Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
1,232 documents
This exchange update describes combo trading fee discounts and changes to initial margin rules. For options combos containing buys and sells, Deribit waives fees for the cheaper side; same-direction option legs do not qualify. Futures and perpetual combos…
This weekly flow note describes BTC and ETH options activity amid falling trading volume and implied volatility. It reports persistent put skew after renewed China-related concerns, with put buying concentrated in short-dated BTC contracts at lower strikes.…
This weekly report surveys BTC and ETH derivatives sentiment through perpetual swap funding, implied volatility term structures, and options risk reversals. It describes funding rates near zero after sideways spot performance, suggesting limited imbalance in…
This market commentary interprets Bitcoin and Ether price action alongside options pricing and reported trade flows. It describes front-end implied volatility easing while near-term contracts remain supported ahead of a central bank rate decision, and notes…
This podcast discussion links crypto market behavior to geopolitical risk, derivatives activity, and the changing structure of on-chain markets. Bitcoin is described as holding near a range despite Middle East tensions, high oil volatility, and pressure on…
This commentary surveys Bitcoin and Ether conditions ahead of a September inflation report, connecting macroeconomic signals, institutional activity, and options positioning. It notes Bitcoin holding above 110,000 despite ETF outflows, Ether above 4,250, and…
The article describes a bullish call butterfly spread for Bitcoin, framed around a breakout from a symmetrical triangle and increased open interest at the middle strike. The position buys one lower-strike call, sells two calls at a higher strike, and buys…
This market commentary links a Bitcoin sell-off and subsequent capital rotation toward Ether with macro expectations, institutional flows, and crypto options positioning. It reports Bitcoin ETF outflows alongside renewed attention to Ether and describes the…
The document explains maximal extractable value (MEV) as revenue gained by changing which transactions enter a block and in what order. It describes how limited blockspace, public transaction data, and builders’ ability to choose transactions create…
This analysis links a sharp BTC and ETH selloff with a surge in liquidations, changing implied volatility, and options positioning. It attributes a substantial share of liquidations to gamma-related perpetual futures positions on Deribit and OKX, while…
This report compares BTC and ETH futures yields and option volatility around the Ethereum Merge. For BTC, annualized implied futures yields across maturities shorter than one year were reported within a narrow range around zero. BTC at-the-money implied…
This weekly recap tracks BTC and ETH derivatives after a sharp market decline and a period of extreme risk aversion. It describes demand for out-of-the-money puts and short-dated protection, followed by tentative improvement as prices moved sideways. BTC…
This weekly market recap examines BTC and ETH derivatives during a period of sideways prices and low short-dated volatility. It reports that both assets’ short-tenor implied volatility reached year-to-date lows, while the risk appetite indices rose toward…
This weekly market recap summarizes Bitcoin and Ether futures yields, perpetual swap funding, option volatility, risk reversals, and implied volatility surfaces. It reports that short-dated futures yields were volatile, with Bitcoin turning negative late in…
This commentary compares Bitcoin and Ether option volatility smiles, emphasizing the one-month tenor and the SABR volatility-of-volatility parameter. It explains that higher volatility of volatility corresponds to a steeper smile, making far out-of-the-money…
This satirical article describes ways a DeFi exchange might make activity appear stronger than it is. Its examples include rewarding wash trades, using coordinated wallets to create offsetting trades, provoking arbitrage to increase reported volume, and…
This weekly report summarizes crypto derivatives conditions using futures yields, perpetual swap funding, option implied volatility, risk reversals, and volatility surfaces. It describes a cooling in at the money implied volatility after a spot rally slowed,…
This podcast description introduces the role of central clearing parties in traditional finance and their potential application to crypto markets. The guest discusses how clearing houses manage counterparty risk and settlement, and how cash settled Bitcoin…
The article reviews BTC and ETH options conditions around a likely US debt ceiling agreement. It links a pickup in realized volatility and short dated implied volatility to the news, while noting that the weekly implied move quickly lost momentum. It also…
The tutorial defines leverage as position size divided by collateral and margin as the funds supporting a position. It distinguishes initial margin, needed to open a trade, from maintenance margin, needed to keep it open. Worked arithmetic examples show how…
This market commentary reviews strong rallies in TON, AVAX, and NEAR, linking each move to a project-specific catalyst or market narrative. It also notes that BTC was near its highs amid substantial spot ETF inflows and a slowdown in outflows from one fund.…
This commentary argues that a crypto rally can be driven by shifting liquidity within the market even when aggregate stablecoin supply is declining. It points to exchange stablecoin reserves and Bitcoin’s growing share of crypto market capitalization as…
This commentary examines how a bullish October spot market coincided with growing demand for long exposure in BTC and ETH derivatives. It uses futures-implied annualized yields, perpetual swap open interest, and funding rates to describe the shift. BTC’s…
This overview describes a Python program for retrieving and charting historical funding rates for perpetual contracts on Deribit. Users choose an instrument and date range; the program requests the history in monthly chunks and limits request frequency. The…