Congrats on the launch! This is super interesting. Expressive bidding also opens up opportunities for arbitrage, do you see any potential downsides to this aspect of the market behavior?
Good question! Combinatorial auctions with a uniform clearing price eliminate mechanical arb; there's no opportunity to buy and sell a single trading instrument at different prices. Stat and funding arbs form "outside" of trading venues and they're a good thing that keeps the market efficient. Putting a combinatorial auction in the mix eliminates friction and entry costs for folks providing liquidity (no steep tech costs) and keeps the process competitive.