ok so after the massive success of @tread_fi i think the space is gonna blow-out and gonna grow out in parallel with perp-dexes... with only a handful of high-value perp-dexes currently being farmed by the ct, all mm-terminals are gonna fight and build on the same, which is only gonna be good for us farmers... i've been testing out this new terminal @vesper_mm cause they got all the key perp-dexes that i am farming right now... i was particularly drawn to their new strategy called Flux for @risextrade alongside a two-week trading competition. Flux can run XAU, QQQ and SPY together, though i started with XAU first because i wanted to see the execution before adding more moving parts... my initial session returned this: > roughly $2.4k routed > 35 round trips > 70+ fills > $0.18 session fees > $0.36 all-time fees > +$5.8k CPM shown by vesper the CPM figure is an execution metric from the session ledger, not my realised RISEx account PnL. i am keeping actual return claims out until the run is done and the venue balance has fully settled... still, the early read is pretty good... flux is built around a very particular kind of market making. entries and ordinary exits are post-only. it does not try to force a fill whenever the market moves. if one side of the book becomes thin or volatility starts becoming stupid, it pauses that side rather than continuing to stack inventory into bad conditions... a forced taker close only comes into play at the stop i set... that is pretty much what i want from a strategy running in these RWA books. it should be making the spread when conditions allow it, and be comfortable doing nothing when the book starts looking like it wants to donate your margin to someone else... the other part i liked is that they have made the ugly operational bits visible. RISEx has a toxic-hours guard around 13:00–16:00 UTC; their recorded fills showed roughly +98 CPM more cost in that period, so Flux stops building fresh exposure there while working any existing position down... the strategy is not pretending that every hour produces the same fills, or that more volume automatically means better market making... RISEx fees are 50% lower through september 25, which helps the current run and should be stated plainly. that is also why i will keep this running through the Flux Cup rather than turn a few thousand dollars of flow into a victory lap... i want to see how the CPM behaves once: > fee conditions normalize > XAU gets a proper volatility session > the strategy has more routed volume behind it > the guardrails actually have to intervene > and i add the QQQ/SPY legs instead of relying on one market but so far, vesper is giving me what most market-making terminals avoid showing: the fills, fee drag, round trips and execution output in the same place... that is enough for me to keep routing the RISEx and Arcus accounts through it for now... PS: the points are live as well...

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