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OX85 WORKING PAPER № 05  ·  NOTE

Seven venues, one book: operating liquidity end to end

Coordinating exchanges and chains as a single position
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1  A Scatter of Accounts

Most participants run liquidity as a scatter of accounts across venues. We run it as a single coordinated book, across exchanges and across chains.

Seven venues.
One book.

2  End to End

Coordinating venues as one position is what lets us act on structure rather than react to it. The book is the instrument.

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OX85 · STRUCTURE FIRST. LIQUIDITY ALWAYS.