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 contrasts the complexity of SPAN, which handles portfolios of options and futures with changing prices and volatility, with the simpler problem of setting margin for a standalone futures position. For that case, it proposes estimating Bitcoin’s…
This document explains how observed trade direction can help estimate a price series less affected by bid–ask bounce. With taker buy and sell signs available, it proposes regressing price changes on changes in trade signs to estimate an effective…
The answer explains leverage in a crypto perpetual contract as a trader posting margin to support a larger notional position. A trader who shorts one contract at a stated price posts half the contract value for 2x leverage, while a counterparty takes the…
This discussion examines whether the funding payment on a crypto perpetual futures contract creates a price move that can be arbitraged. The question compares funding with a dividend: if longs pay shorts at a funding timestamp, a trader might short just…
The guide describes Bitget’s Model Context Protocol server as a connection between compatible AI agents and exchange tools. It outlines access to spot and futures market data, order books, candlesticks, funding rates, account information, position…
The document explains why order-book depth close to the mid-price can matter to intraday and high-frequency strategies with small per-trade targets. It focuses on the amount of resting liquidity within five basis points of mid, arguing that thin near-price…
The document explains Bitget’s H100USDT and B200USDT perpetual contracts, which provide financial exposure to indexed rental prices for NVIDIA H100 and B200 compute capacity. Positions are settled in USDT; traders can go long or short without buying GPUs or…
The document explains how USDT-margined perpetual futures provide leveraged exposure to gold, silver, and PAXG without owning physical metals. It outlines account funding and transfer steps, contract selection, margin modes, order types, long and short…
The article compares Hyperliquid, Lighter, and Aster amid reported growth in decentralized perpetual trading. It highlights trading volume, market share, open interest, and open-interest-to-volume ratios as ways to assess platform position and the character…
The document describes a large trader on Hyperliquid who reportedly built leveraged short positions after profiting during a market decline. It discusses the scale and leverage of those positions, similar bearish bets by other accounts, and the resulting…
The document outlines real-world asset index perpetual contracts that provide exposure to tokenized equities such as Tesla and Nvidia. It describes using an index assembled from multiple issuers, with weights adjusted for factors such as trading volume and…
The article uses an XPL incident on Hyperliquid to discuss how leverage, visible market information, low liquidity, and liquidation mechanics can interact. It says an attacker used information about liquidation levels and the platform’s liquidation process…
The article describes a Bitcoin and Ethereum trader reported to have opened large leveraged short positions ahead of a market decline associated with a tariff announcement. It says blockchain analytics attributed nearly $100 million in total profits to the…
The article surveys dYdX’s evolution from an Ethereum Layer 2 using StarkWare’s StarkEx to a standalone Layer 1 built with the Cosmos SDK and CometBFT. It notes the chain’s launch and migration from the ERC-20 ethDYDX token to native DYDX, describing…
The document introduces Hyperliquid as a decentralized exchange built on its own Layer-1 blockchain, with on-chain order books and a focus on perpetual futures. It describes HyperBFT as the consensus mechanism and HyperEVM as a route to Ethereum application…
The document describes Aster’s reported growth through user acquisition, trading volume, total value locked, and fee revenue, then outlines mechanisms intended to attract activity. These include points for trading, rewards for referrals, and yield-bearing…
The article discusses how large positions on Hyperliquid, a decentralized perpetual exchange, may influence trader sentiment. Its central example is a reported Ethereum short position valued at $9.9 million and opened with 25x leverage. It connects this…
The document explains protocol revenue as income generated through fees and token mechanisms, then uses Hyperliquid as an example of a decentralized perpetuals exchange. It attributes the platform’s operating model to an on-chain order book, a small…
The document compares OKX’s X-Perps with standard perpetual futures. X-Perps reference a multi-venue crypto index, charge or credit funding at eight-hour intervals, and have a fixed settlement date five years after issuance. They permit long and short…
The article discusses ASTER’s price rise alongside the reported growth of Aster’s decentralized exchange, which offers spot and perpetual trading. It points to trading activity, liquidity, total value locked, and public endorsements as possible drivers of…
The article uses several Hyperliquid trader examples to illustrate how leverage can magnify both gains and losses. It describes a Bitcoin position liquidated after using 40x leverage, contrasts that with a reported winning streak and profits from a more…
The document explains crypto expiry futures as derivative contracts with a fixed settlement date and contrasts them with perpetual swaps, which have no expiry and can incur periodic funding fees. It describes expiry futures as potentially useful for…
The guide explains how long and short derivative positions respond to price movements. A long gains when the underlying price rises, while a short gains when it falls; the short can also hedge an existing spot holding. It contrasts these positions with spot…
The document discusses reported leveraged positions and accumulation among Bitcoin and Ethereum whales, using wallet counts, large long positions, price moves, and exchange leverage estimates as evidence of changing market participation. It also describes…