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.
9,797 documents
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 weekly market recap reviews BTC and ETH futures, perpetual swap funding, and options volatility. It reports that one-month at-the-money implied volatility was near 40% and broadly steady after a prior decline. Futures yields, funding rates, risk…
This weekly market recap interprets futures yields, perpetual swap funding, implied volatility, and options skew for Bitcoin and Ether. It describes bullish positioning through positive futures yields, funding rates, and call-side demand, while noting that…
This comparison explains how Bitcoin perpetual swaps work and how their funding and margin specifications differed across exchanges. A perpetual contract has no expiry date; periodic funding payments are intended to keep its price aligned with a reference…
This weekly market recap reviews Bitcoin and Ether futures, perpetual funding, and options volatility. It describes a more compressed implied-volatility term structure: front-end volatility rose while longer-dated volatility was flat or lower. Bitcoin’s…
This weekly report summarizes market conditions in Bitcoin and Ether derivatives. It describes futures-implied yields as broadly flat in a low range across maturities, while short-lived realised volatility led at-the-money implied volatility to rise and then…
The article introduces DVOL futures, contracts tied to an index derived from options and intended to reflect expected volatility over the coming 30 days. It distinguishes implied volatility, which looks ahead through option prices, from historical…
This weekly recap describes how a weekend selloff and subsequent rally appeared in BTC and ETH derivatives. It follows futures-implied yields and perpetual swap funding rates, reporting that yields became strongly negative before recovering, while BTC…
The document introduces PAX Gold, an Ethereum token designed to represent one troy ounce of gold backed by allocated bullion. It describes trading access through spot markets, perpetuals, dated futures, and options, and explains how tokenized gold can be…
This market commentary reviews a surge in Ethereum realized volatility alongside Bitcoin's comparatively stable realized volatility. It connects the ETH move to renewed speculation about a spot ETF, while also noting macroeconomic uncertainty, Bitcoin ETF…
The article explains how portfolio margin differs from standard margin. Standard accounts calculate requirements position by position and add them together, while portfolio margin evaluates how the combined portfolio might perform under changes in underlying…
This weekly report summarizes BTC and ETH derivatives conditions after their rallies. It observes short-dated futures yields converging toward longer tenors, while options volatility surfaces changed less at longer maturities and showed higher short-dated…
This weekly market recap summarizes Bitcoin and Ether derivatives conditions during the reporting period. It describes BTC spot stabilizing after a decline, with futures yields, perpetual funding, and short-dated option skew showing signs of recovery. ETH is…
The article explains how a bitcoin miner can reduce the risk that falling BTC prices make fiat-denominated operating costs exceed the value of mining income. It compares short futures with bought puts. A futures short can lock in a sale value without an…
This weekly market recap interprets futures yields, perpetual funding, implied volatility, and options skew for BTC and ETH during the days before an election. It describes falling futures yields and funding rates as signs that traders were reducing…
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…
This weekly market review compares Bitcoin and Ether derivatives conditions through futures yields, perpetual swap funding, implied volatility, and options smile skew. It describes a divergence between the two assets: Ether options carried a volatility…
This weekly report examines Bitcoin and Ether derivatives around the January 2025 presidential inauguration. It describes how expectations for executive actions, including a possible strategic Bitcoin reserve, coincided with elevated short-dated futures…
This weekly report reviews Bitcoin and Ether derivatives during a strong spot-price rally. It tracks futures-implied yields, perpetual swap funding, at-the-money implied volatility, 25-delta risk reversals, and volatility surfaces. The analysis describes how…
This weekly review considers how the large year-end delivery of crypto options and futures could affect prices, volatility, and positioning. It describes a calm holiday period in which Bitcoin and Ether recovered important price levels, realized volatility…
This weekly market report reviews BTC and ETH derivatives during a rally associated with strong spot ETF inflows. It summarizes changes in perpetual swap funding, futures implied yields, at-the-money implied volatility, and 25-delta risk reversals. The…
This weekly report summarizes BTC and ETH derivatives conditions across futures yields, perpetual funding, implied volatility, volatility surfaces, and put-call skew. It describes positive implied spot yields in both assets, quieter funding, and declining…
This weekly derivatives report summarizes BTC and ETH futures, perpetual funding, and options markets. Its central observation is that implied volatility beyond the end of January is elevated relative to shorter expiries, while longer-dated option skews…
This commentary compares Bitcoin and Ether derivatives after the announcement of spot Bitcoin ETF approval. It reports that annualized futures-implied yields declined from earlier leveraged-long highs but stayed above 10% across maturities. Shorter-tenor…