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Observations
Patterns with more than one explanation. Nothing here lowers a grade.Note 12
Trades that undo themselves
1 vault · $2.24M- What is measured
- Positions opened and closed within two minutes at matching size for effectively no profit, as a share of everything the vault traded.
- Equally consistent with
- Market making, which is this pattern performed deliberately as a business. A fill log cannot separate it from turnover with no purpose, and we do not try.
- Why it changes a reading
- Volume is the number most often quoted about a trading strategy and the easiest to manufacture. Where a large share of it undoes itself for nothing, the volume figure is not measuring what a reader assumes.
| Vault | Platform | Value | What was measured |
|---|---|---|---|
| $2.24M | 50% of traded notional is trades undone within two minutes at matching size for no profit — 137 such pairs. |
What this page cannot see
Only vaults whose flow or execution we hold can be examined at all, which is why the denominator above is a few hundred rather than every vault on the site. A pattern that stopped is cleared rather than left standing, so this is a picture of the last thirty days and not a permanent record. And every measure here is a floor: anything held on a centralised exchange, or moved without touching a ledger we read, is invisible to it.