drew

Also, maybe trade futures first? Where it’s all just CME and you get meaningful diversification with each new insane contract…?

On CME you have to compete with FPGA wielding peers though while the jitter of shitcoin exchanges is a great equalizer of infrastructure spend

i actually lol'd do you find that its difficult to optimize your capital efficiency spread across multiple exchanges in crypto? i'm always curious to hear how people think about "how many exchanges" is the right number to realize exchange arb

Withdrawal/deposit liquidity is not a given; even on larger exchanges there can be idiosyncratic delays. And then most exchanges don't even have intra-exchange margin so you have to figure out how to allocate funds between futures/inverse futures/spot margin/lending. Huge PITA.

"How many damn different accounts and margin methods am I supposed to maintain, exactly?"

"Should we let people liquidate their locked up collateral to repay margin loans?" "Nah, make them transfer in additional funds to release the collateral."

Or let us automatically borrow stablecoin collateral from peer-to-peer lenders for you...

Let's not forget, all the amateur hour mayhem is f---ing awesome!