on-chain fees keeps reshaping desk risk limits

Mapping cross-exchange spreads against order-book depth is a simple way to stress-test a thesis.

Risk is easiest to ignore precisely when it is most expensive.

That debate sits next to today’s market focus around “Uncalled US House races could send more crypto allies to Congress.”

If sanctions screening deteriorates while liquid staking looks fine, the tape often turns defensive first.

Better questions beat louder opinions when regimes shift.

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