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 report reviews a sharp crypto deleveraging episode and its effects on market liquidity, derivatives positioning, and onchain lending. It describes a liquidation cascade followed by persistent selling, negative funding in many tokens, put-heavy options…
This market update explains how optimism around a July 2024 event coincided with a sharp increase in Bitcoin's front-month futures basis. The basis compares futures prices with spot and can support a delta-neutral cash-and-carry position: buy BTC in the spot…
The report analyzes an August 2023 Bitcoin selloff through futures positioning, trading activity, price levels, and on-chain holder data. It describes a rapid decline that liquidated about $2.75 billion in futures open interest, with low exchange volumes…
The commentary explains how October's rise in Bitcoin coincided with a sharp increase and subsequent easing in front-month futures basis. A higher basis reflects stronger demand for leverage and can support a cash-and-carry trade: buy spot BTC and sell…
This report reviews crypto-collateralized lending and futures activity in Q4 2025, emphasizing the different responses of on-chain and centralized finance (CeFi) lending to a major liquidation event. The analysis finds that on-chain borrowing contracted as…
This report argues that digital asset treasury companies holding proof-of-stake tokens need recurring operating income in addition to token appreciation. It frames the business case as profit from token gains, staking, maximal extractable value, DeFi…
This market commentary connects Federal Reserve easing, derivatives positioning, and DeFi lending conditions. It describes how lower borrowing costs and stronger futures basis coincided with rising demand for leveraged exposure, then contrasts that calmer…
The note estimates potential selling pressure when Ethereum’s Shanghai upgrade enables withdrawals of staked ETH and accumulated validator rewards. It distinguishes partial withdrawals of rewards from full withdrawals of principal and explains that full…
This project outlines a statistical arbitrage approach to trading cryptocurrency perpetual contracts on Binance. It screens contract price series for stationarity and cointegration, then forms a spread between a selected pair and uses deviations from the…
The article presents a rebalancing method for Bitcoin and USDT. It starts with roughly equal values in each asset, then uses price moves to adjust holdings: buy Bitcoin after declines and sell some after rises, aiming to keep the two sides near equal value.…
These release notes describe Hummingbot version 1.0.0, with changes to exchange connectivity and Avellaneda market making. Binance spot and perpetual connectors were refactored in pure Python, moved away from a third-party Binance library, adopted shared…
This episode recap discusses crypto market structure, macroeconomic themes, and options positioning across Bitcoin, Ethereum, and Solana. It describes subdued sentiment alongside recovering prices, contrasts crypto with equities and gold, and presents the…
These release notes describe trading and infrastructure changes in Hummingbot 2.11. They highlight Condor, a Telegram interface for monitoring bots, viewing portfolio information, placing exchange orders, executing decentralized swaps, and managing…
This weekly digital asset report combines price and volume changes with derivatives positioning, orderbook liquidity, institutional flows, stablecoin supply, and DeFi activity. It interprets the reported pullback as consolidation after a rally: open interest…
The guide explains Hyperliquid vaults as pooled trading accounts whose depositors share in the vault’s profits and losses. It describes the HLP vault’s market-making role and outlines how a leader can create a vault, connect Hummingbot to it, and run a…
This document explains Hyperliquid’s perpetual contracts and recurring outcome products. Perpetuals have no expiry and use hourly funding payments to help align contract prices with spot. Most are linear contracts with USDC collateral and USDT-denominated…
This tutorial describes a short-term order book imbalance strategy for a gold perpetual contract. It uses CME gold futures best bid and ask quotes as a proxy for the exchange contract, then triggers fill-or-kill orders toward the thinner side when the bid…
The report interprets a 57-day crypto market selloff as a derivatives deleveraging event rather than clear evidence that bullish sentiment had ended. It describes how falling prices can trigger maintenance-margin liquidations, whose market orders push prices…
The document demonstrates use of a trading platform integration with Deribit futures. Its examples select a contract, retrieve account and ticker information, set trade direction, place buy and sell orders, inspect positions and open orders, and cancel…
This tutorial explains dynamic delta hedging for cryptocurrency options, using Deribit options and perpetual futures as its example. It introduces delta, gamma, theta, and vega, then describes offsetting an option position’s changing delta with futures. For…
This strategy monitors the price difference between a spot market and a perpetual derivatives market. When the spread reaches a configured opening threshold, it places a spot order and opens an opposing perpetual position. It then watches the spread and…
This report surveys crypto spot and derivatives activity amid exchange security incidents, regulatory changes, and macroeconomic volatility in early 2025. It discusses exchange trading volumes, futures and perpetual contract activity, funding rates,…
This market snapshot interprets a sharp crypto selloff using spot prices and volume alongside derivatives positioning, exchange traded fund flows, stablecoin supply, order book depth, and spreads. It frames falling open interest and negative funding as…
The document explains how Hummingbot connectors provide a common interface to exchanges that use central limit order books. The interface covers order placement and cancellation as well as order book data, while exchange-specific code handles differences…