I understood how one-sided discovery is problematic in paper-asset markets. I think this is a big reason we are seeing efforts to shut down decentralized exchange. Decentralized exchange prohibits censored price discovery. Orders must execute in public by nature of the systems. Now from what I understand, if the order is big enough to cause major market impact it goes to dark pools, or other frontrunning/delay measures are executed in private via contractual negotiations. Interesting that this is also similar in borrowing markets, thanks for that context.