A perpetual market maker's quote ladder. Avellaneda-Stoikov skews only for inventory; funding adds a second, signed skew that survives even at zero inventory. Drag the reservation line to set inventory, push funding and horizon, and watch the two skews stack or cancel.
The textbook market-making model quotes symmetrically around mid. On a perpetual, holding inventory pays or charges funding every hour — a deterministic drift Avellaneda-Stoikov never sees. A 2026 HJB model that prices it cut inventory risk 36-38% on Hyperliquid ETH and BTC.