Hacker News Reader

Randomize orders using a cryptographic hash of the order, client info, and all other fields plus a random salt added when the order is submitted.

Sort by hash. Impossible to game unless you can break the hash function.

View on HN

So now I probabilistically spam a ton of different orders to on average get my desired fill... This just turns it into a "whoever is best at DoS'ing the exchange" game. As the orderbook fills with competitor orders it makes sense for yourself to also spam orders so each of your orders maintains the same probability of being filled

Impose a small order fee.

That will tend to discriminate against smaller traders, like 'retail' traders.

> will tend to discriminate against smaller traders, like 'retail' traders

Retail rarely hits an exchange.

Retail usually has larger fees unless you mean Robin Hood which is monetizing you in other ways.

Exchanges have requirements imposed on HFTs to prevent this kind of abuse. This one would be no different.

Reply on news.ycombinator.com