What really gave FTX a competitive advantage was its cross-margining system. It was super easy to post collateral in any supported asset, and all open positions were automatically margined against each other. So if you were doing something like pairs trades between spot and futures, you didn't need to constantly monitor and manually move capital between the silos. In hindsight though it's not clear if this was possible because of better engineering, or just because Alameda was internalizing all the risk.