Crypto · Building a crypto strategy · lesson 6 of 9 · 6 min read · David Alexander
The fill reality: testing execution on fragmented books
crypto fill honesty
Simulated executions that respect crypto's book reality: the venue's real depth, the weekend and off-hours thinning, the cascade slippage that no calm-hours estimate predicts, and the fake volume that makes some venues' books untrustworthy to test against at all. The futures fill discipline, on the platform's least honest, most fragmented, most cascade-prone books - which makes optimistic fills flatter hardest here.
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