Inside the 15-minute trading pulse that moves $14 billion in Bitcoin perpetual futures

At 14:59:59 UTC, Bitcoin perpetual futures look like any other electronic market, with prices flickering and orders flowing from traders around the world. But when the clock turns to 15:00:00, the market instantly becomes busier: more trades go through, more money turns over, and prices cover more ground during the next ten seconds, even though [ ]