Start with the dealer book
Follow one BTC dealer book through client flow, partial hedging, toxic flow, and PnL decomposition. Read Chapter 1.
Market Structure Explorer
An interactive, source-backed guide to how professional liquidity systems work: from the first customer trade, through dealer inventory and hedging, into perpetual futures, CFD-style counterparty risk, LP vaults, liquidation systems, and survival controls.
This is not a retail trading guide. The reader is assumed to be a founder, venue designer, broker/risk-system operator, or liquidity infrastructure builder.
Evidence protocol
Every substantive market-structure claim is tied back to a verified claim/source register. Read the protocol.
Backstage research
The source ledger, claim register, simulation specs, and proof-slice notes remain in this folder as builder-facing scaffolding.
Chapter Index
Section titled “Chapter Index”| # | Chapter | Status |
|---|---|---|
| 1 | The Dealer Book | Drafted, source-backed, ready for reader review |
What Comes Next
Section titled “What Comes Next”The first chapter establishes the core object: a dealer or market maker’s live risk book. Later chapters should expand outward:
- order books, maker/taker incentives, and spread formation;
- quoting engines, quote skew, inventory bands, and toxicity detection;
- perpetual futures funding, margin, liquidation, insurance funds, and ADL;
- CFD provider mechanics, reference prices, internalization, and hedging;
- GMX/JLP-style LP vaults and AMM adverse-selection mechanics;
- system architecture: market data, quote engines, risk engines, hedge engines, kill switches, monitoring, and postmortems.