core metric here: $ volume per order sent. In other words, how efficient are your orders?
4) What do FTX's users look like?

Well, here is $ traded / orders sent for the top 20 order senders on FTX. Image
5) So, one note is that some takers have fewer orders per trade, which makes sense.

But even when selecting for liquidity providers, there's a huge range.

Some customers are 75x more efficient than others!
6) What's happening?

Well, this, basically:

7) And, in case you're wondering who reaches out to us asking for higher ratelimits:

it's not the people around $100.
8) So anyway, we are working on increasing throughput and decreasing latency, which is long overdue.

Also, check yo orders.

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More from @SBF_Alameda

8 Apr
1) All Of The Lights:

COVID then and now and forever

2) A new colleague joined; we're eating dinner to celebrate. For some, it was the first time eating out in a year. Image
3) It was crowded and hip, the sort of place where wealth and tattoos comingle.

The walls had street art splashed all over, and couples were going on dates, celebrating the loosened COVID restrictions. Image
Read 25 tweets
6 Apr
2) This implies:

a) ~$4b run-rate EBITDA
b) ~$7.2b run-rate revenue
c) ~53bps average trading fee (!!!!!) if all comes from transactions
3) So I'm guessing a significant chunk of that revenue is not coming from trading fees, which would be a first.

Either that, or mobile app volume is WAAAAY up as a % of exchange volume.

So far they haven't broken it down.
Read 5 tweets
20 Mar
1) The CFTC fines Coinbase $6.5m.

This might be bullish for Coinbase.

cftc.gov/PressRoom/Pres…
2) NOT INVESTMENT ADVICE. NOT LEGAL ADVICE.
3) On its surface, this looks, well...

I mean idk how bad it is, but it's not _good_.

"Coinbase recklessly delivered false, misleading, or inaccurate reports concerning transactions in digital assets, including Bitcoin, on the GDAX electronic trading platform it operated."
Read 12 tweets
18 Mar
1) A few notes about referrals:

For a while there's been something annoying about FTX referral accounting.

All of the ref fees are paid out, but it often takes a day to do so.

That means that they will sometimes show up in the next day's bucket.
2) Going forward, this should be cleaner; each day's referral fees should correspond exactly to trades that happened on that (previous) day.

This should make it easier to track what's going on.

We're also considering changing the interaction of FTT with fee tier 6.
3) Fee tier is is capped at 3bps taker post-referral; this means if someone was fee tier 6, and had $5k of FTT making their actual fees ~3.5bps, then they would only give ~0.5bps of ref fees.

We're considering changing this to be a 3bp min pre-FTT.
Read 5 tweets
16 Mar
1) What is Oxygen?

oxygen.org
2) I guess I should start by saying what it's not.

@Oxygen_protocol isn't an attempt to make a simple, clean margin trading interface as soon as possible. (@mangomarkets sorta is!)

Oxygen is going down a different route:

what is the most powerful borrow/lending product?
3) And what do we have to do to get there?

It's an approach that mirror's @FTX_Official's launch in some ways.

And perhaps some parts of the design will seem familiar.
Read 14 tweets
16 Mar
1) A graph of latency on FTX over time:
2) As the exchange has grown, latency has too.

Which sucks. Latency is higher than it was 6 months ago.

So, a few weeks ago, we started working on reducing it.
3) We've successfully gotten it down by around 30% from where it was, though still slightly higher than in the summer.

There's more work to go.

We could probably get a factor of ~1.5 improvement over the next month.
Read 4 tweets

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