Guys, when the spread widens during perp integration, don’t just say “high volatility”—several times, it was the MM pulling orders from the top few levels.

Helped a project adjust its inventory cap + cancellation cadence (details redacted); under the same vol, the median spread converged. See the before-and-after comparison in the image.
No matter how loud the narrative is, what matters is whether the top few levels can actually execute. (9/19)
#crypto #DeFi #marketmaking