$LAB Many people still don’t understand why the market maker hasn’t left yet. They’re stuck because the market maker’s “open cards” hard-controls the order book, and they can’t unload their positions. In my opinion, spot trading and futures have nothing to do with each other at all—the market maker must have at least 300 million in funds, absolutely controlling the market, and use it to act in the futures. The market maker is showing unrealized gains on the books, holding a bunch of long contracts but unable to sell—there is a real possibility they could actually be losing money. In my view, running the trade this way is very bad; this market maker is terrible.