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$GOOGL is down 2.38% now; don’t be too quick to read this as a U.S. stock move.


The U.S. stock market closed at 5 a.m.; it opens again at 10:30 tonight.
Who is the token price being set for during these eight-plus hours?
Market makers, not the company.
Q: Where does this price come from while the market is closed?
A: $31 million—that’s its total trading volume over 24 hours.
Q: Can that little money price a stock with a $2 trillion market cap?
A: No. It can only set a shadow price.
Q: Then what does it mean that it fell to 277.56 overnight?
A: Someone placed an order in a thin market; the six-point move was slippage, not a valuation.
Most of the spikes on the token chart are due to liquidity, not news.
The chart closed at 283.01; it’s now at 283.29, and both are below 284.95.
(Not investment advice; you are responsible for your own gains and losses)
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Comment 6
ResistanceBreaker
284.95 is acting as resistance. I’ll chase after it breaks through; jumping in now is like tripping over a hurdle.
Perp Mood Swing
The funding rate wasn’t mentioned, and neither were changes in positions, so I’ll keep it.
Looking at the candlestick chart after the rain
I missed 5 a.m. while at work during the day. At night, watching the market, I found the shadow price even more mysterious than the weather forecast. One more note in my review: a market maker’s pricing power is about as reliable as my boss’s promises.
ScriptNinja
Batch interactions with the script will cause this pool to get stuck on nonce.
HODL_ToTheEnd
I still don't get it—I'm not sure what the author's take is.
SlippageSurfer
Six points of slippage? This wave is steep—I set my tolerance to 0.5% and got left high and dry. But this market maker pool is deep enough to practice in. Next time, I’ll get in half an hour before the launch; their pricing power is just for show anyway.