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11) Now just waiting for big

to tell me why this entire thread is dumb and/or horribly wrong. cc @SBF_Alameda @danrobinson @abandeali1

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2) So, I *do* think AMMs make some sense for mean-reverty spreads. Like some premiums. Also, like USDC/TUSD/etc. (Curve!)

3) But you could do the same thing on a DEX. the tricky thing here is that the two cases

@cyounessi1

presents aren't quite the same. Say there are two things--A and B--and over time A/B --> 1 (i.e. they converge). In his case, treasuries and their futures.

4) In the CEX case, Cyrus has these markets: -- A / USD --B / USD In the AMM case, Cyrus as this pool: --A / B The reason he gets the "better" result in the AMM case is because it listed the right market.

5) But in the CEX case-- --they could have just listed a market of A / B, and then his firm could have put out lots of limit orders to provide--buying A/B @ 0.999, and selling A/B @ 1.001