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exchange built off the trading profits

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$25M/dayDaily arbitrage volumeEP 171 · 6:51 · SHAAN · Sam Bankman-Fried · Alameda Research · FTX

In the moments

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Fact

QE Infinity shifted every asset class up one risk notch

From the FTX essay: because of endless money printing, savings became checking, bonds became savings, equities became bonds, venture became equities, and crypto became the new venture market. Everyone was pushed one rung up the risk ladder chasing yield.

“The— your savings account turned into your checking account. The bond market turned into your savings account. The equity market turned into the bond market. The venture market turned into the equity market, and the crypto market became the new venture market. Basically, like, everything shifted over one unit.”
EP 217 · 30:53 · SHAAN
Read at 30:53
mfmindex.com№ 0217-1853
Number

SBF arbitraged $25M/day at a 10% daily margin to a $10B net worth

At peak, Alameda was cycling $25M a day through the Bitcoin arbitrage at a roughly 10% compounding daily margin. The trading profits plus the FTX exchange he built off them put his paper net worth around $10 billion.

$25M
Daily arbitrage volume · USD/day
“the net end of this story is this guy's arbitraging $25 million a day of, of this currency. He's making a 10% compounding, uh, you know, uh, margin every single day. And this guy, you know, in the 3 years, basically he's become a self-made billionaire. He's worth $10 billion now”
EP 171 · 6:51 · SHAAN
Read at 6:51
mfmindex.com№ 0171-411