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Market Making

ETF Challenge

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Market Making ETF Challenge
Browse Games
Market Making Game ~10 min Guided tutorial
Focus mode hides the sidebar so you can concentrate on the test. Turn it off here — or with the panel icon at the top right — whenever you like.
Play Now Access includes a guided tutorial for your first game
Overview
The ETF Challenge is a real-time arbitrage game. Eight ETFs trade next to their component stocks, and each ETF is fairly priced when it equals the total value of the two to four stocks inside it. Prices update every few seconds, so gaps keep opening: when the ETF drifts away from the sum of its stocks, one click buys the cheap side and sells the expensive side in a single package. You scan all eight ETFs, do the additions fast, and trade before the gap closes. Breaking news, tick size and optional bots change how big the gaps get and how long they survive.
Example: spotting one mispricing
Eight ETFs sit next to their constituent stocks, each with a live bid and ask. Every row is quoted independently, so the ETF regularly drifts away from the sum of its parts. Your job is to see it before anyone else and take both sides of the package.
Example animation
Add the bids up yourself: 119.60 plus 129.80 plus 169.50 is 418.90, while CHIP is offered at 416.80. Buy ETF does both legs in one click and banks the 2.10 with no market risk.
This is a looping illustration of the game screen, not the live game. Play Now
Game Phases
1
Read the board Stocks are grouped under the ETF they belong to, and every row shows a bid and an ask. The ETF price row is aligned with its stocks so you can compare them side by side. The bid is what the market pays you, the ask is what it charges you.
2
Sum the stocks An ETF is worth the total value of its component stocks. Add up the stock prices under each ETF and compare the sum to the ETF quote. Arbitrage exists whenever the ETF price differs from that total by more than the spreads.
3
Execute in one click When the stock bids exceed the ETF ask, buy the ETF and simultaneously sell its stocks. When the ETF bid exceeds the stock asks, do the reverse. One click executes the full package at current prices and locks in the difference.
4
React to news Breaking news moves both the ETF and its stocks, but one side overreacts randomly. That creates the largest mispricing in the game, and the gap closes gradually as prices adjust, so react to the news before it disappears.
More Practice

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