Finicade
Runner Lv 1
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Level 10 · ◆◆◆ · ~12 min

Inventory Risk

Inventory Risk

"The other reason for a spread: you keep ending up with positions you never wanted, and every one of them is exposure you are not paid to hold."

inventory as unwanted exposurethe reservation pricequote skewing vs quote wideningthe Ho–Stoll / Amihud–Mendelson resultinventory limits and mean reversion
🚀 You're jumping ahead. This builds on The Glosten–Milgrom Spread — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.