Foreword
Everything you need to understand, evaluate, and design market making strategies — from your first order book to venue-specialized algorithms for Kalshi, Polymarket, Hyperliquid, Binance, and beyond.
The Market Making Book
Everything you need to understand, evaluate, and design market making strategies — from your first order book to venue-specialized algorithms for Kalshi, Polymarket, Hyperliquid, Binance, and beyond.
How to read this book
This book is organized like a course, in the spirit of The Rust Programming Language: each chapter builds on the previous one, and the navigation lives in the sidebar. Part I teaches trading from absolute zero — the order book, then the chart toolkit every platform shares (candlesticks, timeframes, EMAs, order types), then the market maker's role and history. Part II develops the theory — the real mathematics, but every formula arrives with a parable that makes it obvious. Part III dissects six real venues. Part IV matches algorithms to asset classes, covers risk, and closes with a hands-on crypto practicum — a complete, reproducible path from signal research to a live bot. Part V proposes six new, testable, state-of-the-art strategies — the destination of the whole book.
Every dark panel is a live figure: drag the sliders, press the buttons, break things. The figures are simplified simulations designed to build intuition, not production simulators.
Educational material, not financial advice. Fee schedules and venue rules change frequently — always verify against official documentation (Chapter 19 collects the references).