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Markets ∞ structural Where the techniques actually make money. The same microstructure maths runs on equities & futures, crypto and prediction markets; what changes is the access barrier, the data, the hours, the fees and who you compete against.
The portability matrix: same maths, three environments
Equities & futures Crypto (CEX/DEX) Prediction markets Access barrier High Low Low Data (L2/L3) Expensive, licensed Free / cheap (WebSocket) Public on-chain Hours Session-bound 24/7 Until resolution Fee / rebate Maker-taker rebates Taker/maker; gas on DEX Taker; gas; thin Depth Deep, fragmented Variable Thin, single venue Who dominates A few speed firms Pros + small teams Still wide open Small-team opening Narrow Real Real
What's in this topic
3 pages, each linking down to the ideas inside it.
Crypto market making 01
The "you can actually start here" venue: open APIs, free L2/L3 data, 24/7 books, no prime broker. The canonical maths transplants directly; you pay for it in counterparty risk, wash volume and books that vanish in a gap.
◆ still alpha IX-MM-MARKET
Prediction markets (Polymarket) 02
Bounded [0,1] event contracts on an on-chain CLOB, microstructure essentially nobody else has written up cleanly. Thin books, probabilistic pricing, event-driven flow; the maths transplants but the payoff resolves to 0 or 1.
◆ still alpha IX-MM-MARKET
Equities & futures 03
The classic arena the canon was written about: lit exchanges, Reg NMS / MiFID II, colocation, maker-taker rebates. The speed game is a consolidated oligopoly, but research, stat-arb and execution edges still exist.
≈ commoditised