Mid Mode

Mid Price Mode was the original mode and remains the most effective for general liquidity provision.

Quotes are placed based strictly on the current order book mid-price.

• Behavior: Orders float with the market price. It does not track the specific entry price of open positions when placing new quotes.

• Best For: General purpose market making, volume generation, and Point farming where liquidity provision and getting the order complete is a priority over per-trade PnL.

• Pros: High probability of fill, speed and follows the market trend.

• Cons: Profitable spreads are not guaranteed relative to your entry price for each leg (you might buy high and sell low if the market drops fast).

Available Spread Options:

The Spread Scale (-50 bps to +50 bps): The spread setting functions as a trade-off between Fill Rate and Profit Margin.

• Lower Spreads (0 – 2 bps): Prioritizes Speed. You place orders very close to the market price to maximize execution frequency and capture exchange fees/rebates. The trade-off is little to no profit from the spread itself.

• Higher Spreads (-10 to + 100 bps): Prioritizes Margin. You place orders further away ("fishing"), waiting for volatility to hit your price. You get fewer fills, but each fill captures a significantly larger profit. However this can amplify your losses significantly. Wider the spreads the further away you are from the mid price

Directional Bias Control

Directional bias control allows you to influence the timing and distribution of your buy and sell orders based on your market outlook.

How Directional Bias Works

• Long Bias: Favors long positions by front-loading buy orders and back-loading sell orders

• Short Bias: Favors short positions by front-loading sell orders and back-loading buy orders

• Neutral: Equal timing distribution for both buy and sell orders

Additional Notes on Directional Bias

• Alpha Tilt Adjustment: Directional bias maps linearly to alpha tilt adjustments (±1 → ±0.2 alpha tilt)

• Buy Orders: Positive bias adds positive alpha tilt (front-loads), negative bias adds negative alpha tilt (back-loads)

• Sell Orders: Positive bias adds negative alpha tilt (back-loads), negative bias adds positive alpha tilt (front-loads)

• Risk Management: Extreme bias values (±1) require up to 20% additional margin to account for increased directional exposure

Use Cases

• Bullish Outlook: Set positive bias to capture upward price movements more aggressively

• Bearish Outlook: Set negative bias to benefit from downward price movements

• Market Neutral: Keep at 0 for balanced market making without directional exposure