Candles show you what the market did. The reading layer shows you the machinery that did it — who runs the book, at what rhythm, with what discipline. All of it is public. None of it was readable until now.
What looks like a crowd is a handful of machines. Each one has a readable rhythm, and each rhythm is a strategy.
replaces its orders continuously — often several in the same instant. Nearly a fifth of the entire chain is this one machine keeping the book fresh.
a paired settlement every ~40 seconds, hundreds in a row, without one failure. Discipline you can set a watch by.
a fresh price roughly every second, all day, and it never missed. This is what quote infrastructure looks like from the inside.
Who is on the other side of my fills?
When did that operator change strategy?
How concentrated is the book I quote into?
Make markets on Sui? Which desk question should this answer first?
bartosz@research.tech