After ten years of being a "leek", I almost became a manipulator today. I feel like my mind has been opened up.
What happened was that Binance was delisting Slerf futures, and the index price was only based on the spot price on OKX. However, OKX had already announced the delisting of Slerf spot and banned deposits. So, some large investors spontaneously bought large quantities of futures, driving up the price of OKX's single-player Slerf, and making a killing. I hadn't participated up to that point; by the time I saw it, the price had already reached 0.3+.
I went to OKX to test deposits, hoping to short a large amount as soon as I saw the news. It was a simple idea, and I saw a lot of people testing it on the blockchain, so I won't go into details.
Suddenly, something clicked for me. I opened some shorts on Binance and placed orders on OKX to take some spot orders. Seeing that OKX's spot market depth was very poor, I tested the market price and immediately drove the market down. So I told my partner I was ready to start working at the company.
My plan was to first use a small program order to short on Binance and buy spot on OKX, maintaining equal amounts on both sides until OKX's spot market was fully absorbed. Then, I'd open a large short position on Binance, allowing the OKX market price to crash (even hundreds of thousands of orders would drive it to zero). Before the crash, I'd place a large on-chain order to create panic, mistaking deposits for the new opening.
Unfortunately, OKX opened deposits before we did, so ultimately this was just an idea. However, the point is that market manipulation may not be as difficult as you might imagine. Before trading cryptocurrencies, consider what the market makers will do; don't just rush in.