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In September, @QFEX made more money than we made in the previous 12 months. So far in October (12 days), we have made more money than we did in September. If working at a hypergrowth company building the future of finance appeals to you, we are hiring Research and Backend Engineers in London (visa sponsorship available) and New York. Please see the job adverts at: ycombinator.com/companies/qf… Apply via the above, or DM me.

London, see you during Digital Asset Summit 🇬🇧 Join QFEX for a private dinner with traders, founders and friends from across the industry. 📅 Nov 10, 7-10 PM GMT 📍 London · Venue shared with approved guests Food and drinks included Limited seats · Approval only luma.com/oxb43wcp

$ICE - Intercontinental Exchange, Inc. is now trading 24/7

See what’s moving, filter by sector, and trade directly. Heatmap is now live

@QFEX user funds are safe. Stay safe.

Some FAQs on our Managed Account: 1/ It is NOT an LP vault of the type found in other perp dexes. LP vaults are typically a profit share on a zero-alpha internal market maker PnL. They have the obvious downside that if the LP returns are good, users are necessarily being ripped off on spreads and/or liquidations. Our Managed Account is a genuine mid-frequency equities strategy of the type run at major quant firms, with full-time staff working on constant iteration and improvement. Its AUM is limited only only by liquidity on the exchange, and therefore, by our ability to attract makers who can hedge in traditional markets. Since we launched the product, liquidity on Managed Account symbols has 5x'd during US hours. We expect similar improvements out of US hours as we launch different strategies there. 2/ Managed Account actually incentivizes us to IMPROVE liquidity. The strategy works on a 0.5bps slippage assumption. This is why we have gate-kept access for now, to ensure that we can attract more market makers as volume scales. 3/ We are running an exchange, not a fund. Our aim is to produce flow, attract market makers, and reach escape velocity on liquidity. Accordingly, in this early phase, Managed Account runs on ZERO taker fees, ZERO management fees, and ZERO performance fees as we focus solely on scaling volume. The backtest assumption was 1.5bps taker fees, and we will increase fees at some point, but right now, we are focussed on the best possible execution as we build our track record.

We've had to take down the Managed Account PnL from the big office TV (too distracting).

Exchanges are S-tier software businesses. With AI rapidly eroding engineering moats (we run one with a grand total of 5 engineers), network effects are the only things that matter for long-term retention. Any trading product that is building a UI/frontend/broker/B-Book is doomed to compete in an ever-tightening noose of CAC. Liquidity is the only option for viability. Matching models that do not maximize for passive liquidity from a differentiated user base are unviable. CLOBs are one example that work, put they suffer from a 'leaky hand' problem. Sophisticated trading firms don't want to place alpha-based orders into an order book with public market data, for fear of 'leaking' their model edge before they get filled. In this case, alternative trading systems (aka dark pools) can provide genuinely better liquidity inside the spread. Everyone wins. Something for @QFEX to think about as we scale.