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Update on this:

says this isn't what happened, and I believe them. I also didn't mean this as a negative thread; one phrasing of it would have been "BitMEX sees a danger in the space and averts it to help save crypto". Circuit breakers are a complicated thing!

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SBF

@SBF_FTX

Mar 13, 2020

18) It's a pretty out there theory. But TBH I think I might believe it.

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I believe

's explanation too. Curious about where the liquidity went? Was alameda' mm and arb bots functional or did u observe anything unusual? I didn't see any anomalies on the API up until hardware issue.

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and

A huge selling point of BitMEX for liquidity is the maker rebate--this makes the books effectively super wide, taking bad, and making good. When things are super volatile that 2.5bps doesn't matter much and so it looks more like other platforms.

11:19 AM · Mar 13, 2020Twitter Web App

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and

makes sense -- thoughts on why the apparent arb opportunity (funding taken into account) between last night's mex liquidations and spot weren't being taken?