MM DESK

BITGET · BTCUSDT PERP

DEMOUSDT-Misolated2xfallback

risktwo sidedok

WS0ms·5 Hz

equity

10,000USDT

inventory q

0/ 1200

|q| / qmax

pnl total

0.00

r 0.00 · u 0.00

btc price

81,182.8USDT

fallback 81,196.0

δ / skew

+4.5 / 0.0bps

σ short

0.00bps/√s

funding

0.005%

BTC price

81,182.8

USDT per 1 BTC

waiting Bitget

each quote puts

200 / 160

USDT notional · L0 / L1

cash 100 / 80 at 2x

open notional

USDT of BTC exposure

flat — nothing on

cash posted

USDT · isolated 2x

notional ÷ leverage

FLATpnl 0.00 USDTu 0.00 · r 0.00

Quotes rest 200 and 160 USDT. BTC price comes from Bitget. The bet is the USDT notional, not the coin price.

Book

spr 9.8 · 1.21 bps

sizeprice

0.47981,187.2

0.36281,187.0

0.28681,186.8

0.20481,186.6

0.14181,186.1

0.08381,186.0

0.03781,185.9

0.01581,185.8

mid81,180.9

0.01581,176.0

0.03781,175.9

0.08381,175.8

0.14181,175.7

0.20481,175.2

0.28681,175.0

0.36281,174.8

0.47981,174.6

Fair → δ → skew → quotes

post_only · two levels

fair

index USDT/BTC: 81,179.5
micro USDT/BTC: 81,180.9
mark USDT/BTC: 81,182.8
fair USDT/BTC: 81,180.9

lvl	bid USDT/BTC	put USDT	ask USDT/BTC	put USDT
1	81,144.3	162	81,217.4	162
2	81,120.6	162	81,241.1	162

reservation = fair × (1 − skew/1e4). Long inventory → skew 0.0 bps → asks sit closer to fair. Size locked 162 / 162 USDT.

Risk kernel

Caps, funding window, stale WS. Kill cancels quotes. Flatten is taker reduceOnly.

soft

50% · 600

hard

80% · 960

action

two_sided

open orders

Drill F1: inject q=1,300 then kernel must print reduce_only. F0: WS stale over 800ms then kill.

Fills · USDT put in · trade pnl

No fills yet. Quotes rest post-only.

0 fillstotal 0.00r 0.00 · u 0.00

PnL parts

spread0.00
inv0.00
funding0.00
fees0.00
taker0.00
mm total0.00

Markout

vs mid after fill · buy: later−px · sell: px−later

200ms

—

Fair → δ → skew → quotes

post_only · two levels

fair

index USDT/BTC: 81,179.5
micro USDT/BTC: 81,180.9
mark USDT/BTC: 81,182.8
fair USDT/BTC: 81,180.9

lvl	bid USDT/BTC	put USDT	ask USDT/BTC	put USDT
1	81,144.3	162	81,217.4	162
2	81,120.6	162	81,241.1	162

reservation = fair × (1 − skew/1e4). Long inventory → skew 0.0 bps → asks sit closer to fair. Size locked 162 / 162 USDT.