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
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 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 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 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 weekend market review examines BTC and ETH options as February ended with range-bound prices and mixed to slightly bearish flows. It describes falling implied volatility across tenors, including a drop in longer-dated BTC volatility after June straddle…
This weekly market recap interprets BTC and ETH derivatives indicators, including perpetual swap funding, futures yields, at-the-money implied volatility, and 25-delta risk reversals. It reports that BTC futures yields have fallen from earlier in the month…
The article analyzes a Bitcoin pullback ahead of the holidays through positioning, futures premiums, technical signals, and market segmentation. It argues that stretched leveraged longs, bullish CME futures positioning at a premium to spot, and weakening…
This educational note explains how a trader holding BTC as collateral can reduce the account’s exposure to BTC’s dollar price without selling the coins for dollars. It compares three approaches: shorting a perpetual swap, shorting a dated future, or…
This article explains a fee policy for adding a futures hedge to an option structure executed as a block trade. The hedge may use a perpetual or dated future, and the stated fee waiver applies through the end of 2026. It covers block trades initiated through…
This report reviews BTC and ETH derivatives during a period when spot prices moved toward the bottom of their recent ranges. It says short-dated implied volatility rose as traders sought downside protection, and options smiles remained tilted toward…
This weekly report tracks BTC and ETH derivatives around the March 22 Federal Open Market Committee meeting, which it says confirmed a 25 basis point rate increase. It describes at-the-money implied volatility falling after the meeting, while a subsequent…
This weekly snapshot reviews BTC and ETH futures yields, perpetual swap funding, and options volatility and skew. It reports falling implied volatility across both assets, with short tenors reaching stated lows in the 25% to 30% range. Futures yields were…
This weekly analytics recap reviews Bitcoin and Ethereum derivatives through futures yields, perpetual swap funding, implied volatility, volatility surfaces, and SABR smile skew. It reports shorter dated yields recovering toward longer dated futures levels,…
This weekly market recap reviews BTC and ETH derivatives using futures-implied yields, at-the-money implied volatility, and option volatility smiles. It reports BTC futures-implied yields above zero at tenors below one year, with at-the-money implied…
This commentary examines why Ether underperformed Bitcoin in 2023 by comparing spot returns, futures-implied yields, perpetual funding, and options risk reversals. The central observation is that ETH’s futures-implied yields weakened after the August 18…
This weekly report reviews BTC and ETH derivatives conditions ahead of the US presidential election. It highlights a term-structure dislocation in which 30-day at-the-money implied volatility had risen toward longer-dated levels, even as outright volatility…
This weekly market recap interprets Bitcoin and Ether derivatives indicators alongside macroeconomic developments. It describes BTC reaching a reported $124K high after CPI news, then retreating after a stronger wholesale inflation report and trading in a…
This guide compares last-traded, mark, and index prices as triggers for stops on a crypto derivatives exchange. A last-price trigger responds directly to trades in that venue, so it reacts quickly but may activate on a brief wick or unusually deep execution.…
This market review examines a period of subdued BTC and ETH prices and volatility alongside bearish derivatives positioning. It describes low historical and implied volatility, declining options skew with puts priced above calls, and falling futures…
This educational article explains when leveraged positions can be liquidated and how Deribit’s process works. Liquidation begins when maintenance margin exceeds account equity, which is calculated using mark prices rather than last traded prices. Initial…
This market note proposes monitoring positioning after a large Bitcoin options expiry to gauge how participants may be setting up for the next quarter. It highlights three indicators: the call-to-put mix, total derivatives volume, and the share of options…
This company update reports Deribit’s trading activity and operational developments for 2024. It states that total platform volume rose 95% year over year to USD 1.185 trillion, while options notional volume increased 99% to USD 743 billion. The fourth…
The article outlines a planned change to initial and maintenance margin calculations for standard margin accounts on Deribit. It applies to futures and perpetual contracts; options use a separate calculation that the article says will remain unchanged. The…