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8) I don't know the answer here--I don't work at most of these places! and also there are some issues here. for instance, let's say that, hypothetically, ftx or houbi or uniswap had sold $20m of their token over the last week (FTT/HT/UNI). is that 'revenue'?

SBF

@SBF_FTX

Sep 18, 2020

9) idk, if so then this is just a question of who net sold/bought more of their tokens I guess. let's ignore that and look at the underlying product. what are the models here?

SBF

@SBF_FTX

Sep 18, 2020

10) coinbase charges fees on trades ftx charges fees on trades houbi charges fees on trades sushi charges fees on trades uniswap charges fees on trades tether charges fees on creations/redemptions and interest

SBF

@SBF_FTX

Sep 18, 2020

11) coinbase: 0.05% ~ 2% (!!!!) based on public info (have y'all ever tried to use their retail app and checked the price and fees?) ftx: ~0.03% or so based on public info huobi: ~0.03% or so based on public info sushi: 0.05% (30bps taker - 25bps maker rebate) uni: 0 (!!!)

SBF

@SBF_FTX

Sep 18, 2020

12) tether: ok this one is complicated. maybe 0.10% on 50mm/day of creations, plus 0.01%/year on interest??? so maybe like 100m/year ~ $300k/day? idk making this up. ok so now we have numbers, what's the ranking? idk, something like: huobi coinbase/ftx/tether sushi uni

SBF

@SBF_FTX

Sep 18, 2020

13) making a lot of assumptions there -- just sort of multiplying estimated average fees by adjusted volume;

@coingecko

is relativley good if *make sure to add up spot + derivatives!* also I think the gecko undercounts some spot volume, e.g. huobi, by a bit

SBF

@SBF_FTX

Sep 18, 2020

14) sure, alright. so huobi is big, and then... it depends on what metrics you use, really. FWIW liquidity is probably roughly: huobi/ftx uni/coinbase/sushi not really sure how to think about tether here

SBF

@SBF_FTX

Sep 18, 2020

15) users is probably like: tether huobi coinbase uni ftx sushi

SBF

@SBF_FTX

Sep 18, 2020

16) volume is something like: huobi: 5b ftx: 1b uni/coinbase: 500m sushi: 100m tether: 50m (creation/redemption; trading way higher)

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SBF

@SBF_FTX

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@wolfcryptogroup

I'm so confused, exactly one of those platforms bans self-trades, and that's ftx it's trivial to wash trade on uniswap and the ftx matching engine literally bans it

7:59 AM · Sep 18, 2020Twitter Web App

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if you're doing big trades it's still way cheaper

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so, like, is there anything that could happen here that could change your mind? I'm kinda getting the sense that that's not really what you're into. Have you looked at ftx.com/ftt? On-chain burns mirroring 1/3 of fees.

ftx.com

FTX

Cryptocurrency Derivatives Exchange

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