I'm curious as to what everyone trading the EMinis thinks about the bids and offers. We know that these markets are heavily arbitraged. I would classify bids and offers placed by arbitragers as "soft" orders because ultimately arbs only want to get filled if it is going to turn and go the other direction or if they can offset for a scratch or better. Thus the soft orders at the ask disappear quickly as the market hints at strength, and likewise orders at the bid disappear on hints of weakness. There are other bids and offers that I will refer to as "firm". These bids and offers are placed in hopes of getting a complete fill. Instead of getting "intimidated" by a large opposing bid or ask, these orders stand their ground. What % of orders on the EMinis do you believe are Firm vs Soft? What significance (if any) does this ratio hold?