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.
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.
QFEX retweeted
QFEX is now live on KBot.
24/7 perps on US stocks, indices and commodities, now with KBot's automations:
🔲 Grid bots on QFEX markets
💧 Funding Farm: hedge a stock on QFEX against the same perp on another exchange and collect the funding gap
RWAs, around the clock, on autopilot.
@QFEX
QFEX retweeted
From day one, our early traders have supported us by trading, sharing product feedback, and building an active community.
A great example is our Quantitative Managed Account, which has now been live for 2 months to our earliest years, and already returned $250k in net trading profits.
We’ve been tracking activity across the exchange throughout this journey. The QFEX Season 0 will recognize early trading activity, product feedback, and community engagement.
QFEX retweeted
I longed $SECZ the second it went live on @QFEX
Tokenized stocks are my highest-conviction sector right now.
The 3 names I’m watching the closest: ethereum:0xfaba6f8e4a5e8ab82f62fe7c39859fa577269be3 $BP $SECZ
And huge respect to the QFEX team.
They actually listen to users, take feedback seriously, and move insanely fast.
This $SECZ listing is a perfect example.
I honestly can’t imagine most other exchanges listing it this quickly.
Appreciate you, QFEX and @defiash
QFEX retweeted
Today, we updated the model on our mid-frequency quantitative strategy using the latest Astra release.
Thank you to all of our early depositors, some of whom include our earliest investors like @koomen!
We will be posting updates more frequently going forward on our official docs:
docs.qfex.com/qfex/managed-a…
QFEX retweeted
推荐一个Perp DEX 项目QFEX @QFEX ，看好成为下一个 lighter 级别的机会
尽管现在未发币的、背景优秀的 Perp 已经不下20个了，但无畏尤其看好这家，理由：
1⃣首先是顶级机构投资+融资，包括General Catalyst 的 Yuri Sagalov 领投的 950 万美元种子轮融资，韩国KBW和新加坡2049团队和伙伴也都会和大家见面
2⃣团队公开成员来自华尔街的顶级量化机构
CEO联创 Annanay Kapila @annanay 此前是华尔街纽老牌 的高频量化机构 Tower Research 高频交易量化分析师
CTO 联创Joshua Wharton @joshuawharton 之前则是 Citadel Securities 工程师
对，就是前段时间，用160亿美元接盘 00后“AI股神” 全部仓位的全球顶级做市商Citadel
目前注册需要邀请码，我有100个邀请码，感兴趣可以留言联系我
#MemeStocks don’t respect market hours. $AMC is proving it again today.
$AMC is all over my timeline — attention moves 24/7, while the underlying stock still lives inside TradFi hours.
@QFEX was the first DEX to list $AMC.
24/7 stock perps feel increasingly inevitable when attention moves faster than the market itself.
Dropping my invite code below 👇
QFEX retweeted
"[Market making] is the most honourable, and the most efficient, trade known to man".
"Greed makes markets."
Annanay Kapila (@annanay) spent years as an HFT quant at Flow Traders and Tower Research before founding QFEX (@QFEX), a perpetual futures exchange for equities, commodities & FX. Cambridge Maths.
At his last job, the desk traded $10B+ of volume a day, run almost entirely by algorithms.
In this lecture, he builds market making from first principles:
- The map of systematic trading: prop money vs. other people's money, HFT vs. mid-frequency, and why every strategy lives in one quadrant
- Why prop firms can return 50-100% a year while hedge funds can't: HFT never leaves you holding a big position
- The order book from scratch: bids, offers, limit orders, and why the first order on a price level gets the trade
- No free lunch: how arbitrageurs force every order book to reveal a fair price without anyone trying to
- The entire strategy in one line: bid below fair value, offer above it, collect the difference forever
- Market making is "time-spreading risk," warehousing positions between a seller who shows up now and a buyer who shows up later
- Adverse selection: you're most likely to get filled precisely when your price is most wrong
- Why market makers are completely self-serving, and why that's exactly what makes markets work
- The competitive race that compresses spreads: greed among market makers means lower costs for everyone else
- Thick books vs. thin books, and the vicious loop that keeps illiquid markets illiquid
Highlights:
(00:45) The systematic trading map: capital vs speed
(01:45) Prop firms vs hedge funds: return-on-capital economics
(06:29) A message from Onyx
(07:55) Where market making sits: high-Sharpe prop HFT
(08:55) Fungibility and why exchanges exist
(11:00) How a central limit order book actually works
(17:40) No free lunch: arbitrage-free pricing in the book
(19:55) Theo: reading fair value from the mid
(22:45) Who really posts the book (not retail)
(24:35) Market making as warehousing risk across time
(27:20) Edge: quoting around your fair value
(29:45) Queue priority and the adverse selection problem
(33:05) How competition compresses the bid-offer spread
(37:40) Thick vs thin books: liquidity begets liquidity
(43:55) Scaling to $10B a day on algorithms
QFEX retweeted
Market Manifesto Ep 15: 24/7 Perpetual Futures w/ QFEX nitter.cf/i/broadcasts/1OGwbnDvO…
