Question on Liquidity in US Power Markets

I understand that West Hub is by far the most liquid hub in the US - does this mean that the majority of speculation is done in PJM?

On the contrary, in MISO where the majority of the footprint is not retail choice and with IN Hub suffering from a lack of liquidity, are there less opportunities for an aspiring trader?

I'd like to open this up to the other markets as well, but these are the only markets I know anything about. Any insights are greatly appreciated.

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