Short Gamma: The Market-Maker Spiral
This story is from 2026-09-11. It is preserved in the archive; the latest stories are on the live feed.
In my last article I described the margin spiral — leverage feeding on itself until a correction becomes a crash. This one is the same loop, one level down, in the plumbing of the market. The actors aren't leveraged funds this time. They're the market makers who are supposed to keep prices smooth.…
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- 2026-09-11 00:00 · DEV Community — AI
Short Gamma: The Market-Maker Spiral