Two trading games, each scored against what the textbook model would have done on the same market.
Market Maker
Quote a price to buy and a price to sell while traders hit you, and earn the gap without getting stuck holding too much.
Fund Manager
Run eight stocks for two to eight weeks of trading and try to beat an equal-weight benchmark by reading the headlines.
The research behind the market maker
| Research | Calibration and walk-forward backtests of Avellaneda–Stoikov and GLFT on four weeks of Binance trades: on real flow, every model setting that trades loses money. |
| Theory | The derivation behind every formula the site uses. |
| Note | A one-page write-up of question, method, results and limitations. |