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 document explains the link between a downward-sloping Treasury yield curve and negative carry on a vanilla Treasury bond. Carry is framed as coupon income less financing costs, with repo as the financing rate. The answer argues that repo rates should…
The document sets out a conventional decomposition of credit default swap position profit and loss into carry, roll down, and curve shift. It gives formulas for carry and roll down using the horizon, notional, quoted spread, maturity-specific spread change,…
The document identifies a proposed long-short Treasury swap position as a 5s–30s curve steepener. The position is long five-year exposure and short thirty-year exposure, with sizing intended to make the legs duration neutral. Its stated rationale is positive…
The document outlines a bond carry and roll trade in which repo financing supports a long position in a longer-maturity bond while a short position in a shorter-maturity, negatively yielding bond can complete the relative trade. It explains that the short…
The note explains how to infer an AUD funding basis from FX swap or forward prices by comparing the observed spot and forward exchange rates with the relevant AUD and USD interest rates. Using OIS rates yields a basis relative to those benchmarks; another…
The document examines why sterling might rise after a higher UK inflation release, despite the loss of domestic purchasing power. Expected central bank rate increases can support a currency through interest rate expectations and capital flows, while…
The document examines whether a longer-dated futures contract on the same underlying should be more expensive than a shorter-dated one. It first gives the forward price under deterministic interest rates and continuous dividends: spot value is multiplied by…
The document asks how to decompose nominal returns on inflation-protected bonds into carry and rolldown. Its proposed starting point is to project inflation index levels and hold the nominal discount curve fixed, then compare the bond’s present value now…
The discussion questions how to define carry for a fixed-for-floating SOFR swap when its compounded floating payment is not known in advance. One answer argues that a simple difference between the next fixed and floating payments is not a useful standalone…
The document discusses how positions can behave like volatility exposures even when they are not options. Currency carry is described as generally short volatility: carry returns tend to weaken when currency volatility rises and improve when it falls. The…
The document explains how to assess carry and size the legs of a 10-year/20-year interest-rate swap steepener. The position receives fixed on the shorter swap and pays fixed on the longer one. For a swap against a six-month floating index, the example…
The article defines crypto savings as holding digital assets in yield-bearing arrangements and identifies lending, staking, and decentralized finance platforms as possible sources of returns. It contrasts the potential for higher yields with conventional…
The document describes corporate digital-asset treasuries as a balance-sheet strategy, using Trump Media’s proposed CRO-focused treasury as its main example. It says the plan includes an initial CRO holding, a future equity line for purchases, validator…
The document describes SharpLink Gaming’s use of Ethereum as a corporate treasury asset and presents staking rewards as a source of income that can support share repurchases. It frames the approach as a hybrid of conventional corporate finance and…
This article introduces staking yield as rewards earned by locking tokens to support network functions, often expressed as an annual percentage yield that reflects compounding. It says yields can vary with staking participation, token inflation, and platform…
The document describes Ethena’s two stablecoins as serving different purposes. USDe is presented as a crypto-backed asset that uses a delta-neutral strategy and funding rates from ETH/USD perpetual swaps to generate yield. Its collateral is described as…
The document describes SharpLink Gaming’s use of Ethereum as a corporate treasury asset. It says the company stakes its ETH holdings to earn rewards and support network security, while exploring decentralized finance for additional yield. For large…
The article examines how election-year policy uncertainty, political rhetoric, interest rates, regulation, and trader sentiment may affect crypto markets. It emphasizes that crypto prices can move with equities as risk appetite changes, and discusses spot…
The document outlines BounceBit’s CeDeFi model, which combines BB and a Bitcoin-pegged custodial token in a dual-token proof-of-stake design. It describes BB’s stated roles in governance, staking, fees, and collateral, alongside Bitcoin restaking and yield…
The document describes a private wealth management approach to crypto investing centered on portfolio diversification, risk controls, institutional infrastructure, and long-term capital preservation. It cites reported Bybit PWM performance figures for USDT-…
The document describes the Bitwise Solana Staking ETF as a brokerage-accessible way to hold Solana exposure while staking the fund’s assets. It contrasts the fund’s reported full staking allocation with a competitor’s 77% allocation and cites an estimated…
The document explains that the XRP Ledger does not use proof-of-stake and does not offer native XRP staking. Its validator consensus process does not require users to lock or delegate XRP. Products marketed as staking or earn programs instead involve…
The document surveys OKX Earn products, distinguishing Simple Earn, which it describes as lending-based, from On-Chain Earn, which uses staking or decentralized finance. Products may have flexible or fixed terms; reward rates can change with lending demand,…
The document describes an institutional treasury strategy that holds and stakes Toncoin, combining staking rewards with potential gains or losses from TON’s market price. It presents the Ton Strategy Company’s allocation and fundraising as evidence of…