Neither of these numbers are correct, they imply 100M of profit a day.

Volume is heavily weighted towards the highest tiers which on ftx were paying 0.015% to take and receiving 0.01% to make (given, alameda would receive no rebate).

They've also never claimed to do 100B+ a day. They published stats about their volume as well as some other exchanges here: https://ftx.com/volume-monitor.

It's stale since the collapse but they're claiming 16bn, and usually were claiming 5-10bn a day in the last month. Give some fudge factor for various traders at various tiers and this backs out to 1m a day order of magnitude.

Not covering a multi billion dollar hole with that anytime soon.

Okay - so even 0.01% on $10Bn = $1M per day = $365M per year, and - at the time - growing.

One would think they should've been able to get a loan (if those numbers were real).

365 million against 10 billion isn't so great

Those numbers were likely real. Any serious MM firm can quickly get an idea if the books/volumes on an exchange are legitimate and leaves if not (high theft risk on fake venues).

Aside from 365mm on 10bn being a bad trade, the volume will 100% drop off drastically after the loss of trust. That 365mm would be fortunate to stay above 36mm in my opinion

> Aside from 365mm on 10bn being a bad trade, the volume will 100% drop off drastically after the loss of trust. That 365mm would be fortunate to stay above 36mm in my opinion

You wouldn't have had a loss of trust because the loan would've allowed FTX NOT to transfer customer deposits to Alameda, and instead use borrowed money (on their future earnings).

No one in their right mind wants to lend to scammers. They took customers money and used it for their own goals (unsuccessful trading). I cannot express how fucked up that is.