High Frequency Crypto Trading

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[00:02:07] - [First question] - Pivoting away from law and winding up in crypto

[00:04:45] - A thumbnail sketch of Dexterity and what a proprietary capital firm is 

[00:06:08] - The juxtaposition between TradFi and DeFi in high frequency trading

[00:09:13] - How non-standardization is as much an opportunity as it is challenging for builders

[00:11:18] - Whether or not he plans on managing money for outside capital 

[00:12:43] - A high level overview of running a market neutral firm in the crypto space

[00:14:24] - What a retail trader would need to take advantage of their arbitrage strategy

[00:15:20] - Strategies to deploy to reduce volatility in crypto at a microstructure level 

[00:16:35] - How much large firms are trading against each other and their market structures

[00:17:13] - What perpetuals are and trading them as a security  

[00:18:53] - How he’d interpret Ethereum’s negative funding rate during the merge

[00:20:29] - Whether he’s seeing traditional firms trying to get into and staying in crypto

[00:22:07] - Top data and indicators to get a sense of the healthiness of a market 

[00:24:39] - His high level thoughts on web3, NFTs and new mainstream assets

[00:26:04] - Pros and cons of a centralized exchange versus a DEX

[00:28:51] - Thoughts on the code is law versus trading philosophy

[00:30:46] - Some crazy stories from his early days of trading on DEXs 

[00:32:34] - The level of difficulty to getting alpha today compared to in the early days

[00:33:55] - The different game of trading on DEXs versus centralized exchanges

[00:35:15] - How to find an edge when everyone’s cards are face up 

[00:35:59] - His approach to diligence and analyzing an investment firm like his to invest in 

[00:37:10] - What good regulation would look like to minimize public skepticism 

[00:38:46] - How he looks to recruit talent and managing a global workforce

[00:40:38] - Staying on top of all of his teams and what’s going to happen next for Dexterity

[00:41:26] - Managing risk in automated systems when unexpected events occur 

[00:43:11] - Where we are in the cycle of standardization and what it means for finding returns

[00:45:34] - Binance shifting to a single stablecoin affecting liquidity for market neutral firms

[00:47:23] - Leverage six months ago compared to today and what it means going forward

[00:48:44] - What he’s most excited to see built over the next six months and six years