Reverse Engineering Institutional Market-Making Algorithms for Crypto Retail Traders: An Ethical Framework for Spreads, Liquidity, and Execution

There is a dangerous glamour around the words “Citadel-style trading system”. It suggests secret models. But the ethical truth is more useful: retail traders should not attempt to access, copy, hack, or reproduce proprietary systems. They should study the public behavior that sophisticated market makers are designed to manage.That behavior is v

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