Ever wonder what the right exchange to trade your order is? 20% POV, negative slippage.. this is not an anomaly https://t.co/ajUhiOLX0N<br><img src="https://static.sosovalue.com/sosovalue/2025/07/17/39636fe5-db57-4cbf-9d57-2ec937e955da.jpg"/>

Had an interesting discussion with the head of data science at a major CEX about cross exchange liquidity microstructure. We have the same hypothesis.

CEX volume + LOB depth heavily underestimates true liquidity. You can trade a lot more on a single exchange than you'd think.