It is actually funny. Your comment made me pull out the code I wrote a few years to run a multi-book to basically do what BRUT did except it could trade anythin

It is actually funny. Your comment made me pull out the code I wrote a few years to run a multi-book to basically do what BRUT did except it could trade anything. I'm now absolutely convinced that no existing crypto exchanges have anyone with a clue. As long the current exchanges provide APIs and someone like Lloyds would underwrite counter-party hedge, BRUTing them is a license to print money. They will get absolutely destroyed. It would be equivalent of Michael Phelps swimming against 7 year olds.