LAB PAPER

Market making

PAPER

100k paper · Avellaneda and Stoikov 2008 · BTC and ETH · Hyperliquid perps · simulated maker fills · no LLM · not the funded 50k book

Market making paper live.

Equity $100,000.00 waiting first cycle

PnL $0.00 vs $100,000 start

Cash - paper cash

Quotes - open two-sided

Kill - 5% of 100k from peak or start

Equity

Waiting for first cycle

Open quotes

AS bid / ask

Connecting

Inventory

Connecting

Fills

Connecting

Universe

BTC ETH perps

Sym	Tape	Mark

Cycles

No cycle yet. Book stays at 100k / 0 PnL until the first quote cycle.

Paper educational book from Avellaneda and Stoikov, High-frequency trading in a limit order book, Quantitative Finance 8(3), 2008. Reservation r = s - q * gamma * sigma^2 * (T-t). Half-spread delta = gamma * sigma^2 * (T-t) + (2/gamma) * ln(1 + gamma/kappa). gamma, kappa, and T-t are paper defaults, not calibrated. sigma is the HL mid-return window converted to price vol. Missing book or vol pulls that name. Maker fee 0. Kill: 5% of 100k from peak or start, then PULL_ALL until an owner GO flag. No Hyperliquid orders. No Sharpe. Not the funded 50k book on /book. Lab hub: /lab.