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.
610 documents
The article reviews changes in cryptocurrency perpetual-futures funding-rate arbitrage. It says that as more capital entered the strategy, positive premiums and negative-premium exit opportunities became smaller, while slippage rose and attractive rates…
This article describes a monitoring script that polls funding rates for perpetual futures across multiple exchanges. It uses a separate worker for each exchange, applies exchange-specific delays to reduce request pressure, and handles venues differently…
This podcast synopsis reviews a sharp market selloff and explores its connection to an unwind of the yen carry trade. The hosts discuss Japan’s macroeconomic backdrop, global spillovers, US economic data, volatility spikes, and possible changes in rates and…
This commentary reviews BTC, ETH, and SOL options after a September market shakeout. It reports that realized moves generally stayed within implied ranges outside a sharp drop, while ETH front-end volatility fell and volatility carry compressed, reducing the…
This article argues that crypto exchanges could evolve into broader financial service providers by adding interest accounts, payment services, and tax support. It describes several possible sources of yield: staking, lending to margin traders and market…
The primer explains how Ethereum validators stake 32 ETH through the Consensus Layer and how the Shanghai upgrade was expected to enable withdrawals. It distinguishes partial withdrawals of rewards or balances above the stake from full exits, which require a…
The article explains futures spreads as paired exposure to two futures contracts with different expiries, traded together through a dedicated order book. The spread reflects the changing price difference between maturities. It describes how traders can use…
This market update reviews crypto options and carry conditions as BTC and ETH consolidate after turbulence. It compares realized volatility, implied volatility, futures yields, and option skew. The report describes BTC realized volatility in the 40s and ETH…
The article compares USDe, BUIDL, and USYC as tokens intended to hold relatively stable value while generating returns. USDe’s backing uses crypto assets hedged with derivatives, with cash-and-carry trades as a source of yield. BUIDL and USYC instead hold…
The commentary examines a rally in Bitcoin and Ether using spot prices, perpetual swap funding rates, and one-month futures-implied spot yields. It reports that both assets rose, with Ether recovering relative to its recent underperformance. Bitcoin demand…
The article connects Bitcoin’s post-halving rebound with changes in realized and implied volatility across Bitcoin and Ethereum. It reports that realized volatility was rolling over, short-dated implied volatility had eased, and both term structures had…
The commentary examines a steep, uneven Bitcoin and Ether options volatility term structure near year-end. It explains how comparing implied volatility across expiries and considering roll-down or forward volatility can change the appeal of holding vega: a…
The document explains a bitcoin cash and carry trade, also called basis trading. A trader buys bitcoin in the spot market and shorts a dated futures contract priced above spot. Because the futures price converges toward the settlement price as expiry…
The article reviews Bitcoin’s retreat after briefly moving above the stated $100,000 level, alongside market conditions expected around the next U.S. administration and January macro events. In options, it reports that volatility had fallen before a sharp…
This podcast discussion traces crypto markets’ shift from a retail-heavy ecosystem toward participation by hedge funds, pension funds, banks, and asset managers. The guest draws on experience in equity derivatives and high-frequency trading to discuss market…
This market commentary examines crypto price resilience, volatility, and options positioning during a period of global uncertainty. It reports Bitcoin holding near $74,000 while equities and gold struggled, citing stablecoin growth, ETF inflows,…
The article argues that high interest rates, subdued trading activity, and limited fresh liquidity constrained BTC and ETH during the summer period it discusses. It links muted prices and low volatility to reduced retail participation, institutional flows…
The article interprets Bitcoin and Ether volatility markets amid expectations for spot Bitcoin ETF decisions. It reviews realized and implied volatility, term structures, carry, call skew, option flows, and dealer gamma positioning, then relates these…
This market note reads Bitcoin and Ether options pricing alongside macro news and institutional developments. It reports falling realized and short-dated implied volatility during sideways trading, with carry rising, and discusses how an FOMC event could…
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…
The document describes a temporary reward promotion for eligible USDC held on Deribit from November 18 through the end of December 2025. The first 250,000 USDC across an account’s main and subaccounts earns 7.5% APR; any balance above that threshold earns…
This market commentary links lower realized volatility with higher implied volatility in BTC and ETH, describing the combination as favorable for option sellers seeking positive carry. It notes that short gamma exposure may benefit from the gap between…
This lesson explains a variable rate cash and carry trade using spot BTC and a short BTC perpetual. The spot holding offsets the perpetual’s directional exposure, while the trade seeks income from funding payments when the perpetual trades above its index…
The episode discusses why Bitcoin fell after Bank of Japan rate-hike signals and whether the move reflects a renewed Japanese carry-trade unwind. The speakers argue that fears of rapid repatriation by Japanese investors are overstated because domestic…