3 ORDER-FLOW FACTS. NO THEORY.

🔥 JPMORGAN — $920.2M

Hundreds of thousands of spoof orders.

TACTIC:
FAKE SIZE → FALSE SUPPLY/DEMAND → REAL ORDER FILLS → CANCEL

Gold, Silver, Platinum, Palladium & Treasuries.

The CFTC found the false liquidity was deliberately used to induce other participants to execute against orders JPM actually wanted filled.

🔥 TOWER RESEARCH — $67.4M

Thousands of spoofing events on CME/CBOT index futures.

TACTIC:

PARTIALLY-HIDDEN GENUINE ORDER
vs.
LARGER, FULLY-VISIBLE SPOOF LIQUIDITY

→ visible imbalance
→ market reacts
→ genuine passive order executes
→ spoof side disappears

CFTC-attributed market losses: $32.59M.

🔥 SUNOCO — ENERGY FUTURES

This one is almost a textbook DOM setup:

Small genuine order on Side A

→ place 50–100 lot spoof orders on Side B
→ manufacture visible pressure
→ genuine order gets filled
→ cancel the large opposite-side liquidity

Crude Oil. Gasoline. Heating Oil.

$450,000 penalty.

THIS is why raw DOM imbalance is NOT order-flow truth.

The edge is in the sequence:

PLACE → INFLUENCE → FILL → CANCEL → REVERSION