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some thoughts on the liquidity metric: First, it's definitely better than what you've had before! This table isn't crazy:

SBF

@SBF_FTX

May 14, 2020

2) that being said, there are some improvements you could make. First, there are still some fake exchanges here. They're a bit tricky to catch--their orderbooks often look real! They tend to be quite thin though. I suspect you may be overweighting spread relative to depth.

SBF

@SBF_FTX

May 14, 2020

3) I'm confused about how you're combining markets. It's definitely not a straight average, not is it the top, or anything like that. What is it?

SBF

@SBF_FTX

4) I think it's weighting stablecoin-stablecoin markets too much. E.g. the PAX creation portal has a 0-slippage infinite size PAX/USD market at $1; so providing liquidity in that pair isn't as important. Does this mean paxos.com should have a score of 1000?

12:45 AM · May 14, 2020Twitter Web App

Replying to

5) And, e.g. FTX actually has this too! You can deposit USD and withdraw PAX 1:1 for infinite size, which is basically a 0-slippage PAX/USD market. But we don't call it a market, because it's.... basically a USD/USD market.

SBF

@SBF_FTX

May 14, 2020

6) The order size you check for is mostly up to $10k. That makes sense for many coins! But not for BTC/USD. A significant % of BTC/USD volume comes in lots of size > $10k. You probably want this to be a % of ADV instead (maybe up to 0.01% of an ADV).

Replying to

and

We stopped including stablecoin/stablecoin pairs in exchange average liquidity. We still do provide that data for SC/SC pairs.

Replying to

Ah ok that's good. And yeah, fine to include, though you might want some asterisk or something next to them to clarify that they're stablecoin markets and thus not included in averages.