MONARKFleetNarabiUkemiBellit abstains so DeFi can act.
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Kamae

Named, not delivered. The piece would quote both sides of a market from inventory, shift and widen its quote as inventory builds, and stay silent when the gate abstains. A desk discipline, gated: quote only when the region is tight enough.

In one picture

Kamae: entry, mechanism and output.KamaeactupcomingENTRYInventory and a mid pricethe inventory heldthe mid price and its volatilityMECHANISMInventory risk, priceda reservation price shifted byinventorya total spread widened by risk aversionOUTPUTQuotes, gateda bid and an ask, or no quote at allno quote while the region is too wideDrawn in the style of its register status: upcoming.
Kamae executes on commit: what it reads, how it works, what it hands on. The boxes are drawn in the style of the register status; the words come from this page’s data and the contract titles from the frozen schemas.

What exists today

What it does not claim

Sources

  • Marco Avellaneda and Sasha Stoikov (2008) High-frequency trading in a limit order book. Quantitative Finance, vol. 8, no. 3, pp. 217-224. read in full Used for how inventory risk shifts the reservation price and widens the spread.

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