SESSION —TOKEN ****NODE MATCHING DOWNMD COINBASE DOWNCOD ARMEDT/O 15:00ROLE —

CMDARM ○SIZE 1BTC-USD

TRADE — —MARK — —SETTLE — —│CB —BN —│REG Calm│BULL 25.0 E 25.0 u 1.00│BEAR 25.0 E 25.0 u 1.00│TSY 50.025/25/50│xDet n 0.00 A 0.00 B 0.00│mint +— burn −—│Tmax — —%│MM —bps inv —BTC│HGT —FEE —AGG OI —BN PROXYBYBIT PROXYCB —PROXY PFCG —

MM

VISIBLE QUOTER · SPREADS WIDEN IN PANIC · LIQUIDITY NOT PULLED

X PROTOCOL MM

QUOTING

SPREAD

—

PANIC

FALSE

VISIBLE

TRUE

MM quotes
SYM	BID SZ	BID	ASK	ASK SZ	BPS

NO QUOTES ON getState()

INVENTORY

NO INVENTORY

T — M — S —CL=LB —X-MM —X-ABS BALANCEDX-NOLIQ vs CASCADEX-REGIME CalmX-DET A 0 B 0 xV 0.000 Tmax 0.00X-ALLOC 25.0/25.0/50.0X-TSY W 0.00 cov 100.0%

X-LADDER 20BTCLAST — MARK — MID — SPR 0tVOL — / —EMPTY BOOK0.5

WorkBBidQtyBCntPRICEASK SZACntWorkAmmQty