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.
1,747 documents
The document explains how reduce-only settings work for limit, market, and stop orders on Deribit. These orders can reduce an existing position but cannot open or reverse one. For limit orders, the exchange caps the order quantity at the open position size…
This weekly market recap tracks crypto derivatives conditions using futures-implied yields, perpetual swap funding, and BTC and ETH options metrics. It describes a brief spot rally alongside falling implied volatility, a temporary shift in options risk…
This exchange update describes combo trading fee discounts and changes to initial margin rules. For options combos containing buys and sells, Deribit waives fees for the cheaper side; same-direction option legs do not qualify. Futures and perpetual combos…
This weekly report surveys BTC and ETH derivatives sentiment through perpetual swap funding, implied volatility term structures, and options risk reversals. It describes funding rates near zero after sideways spot performance, suggesting limited imbalance in…
This analysis links a sharp BTC and ETH selloff with a surge in liquidations, changing implied volatility, and options positioning. It attributes a substantial share of liquidations to gamma-related perpetual futures positions on Deribit and OKX, while…
This weekly recap tracks BTC and ETH derivatives after a sharp market decline and a period of extreme risk aversion. It describes demand for out-of-the-money puts and short-dated protection, followed by tentative improvement as prices moved sideways. BTC…
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 market commentary reviews strong rallies in TON, AVAX, and NEAR, linking each move to a project-specific catalyst or market narrative. It also notes that BTC was near its highs amid substantial spot ETF inflows and a slowdown in outflows from one fund.…
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 overview describes a Python program for retrieving and charting historical funding rates for perpetual contracts on Deribit. Users choose an instrument and date range; the program requests the history in monthly chunks and limits request frequency. The…
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 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 product guide explains linear USDC-margined perpetual contracts and compares them with inverse contracts collateralized in bitcoin. For equivalent positions, it says dollar-denominated profit or loss can match, while settlement currency differs:…
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 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.…
The document explains how limit and market orders execute on a derivatives exchange. A limit order sets a maximum buy price or minimum sell price, protecting the chosen price but leaving execution uncertain. A market order seeks an immediate fill by…
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…
This weekly market recap uses options implied volatility, volatility skew, perpetual swap funding, and futures basis to compare positioning in Bitcoin and Ether. It reports that short-dated implied volatility declined ahead of the Federal Reserve meeting…
This weekly report summarizes BTC and ETH spot, perpetual funding, and options conditions during a volatile period. It describes both assets giving back much of a weekend advance, short-tenor implied volatility rising, and volatility term structures…