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 notice describes changes to contract size, minimum order size, and tick size for Deribit’s Linear USDC perpetual markets, scheduled for 18 August 2026. It lists affected markets and old and new parameters. Several markets receive smaller contract and…
The document explains how USDC collateral changes the experience of trading linear perpetual futures compared with BTC-collateralized inverse contracts. Both contract types can produce the same dollar profit or loss for equivalent BTC exposure, but settle…
This weekly report tracks BTC and ETH derivatives after both spot markets retreated from local highs. It interprets the move as a familiar reduction in leveraged long exposure: futures yields and perpetual funding fell, while options skew shifted toward…
This weekly recap compares BTC and ETH derivatives through futures-implied yields, perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversals. It describes spot prices as range-bound after a recovery, BTC yields as broadly flat, and…
This weekly market recap reviews futures yields, perpetual swap funding, and BTC and ETH options conditions. It reports futures-implied yields near zero across BTC tenors, while ETH’s one-week yield is negative and longer tenors sit slightly above zero.…
This weekly market recap compares Bitcoin and Ether derivatives during a sharp spot sell-off. It describes a larger volatility premium and a more inverted volatility term structure for ETH, while BTC’s front end has flattened less dramatically. Short-dated…
This report reviews how BTC and ETH derivatives responded to a spot-market selloff. Short-dated implied volatility briefly rose above longer-dated volatility, inverting the term structure, before volatility fell. ETH implied volatility remained five to ten…
This weekly market review tracks BTC and ETH futures yields, perpetual swap funding, and options volatility. It reports that annualized yields for both assets rose, reaching levels last seen around the buildup of leverage before BTC’s ETF announcement.…
This weekly report reviews BTC and ETH futures yields, perpetual swap funding, options volatility, and volatility skews. It describes a rebound in spot prices after a selloff, alongside increases in at-the-money implied volatility that did not break the…
This weekly report examines BTC and ETH futures, perpetual swap funding, and options volatility. It describes implied volatility falling in both assets after early-January ETF event risk had passed. Although volatility declined, out-of-the-money call…
This weekly report surveys BTC and ETH derivatives through futures yields, perpetual swap funding, at-the-money implied volatility, volatility surfaces, and SABR skew. It describes futures trading above spot across sub-year tenors for BTC and ETH, alongside…
This weekly report reviews Bitcoin and Ether derivatives during a sharp spot rally followed by some retracement. It tracks three directional indicators—options smile skew, perpetual swap funding, and futures-implied spot yields—and describes each rising with…
This weekly report summarizes BTC and ETH derivatives conditions using futures yields, perpetual swap funding, and options volatility measures. It says spot price swings did not produce a similarly large rise in implied volatility, which stayed within a…
This weekly report surveys BTC and ETH derivatives after a period of weaker funding and shifting options sentiment. It describes rising BTC perpetual funding as a possible return of bullish positioning, while futures-implied yields remain in a broader…
This weekly market report describes a rally in BTC and ETH alongside rising futures-implied yields and elevated perpetual funding, which it interprets as stronger demand for leveraged long exposure. It also reports inverted short-dated implied-volatility…
The document describes adding a token backed by reverse repurchase agreements on U.S. government securities as cross-margin collateral for crypto derivatives. Traders can use it to support positions in several major crypto assets while the collateral earns…
This lesson explains a variable rate cash and carry trade using spot BTC and a short BTC perpetual. The spot holding offsets the perpetual’s directional exposure, while the trade seeks income from funding payments when the perpetual trades above its index…
This weekly snapshot reviews BTC and ETH futures yields, perpetual funding, and options volatility after a price pullback and recovery. It reports that short dated futures yields rose from recent lows, funding stayed positive but modest, and implied…
This weekly market report reviews Bitcoin and Ether derivatives through perpetual funding rates, futures-implied yields, at-the-money implied volatility, and options risk reversals. It also references risk appetite indices and compares volatility surfaces…
This weekly report reviews Bitcoin and Ether derivatives during a spot rally that tested prior highs. It tracks futures-implied yields, perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversals, alongside exchange comparisons and…
The document explains how profit and loss on Deribit inverse futures and perpetuals is calculated in USD but settled in BTC. Because the account uses BTC as collateral, the BTC amount corresponding to a given USD profit depends on the BTCUSD price when the…
This market commentary reviews crypto spot trends, realized and implied volatility, options positioning, and BTC–ETH volatility spreads during a rally to fresh highs. It attributes Bitcoin strength to spot ETF inflows and other institutional demand, while…
This weekly review analyzes a sharp weekend rally in BTC and ETH through options positioning, volatility pricing, and derivatives flows. It explains that dealers holding short gamma may need to adjust hedges as prices rise, potentially amplifying moves,…
The note explains how a trader whose margin is held in BTC can reduce fluctuations in the USD value of that collateral by shorting an inverse BTC perpetual. It illustrates the hedge with a BTC balance valued first at one price and then at a lower price,…