Research
Market Structure
How auctions organise, and what that constrains.
- Market Structure2 min
How market makers provide liquidity
A market maker quotes both sides and takes inventory risk to earn the spread. Adverse selection, hedging and fragmentation explain why liquidity is never a fixed quantity — and what a widening spread is actually saying.
Kernwell Research Desk · 2026-09-17
- Market Structure2 min
Reading balance and imbalance in overnight inventory
Overnight inventory constrains what an open can plausibly do. It is a lens, not an indicator, and the difference matters more than the concept.
PJ Landells · 2026-08-29
