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I've seen a few different approaches thus far in my short career. I want to talk about & compare the following: (1) Specialize in one product, e.g., STIR futures spread traders fighting for the tiniest increment (at least locally, I've not seen many survive). (2) Specialize in futures...

Yes, makes sense. I thought about it more and I'll I'd add one more thing as it relates to reading price action—scattered bid/offer depth in illiquid products are easier to read than a ladder with massive price gaps constantly jumping around (which is much more common in stocks I think).

Curious why stock traders still use aggregated depth horizontally and do not use ladders as they do in futures? Has anyone daytraded from both and found the aggregated horizontal depth more useful for the low liquidity fast-moving products?

Cool! I had a look at their website and they don't list anything about what data sources they support nor anything about synthetic symbols and trade ratios for spreads. How did you find this out?

quantower supports binance cash & futures, ftx, bitmex, huobi, okex, deribit, coinbase and a few more.

Alright, I think I get this, you're saying execution algos are taking into account he spread so they'll step up or step down the aggression based on where the futures-cash spread is at... Got it, but then assuming most of this lead/follow happens on such a short-time frame (an arbitrageurs...

Sure, true in theory. It's rare but when shit hits the fan there's definitely more primitive execution. Even if you have fast-paced, aggressive execution algos I think the same principle applies: urgency = easier to pick up on intent of the participants and trade it based off order flow. OK...

I don't think it's a static thing. When things are volatile & there's a sense of urgency a large company will not use the C64 SubDagger Geometric Tuner Algorithm but just try get their shit done so "unsophisticated" execution comes back. If we go through longs periods where everything is calm...

Ok, you're describing just the arbitrage between cash and futures, right? I didn't quite get the bottom bit about 'large specs' - it sounds like you're saying large specs want to prevent an arb but I know that's not what you mean so ... The other issue here I'm not sure of is - what's leading...

I didn't follow this. The perpetual holders must pay funding to longs if the contract is below the tracking index, and funding to shorts if the contract is above the tracking index... this keeps it in line.

I'm not sure what any of that is... CMS? This must be something else because a perpetual swaps tracks the price of bitcoin so the payoff, market risk, exposure and counterparty risk is the same.

"A perpetual contract is a special type of futures contract, but unlike the traditional form of futures, it doesn’t have an expiry date. So one can hold a position for as long as they like. Other than that, the trading of perpetual contracts is based on an underlying Index Price. The Index Price...

Very curious about this from a market structure perspective... I can see the most liquid & highest volume contracts in this market are all perpetual swaps, and futures do minuscule volume in comparison - so why are these contracts even kept around, what purpose do they serve, and why can't...

Nevermind, I doubt anyone is interested, but just incase some spread nerds in the future comes here: I just used DUR_ADJ_MID for duration and RISK_MID for dv01. Yet to figure out how these assumptions and different calculations might affect spread plays.

sorry but i'm not really following this... what about the ed?5 turning it into a fly... just confused how u take these different parts, which gets you the 12m fly, and its following the movement of swap vs. gov bond

Learning about spreads, bonds, etc., and have access to a bloomberg terminal but no help otherwise. I can see there are TONS of possible values and they're all slightly different and cannot figure out what's the appropriate duration... just to name a few: DUR_ADJ_MID, RISK_MID, SW_EQV_MOD_DUR...

I don't trade equity indices and don't even trade spreads just simple outright stuff in primitive products like small cap shares... but still curious. Can you go into what this is? What arbitrage activity are you talking about? to cash shares? how is that helpful? Interexchange cross arbitrage?

Thanks for replying... Ok. Spread to each other, and spread to cash... sort of like rates. Not even predicting price action or buy/sell activity, but just figuring out how spreading affects this 'market profile' & 'auction theory' type thinking. I guess it'll vary, market to market...

tua is 2 year note

also for anyone interested in studying spreads/market relationships with me, hit me up...