After a few hours after TradeXYZ and Markets listed BABA, here's how it's going:
Markets is winning in volume and Open Interest by around 2x.
Regarding the spread and depth, Markets is also winning, but by a much wider margin:
Spread:
-TradeXYZ: 0,413%
-Markets: 0,006%
0.5% depth:
-TradeXYZ: ~25
-Markets: ~2.500 (the lower band it's not visible in the picture)
It’s looking really good for Markets here, but since TradeXYZ has deployed many more markets, they’re still ahead overall in open interest and volume.
What happens once Markets keeps deploying more markets? Who will win?
The only thing I know is that there’s a clear winner here: Hyperliquid.
