two more words: front running. exchanges know everything about the short term moves its users can and cannot make, as well as a significant partial signal of t

two more words: front running. exchanges know everything about the short term moves its users can and cannot make, as well as a significant partial signal of their total market position based on where all their orders are, the amount of actual fiat money parked in their account, where their stop losses and other triggers are set and what exposures to different coins they have on the platform