[benreesman]

Jump is really good, I’m not sure I’d compare them to RenTech, that’s very select company, but certainly Jump Crypto has a lot more in common with e.g. Alameda Research than they do with $COIN_COMPANY.

It’s a very opaque business, but AFAIK Jump’s bread-and-butter desks are more like ultra-low-latency microwave-tower Chicago <-> NY/NJ arbitrage.

When conducted ethically (which ic clearly not always), arbitrageurs and market makers provide a critical, socially useful function. There are ways to cheat, and people do everyday, but that’s any business.

Retail traders benefit from ethical HFT whether that’s on ARCA or Binance. I’m not sure the same can be said for things like PFOF, intentionally mispriced IPOs, or offering crypto traders 100x leverage.