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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

May 14, 2020

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?

SBF

@SBF_FTX

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.

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

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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).