Desired Orders Are Not Live Orders In the next part of my series on building an HFT system, I talk about order tracking and some of the hidden race conditions that can bring an automated system to its knees. A must read!

Some FAQs on our Managed Account: 1/ It is NOT an LP vault of the type found in other perp dexes. LP vaults are typically a profit share on a zero-alpha internal market maker PnL. They have the obvious downside that if the LP returns are good, users are necessarily being ripped off on spreads and/or liquidations. Our Managed Account is a genuine mid-frequency equities strategy of the type run at major quant firms, with full-time staff working on constant iteration and improvement. Its AUM is limited only only by liquidity on the exchange, and therefore, by our ability to attract makers who can hedge in traditional markets. Since we launched the product, liquidity on Managed Account symbols has 5x'd during US hours. We expect similar improvements out of US hours as we launch different strategies there. 2/ Managed Account actually incentivizes us to IMPROVE liquidity. The strategy works on a 0.5bps slippage assumption. This is why we have gate-kept access for now, to ensure that we can attract more market makers as volume scales. 3/ We are running an exchange, not a fund. Our aim is to produce flow, attract market makers, and reach escape velocity on liquidity. Accordingly, in this early phase, Managed Account runs on ZERO taker fees, ZERO management fees, and ZERO performance fees as we focus solely on scaling volume. The backtest assumption was 1.5bps taker fees, and we will increase fees at some point, but right now, we are focussed on the best possible execution as we build our track record.

Almost exactly a year ago, @sama gave a speech at YC where he said, almost in passing, that AI would solve a Millennium Prize Problem 'almost certainly' by the end of 2026. To give an idea of how hard that is, the median age of a Millennium Problem (from it being first posed) is 76 years. Only one has been solved since the list was formalized in 2000, and the others look as intractable as ever. The mathematician in me scoffed at this. Sam and OpenAI had clearly misunderstood the difficulty of these problems. Today, I saw a video featuring @wtgowers, Fields Medallist and one of our undergrad lecturers. “There is no doubt that the solution to the unit-distance problem is a milestone in AI mathematics: if a human had written the paper and submitted it to the Annals of Mathematics and I had been asked for a quick opinion, I would have recommended acceptance without any hesitation. No previous AI-generated proof has come close to that.” Time to eat my words. AGI is coming.