The article discusses a circuit breaker for market makers to protect against adverse selection in bursts, particularly during news shocks and prediction-market sweeps. The breaker uses a combination of metrics, including VPIN, L1/L2 orderbook imbalance, and robust volume Z-score, to detect when ...
Source: [HackerNoon](https://hackernoon.com/designing-a-market-maker-circuit-breaker-for-toxic-order-flow?source=rss)