I'm curious to what the applications are for a futures intra-contract auto spreader. I don't quite get what the advantage is when legging your trade instead of just trading the implied prices in the spread order book which has no leg risk. The only reason I can think of is that, you might get a bigger Bid-Ask spread for a roundtrip or a higher probability of completing the roundtrip because of the matching algorithm executing outright orders before implied orders? So is the idea here to quote in the outrights when then Bid-Ask spread in the spread book is sufficiently tighter then the implied spread to compensate for the Bid-Ask spread you give up on the hedging order or is it just about completing the roundtrip more quickly in the outrights when there are large order quantities on the best prices in the spread book and a matching algorithm such as "Pro-Rata" makes it harder to get a fill for small quantity orders?