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 comment letter argues that U.S. energy markets should allow perpetual contracts and continuous trading for storable commodities such as oil. It contrasts perpetuals, which have no expiry date, with dated futures that require traders to close and reopen…
The document argues that coordination between the SEC and CFTC could reduce overlapping rules and uncertainty, particularly for products spanning securities, derivatives, and digital assets. It describes potential areas for harmonization, including aligned…
The document presents Paradigm’s argument in an amicus brief concerning Maryland’s attempt to treat Kalshi’s federally regulated event contracts as gambling. It traces the case for federal oversight through the history of grain futures regulation, the…
The document summarizes Paradigm’s argument in amicus briefs concerning Nevada’s effort to apply state gambling laws to federally regulated swaps. It maintains that Congress established a nationwide derivatives framework through the Commodity Exchange Act…
This market update examines China’s 2021 restrictions on crypto trading and mining, including pressure on over-the-counter desks and provincial orders affecting mining operations. It outlines how OTC trading had served as a route between renminbi and…
This report examines Bitcoin’s April 2021 decline from a recent high, relating the move to Coinbase’s listing, crowded leveraged positioning, and an unverified claim about U.S. enforcement. It reviews liquidations, futures basis, options activity, implied…
This market review examines a sharp Bitcoin and Ether decline that began with selling in spot markets and intensified as leveraged futures positions were liquidated. It links the severity of the move to rising open interest, low spot trading volume, and…
The commentary links February 2025’s Bitcoin decline to compressed futures basis, ETF withdrawals, and a broader retreat from risk. It reports that CME basis stayed below 10% annualized for most of the month and reached 4.08%, while ETF outflows persisted…
This 2021 market overview assembles ten indicators that the authors interpret as evidence of rapid crypto-sector growth. It discusses bitcoin’s rally and mixed behavior as both a risk asset and possible inflation hedge, mining-hashrate migration to the…
The document describes an emerging financial layer around AI inference, connecting compute providers, users, and capital through marketplaces, tokenized access, and onchain settlement. It first reviews conventional GPU futures: indexes aggregate transaction…
This market review examines the sharp May 2021 crypto selloff, describing how a crowded advance, negative headlines, and broader risk aversion preceded a correction. It combines price moves with on-chain indicators and derivatives data to distinguish selling…
This market commentary connects a sharp crypto rally with higher futures basis, on-chain borrowing rates, and perpetual futures funding. It describes a delta-neutral basis trade: buying spot BTC or ETH while selling front-month CME futures to capture the…
This brief market note links a rewards campaign to a burst of activity on Phoenix Trade, a Solana perpetuals venue. After announcing a program offering traders $420,000 in USDC over the coming month, the exchange recorded consecutive daily highs in trading…
This market commentary explains how perpetual futures funding rates and the Bitcoin futures basis can indicate the cost of leverage and short-term capital in crypto markets. It describes the basis trade as buying spot Bitcoin while selling a nearby futures…
The report broadens a review of crypto lending into a wider estimate of leverage across crypto-collateralized borrowing, debt issued by public Bitcoin treasury companies, and futures open interest. It compares centralized lenders, decentralized lending…
The commentary reviews Bitcoin’s response to April 2025 tariff news and describes activity in crypto credit markets. Bitcoin fell after tariff announcements and recovered as trade tensions eased. The report also notes positive futures basis, institutional…
The report estimates potential demand for US spot Ether exchange traded products by using Bitcoin ETF flows as a benchmark. It compares Bitcoin and Ether market capitalization, futures activity, and fund assets, then applies a relative-size range to Bitcoin…
This report reviews crypto lending and market conditions from March through May 2026. It connects macro uncertainty, Bitcoin’s recovery and pullbacks, and a sharp DeFi TVL decline after the rsETH/KelpDAO bridge exploit with changes in borrowing demand and…
This commentary explains why crypto borrowing costs may move differently from conventional loan rates when central banks cut policy rates. It argues that rates for assets such as bitcoin are driven substantially by demand for leverage and the basis trade,…
This market update links crypto lending activity to token events, derivatives basis changes, and the supply of available collateral. It describes increased USDe borrowing around ENA-related yield strategies and higher WLFI borrowing tied to anticipated token…
This August 2022 market note evaluates Bitcoin’s position below its 200-week moving average and realized price, levels the authors viewed as historically useful for long-term investors. It identifies the prior cycle low and 300-week moving average as…
The commentary reads March’s Bitcoin market through perpetual funding rates and the three-month futures basis. After a rally sparked by a policy announcement faded, funding stayed subdued or turned negative on major venues, while the basis narrowed. The…
The commentary reviews May 2025 developments across crypto markets, lending, and regulation. It reports Bitcoin reaching a new high amid strong spot ETF inflows and elevated perpetual funding, futures basis, and open interest. Ethereum also rose, which the…
This quarterly review tracks crypto-collateralized borrowing across centralized lenders, decentralized lending applications, and the collateral-backed portion of stablecoin supply. It compares the recent contraction with the sharper 2022 lending unwind, and…