My task is not just to choose an LP, but to integrate it correctly from the technical side. I have heard about A-book (STP) models, where orders are sent directly to the provider, and B-book, where they remain within the platform. There are also hybrid models, where some orders are hedged and some are serviced internally. But I do not fully understand how these models are implemented technically, what protocols are used to connect (FIX API, WebSocket, REST API), and how all this affects the end user. I am also concerned about transparency: how to track transaction execution to be sure of the honesty of the LP? Tell me, which model is better to choose for a young but ambitious crypto exchange?
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I want to understand how technologies for connecting to liquidity providers work, what models exist (A-book, B-book, hybrid) and how they af
I want to understand how technologies for connecting to liquidity providers work, what models exist (A-book, B-book, hybrid) and how they af
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いいね！
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Excellent question, I also once started with a complete lack of understanding of how the connection to liquidity providers works and the difference between the A-book, B-book and hybrid models. In practice, everything turned out to be much more complicated than it seemed at first. For example, the A-book model provides access to the real market, but requires serious liquidity and more complex technical integration, and the B-book is simpler and cheaper, but carries more risks for the platform if you have many profitable traders. When I was looking into this myself, I came across a very useful article - https://merehead.com/blog/crypto-liquidity-providers/. It provides a detailed analysis of connection technologies, types of providers, features of API integration, and most importantly - real advice on how to choose a model for a specific type of exchange. The section on the hybrid model is especially useful - it explains how to combine the best of A- and B-book for the optimal balance between risks and profits. I highly recommend it - it clarifies the picture a lot.