What really makes a perpetual futures market liquid — and why HFT and DeFi liquidity providers should care
Posted onWhat if liquidity were less a single property of a market and more a joint performance between protocol design, liquidity-provider incentives, and the timing algorithms that trade against them? That question reframes a familiar debate for perpetual futures in DeFi: instead of asking “is this market liquid?” ask “for whom, when, and under what stress?” […]