Crypto.com is moving deeper into prediction markets with plans to staff an internal market-making desk, a step that is drawing renewed attention to how these platforms operate and whether exchanges may end up trading directly against their own users. The Singapore-based cryptocurrency exchange is recruiting a quantitative trader to join a team responsible for buying and selling financial contracts tied to the outcomes of sporting events on its prediction market platform. Liquidity or Conflict? Crypto.co ...

Hiring Activity - The company is hiring a quantitative trader in the US [1] - The role focuses on sports event prediction and market making [1]

https://t.co/1aQemhmjuy is looking for a new employee to work on a market making team that will face off against customers on the company’s prediction market exchange https://t.co/M90qMhiCQ3 ...

Key Benefits of Extended and Starknet DeFi Integration - Enhanced capital efficiency allows users to earn yield while trading and holding perp positions [2] - Migration of idle USDC from exchanges to Extended vaults is expected, leading to increased liquidity and improved execution [2] - Attracts traders from other perpetual exchanges due to the LP and trade integration [2] Extended Vault Mechanics - Users deposit USDC into the Extended vault, which employs advanced market-making strategies [1] - Vault generates fees, with an all-time APR of approximately 14% for LPs [1] - In return for USDC deposits, users receive XVS, a tokenized share of the vault [1] - XVS can be used as collateral to trade perpetuals [1] Flywheel Effect and Future Potential - Increased capital efficiency leads to more liquidity in the vault [4] - More liquidity results in better pricing for traders [4] - Better pricing attracts more traders [4] - More traders lead to better APR for LPs, further increasing liquidity [4] - Delta-neutral farmers are expected to increase deployment into Extended strategies, adding more liquidity and efficiency [3] - Potential for structures like 'Ethena 20' built around XVS collateral for delta-neutral strategies [3] - Integration of XVS across Starknet DeFi is anticipated [3]

Funding & Investment - DWF Labs launches a $75 million USD fund to boost DeFi innovation [1][2] - The fund targets perp DEXs, money markets, and yield protocols [1][2] - Capital allocation and strategic support will be provided to innovators [1] Technology & Blockchain - Focus is on DeFi projects across four chains: Ethereum (ETH), Base, BNB Chain, and Solana (SOL) [1][2] Market Strategy - DWF Labs aims to provide liquidity and market making support [1][2] - The initiative seeks to fund builders regardless of market conditions [1]

Core Insights - Galaxy Digital is in discussions to become a liquidity provider for Polymarket and Kalshi, reflecting a trend of trading firms entering the prediction market space as adoption increases and compliance risks decrease [1][2][7] Group 1: Market Making and Liquidity - Galaxy Digital is experimenting with market-making on prediction markets, aiming to provide broader liquidity in the future [2] - The entry of institutional market makers like Galaxy could enhance market depth and reduce costs for users in a sector currently characterized by tight liquidity [3] - The presence of large market makers could facilitate arbitrage opportunities, addressing significant price divergences in prediction markets [4] Group 2: Institutional Interest and Historical Context - The prediction market sector is witnessing increased interest from institutional traders, with firms like Jump Trading and Alameda Research exploring opportunities similar to those in the cryptocurrency market prior to 2016 [5] - Kalshi has onboarded Susquehanna as its first major institutional market maker, indicating a shift towards institutional participation in prediction markets [5][8] Group 3: Regulatory Environment - Regulatory approvals have eased the entry of institutional trading desks into the prediction market space, enabling firms like Galaxy Digital to provide liquidity [7] - The regulatory landscape has significantly changed since 2022, when the CFTC ordered Polymarket to withdraw from the U.S., allowing for new partnerships and market-making opportunities [8]

xrp etf seed capital requirements force $55-275m buying november 12-13 launch. 11 products need $5-25m each before trading starts. jane street jump drw already accumulating 50-100m xrp for market making. exchange balances dropped 280m tokens past 2 weeks but price flat. structural demand not speculation. ...

Pick your flavor:🔵 Market Making – earn swap fees + lending yield.🟢 Delta-Neutral – passive yield, near-zero price risk.🔴 Long / Short – directional bets with built-in leverage.🟣 Straddles & Options – profit from volatility. https://t.co/QUx6e2g7K2 ...

Project Motivation - Jump Crypto 正在为 Solana 构建 Firedancer，因为他们自己的做市需要超过 100 万 TPS（transactions per second，每秒交易数）[1] - 这并非慈善行为，而是 Jump Crypto 自身业务需求驱动 [1] Order Flow & Infrastructure - Jump Crypto 每天处理数十亿的交易量，而当前的验证器客户端无法处理他们的订单流 [1] - Jump Crypto 作为最大的做市商，其基础设施建设具有行业信号意义 [1] Timeline - Firedancer 主网预计在 2025 年第二季度上线 [1]

Financial Performance - The company's Normalized Adjusted EPS was $1.05 in 3Q 2025[3], compared to $1.53 in 2Q 2025, a decrease of 31%[13] - Adjusted Net Trading Income (NTI) reached $467 million in 3Q 2025[3], a 20% decrease from $568 million in 2Q 2025 but a 21% increase from $388 million in 3Q 2024[13] - Daily Average Adjusted NTI was $7.4 million in 3Q 2025[3] - Adjusted EBITDA was $268 million in 3Q 2025, with an Adjusted EBITDA Margin of 57%[3] - The company's Debt to Last Twelve Months (LTM) Adjusted EBITDA ratio stood at 1.7x[3] - LTM 3Q'25 Normalized Adjusted EPS was $5.01 and LTM 3Q'25 Adjusted NTI/day was $8.0 million[4] Business Segments - Market Making Adjusted NTI was $344 million in 3Q 2025, representing 74% of the total Adjusted NTI[13] - Execution Services Adjusted NTI was $123 million in 3Q 2025, accounting for 26% of the total Adjusted NTI[13] - VES Adjusted NTI has increased in 6 consecutive quarters (+32% vs 1Q 2024)[4] Market Metrics - US Equity Consolidated Notional Volume averaged $827 billion daily in 3Q 2025, a 3% increase compared to 2Q 2025 and a 41% increase compared to 3Q 2024[15] - Virtu Rule 605 Executed Shares averaged 800 million in 3Q 2025, a 7% increase compared to 2Q 2025 and a 45% increase compared to 3Q 2024[15]