QFEX retweeted
@QFEX is now live in DeltaPulse Execute.
Stocks, indices, gold, oil and pre-IPO names — with hourly funding — can now be traded delta-neutral directly from the terminal.
Open the position, hedge it, and manage it in one place instead of jumping between platforms.
Faster execution. Cleaner funding arb on non-crypto assets.
QFEX retweeted
Desired Orders Are Not Live Orders
In the next part of my series on building an HFT system, I talk about order tracking and some of the hidden race conditions that can bring an automated system to its knees. A must read!
open.substack.com/pub/crosst…
QFEX retweeted
Some FAQs on our Managed Account:
1/ It is NOT an LP vault of the type found in other perp dexes. LP vaults are typically a profit share on a zero-alpha internal market maker PnL.
They have the obvious downside that if the LP returns are good, users are necessarily being ripped off on spreads and/or liquidations.
Our Managed Account is a genuine mid-frequency equities strategy of the type run at major quant firms, with full-time staff working on constant iteration and improvement.
Its AUM is limited only only by liquidity on the exchange, and therefore, by our ability to attract makers who can hedge in traditional markets. Since we launched the product, liquidity on Managed Account symbols has 5x'd during US hours.
We expect similar improvements out of US hours as we launch different strategies there.
2/ Managed Account actually incentivizes us to IMPROVE liquidity. The strategy works on a 0.5bps slippage assumption. This is why we have gate-kept access for now, to ensure that we can attract more market makers as volume scales.
3/ We are running an exchange, not a fund. Our aim is to produce flow, attract market makers, and reach escape velocity on liquidity.
Accordingly, in this early phase, Managed Account runs on ZERO taker fees, ZERO management fees, and ZERO performance fees as we focus solely on scaling volume.
The backtest assumption was 1.5bps taker fees, and we will increase fees at some point, but right now, we are focussed on the best possible execution as we build our track record.
We just wrapped up Week 4 of the Loss Refund Program.
More traders are joining every week, so we’re keeping it running for a few more weeks.
Selected traders have already been notified, and refunds have been credited to their QFEX accounts.
Week 5 is now live. Register through the Rewards Hub to participate.
QFEX retweeted
Nice to be mentioned by efinancialcareers in this article covering life after quant.
Although, as you'll see below, GPT Astra was so mind-blowing that we couldn't quite resist leaving trading fully :-p
efinancialcareers.co.uk/news…
QFEX retweeted
Exchanges are S-tier software businesses.
With AI rapidly eroding engineering moats (we run one with a grand total of 5 engineers), network effects are the only things that matter for long-term retention.
Any trading product that is building a UI/frontend/broker/B-Book is doomed to compete in an ever-tightening noose of CAC.
Liquidity is the only option for viability. Matching models that do not maximize for passive liquidity from a differentiated user base are unviable.
CLOBs are one example that work, put they suffer from a 'leaky hand' problem.
Sophisticated trading firms don't want to place alpha-based orders into an order book with public market data, for fear of 'leaking' their model edge before they get filled.
In this case, alternative trading systems (aka dark pools) can provide genuinely better liquidity inside the spread. Everyone wins.
Something for @QFEX to think about as we scale.
It's integration season at QFEX!
Install @HangukQuant 's python library for easy-to-use multi-exchange strategies with tutorials here -->
quantpylib.hangukquant.com/#…
