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 describes planned changes to portfolio margin treatment and collateral haircuts. In cross portfolio margin accounts, stETH is placed in ETH’s risk bucket and may offset ETH derivative exposure, with a reduced haircut to account for possible…
This weekly report describes deteriorating risk appetite across BTC and ETH after a broad risk-off move. It compares three derivatives signals: perpetual funding, futures-implied yields, and options volatility skew. ETH perpetual funding reached its most…
This weekly market recap links a sharp spot correction to the unwinding of leveraged long positions in BTC and ETH derivatives. It tracks futures-implied yields moving toward zero as futures prices converge toward spot, and perpetual funding rates moderating…
This weekly report surveys BTC and ETH derivatives after a post-election rally. It interprets futures yields, perpetual funding, option skew, and at-the-money implied volatility as indicators of stronger bullish sentiment. According to the report, yields and…
This weekly report tracks crypto derivatives indicators around a rising-volatility period and a higher-than-expected US inflation reading. It describes how option volatility smiles shifted toward out-of-the-money calls, futures-implied yields rose to levels…
This educational overview explains how an exchange’s margin and liquidation process interacts with an insurance fund. Maintenance margin supports leveraged positions; if a trader is liquidated, the exchange transfers the position, and the insurance fund is…
This weekly report summarizes crypto derivatives conditions for Bitcoin and Ether through futures yields, perpetual swap funding, at-the-money implied volatility, and options risk reversals. It describes a pullback and recovery in spot prices alongside…
This article explains quanto derivatives, whose underlying exposure is linked to one asset while settlement and collateral use another. Using bitcoin-margined ETH and XRP perpetual swaps, it shows how the fixed contract multiplier makes the position’s value…
This weekly report reviews BTC and ETH derivatives as crypto prices weakened against steadier US risk-on equities. It describes BTC breaking below a previously observed support level, declining sentiment, deeply negative BTC perpetual funding, and volatility…
This weekly recap surveys derivatives indicators for Bitcoin and Ether during a period of sideways spot trading. It reports that futures yields declined to their lowest levels of 2025 and that Bitcoin funding remained well below its mid-January highs. Ether…
This commentary examines a divergence in crypto derivatives: ETH perpetual swap funding was strongly positive over the reported week, while BTC funding stayed near zero. Funding is a recurring payment between long and short positions intended to keep a…
This weekly analytics recap summarizes bitcoin and ether futures yields, perpetual swap funding, option volatility, risk reversals, and volatility surfaces. Futures yields were positive across maturities, with shorter bitcoin tenors showing higher annualized…
This weekly recap links a strong rally in Bitcoin and Ether spot prices with changes in derivatives positioning. It describes rising futures-implied yields, elevated perpetual funding, and options skew shifting toward out-of-the-money calls. The report…
This weekly market recap interprets futures yields, perpetual swap funding, and options data for Bitcoin and Ether. It reports that both assets had bounced from range lows and were trading near the middle of their recent ranges, while funding stayed around…
This commentary tracks how a spot-market selloff affected indicators of bullish demand in BTC and ETH perpetual swaps and futures. It reports that perpetual funding turned sharply negative during the selloff, then returned to positive but muted levels. BTC…
This announcement describes Mercury Digital Assets’ integration with Deribit through its BEACON platform and API. The connection gives professional and institutional traders access to bitcoin and ethereum options, futures, and perpetual swaps. The platform…
This exchange update describes changes to Deribit’s perpetual swap, including a maximum leverage increase to 100x and an increase in the liquidation fee from 0.10% to 0.15%. It explains leverage as exposure relative to account funds, after trading fees, and…
This weekly market recap interprets Bitcoin and Ether derivatives alongside a spot-price rebound. It tracks futures-implied yields, perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversals. The report describes rising futures…
This weekly snapshot reviews Bitcoin and Ether futures yields, perpetual funding, options implied volatility, volatility surfaces, and put-call skew. It reports that annualized futures yields for both assets were near zero, while perpetual contracts traded…
The commentary links a sharp crypto correction to crowded Bitcoin perpetual futures positioning and describes how liquidations affected realized volatility, implied volatility, term structure, and option skew. It reports increased front-end downside…
The article builds a bullish crypto market thesis from a set of contemporaneous signals: easier expected U.S. monetary conditions, improving macro data, ETF-related announcements, rising stablecoin issuance, and technical indicators. It argues that Bitcoin’s…
This report reviews Bitcoin and Ether derivatives after a sharp spot-market selloff. It describes futures-implied yields falling as futures prices moved below spot, and Bitcoin perpetual funding turning negative after a prolonged positive period. Ether…
This weekly report compares Bitcoin and Ether futures, perpetual swap funding, and options as an expected January ETF date approached. Its key observation is that short-dated volatility and skew began to diverge: Bitcoin’s at-the-money volatility term…
This weekly recap compares BTC and ETH futures, perpetual swap funding, and options after a spot selloff. It reports that futures yields briefly fell at short maturities before recovering, while perpetual funding remained positive, indicating that traders…