Houbi and Stamp lead. So Bitfinex being over extended is not a market mover ,IMO.
Plus I still can't wrap my head around the fact that Finex never has less than 15 million in longs at crazy interest rates. It has never made sense to me.
So you will have noticed how Bitfinex seemed to want to take off earlier, Huobi seemed to follow, but how Bistamp (no leverage and 100% real volume) stayed put?
Bitfinex do also have a system in place for routing trades through Bitstamp.....so pretty weird how they never bit into Bitstamps Ask wall, but instead let traders ramp up the price on their own thin books.......but then, Bitfinex are crooks, and that was probably just a spot of friendly exchange insider short stop loss farming.
15K BTC held in leveraged long positions undeniably has an effect on the market, no matter what exchange it is on so long as lines of inter exchange arbitrage are open to someone,