Arqen(@arqentrade):Why does a perp market care about spot liquidity if every trade happens against the maker pool? Because external liquidity tells us how trustworthy the market is. Arqen uses external spot depth to evaluate: • How expensive the token is to manipulate • How reliable its reference price is • How much price impact exists at different sizes • How much leverage and open interest the market can safely support The spot market isn’t the counterparty to the perp trade. It’s one of the inputs that tells the risk engine how much capacity that perp market should have.

2026.08.24 18:49

Why does a perp market care about spot liquidity if every trade happens against the maker pool? Because external liquidity tells us how trustworthy the market is. Arqen uses external spot depth to evaluate: • How expensive the token is to manipulate • How reliable its reference price is • How much price impact exists at different sizes • How much leverage and open interest the market can safely support The spot market isn’t the counterparty to the perp trade. It’s one of the inputs that tells the risk engine how much capacity that perp market should have.