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.
3,101 documents
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…
The announcement describes Deribit’s addition of Pax Gold (PAXG), a token backed by physical gold held in custody, to its trading platform. Available products include spot, perpetual futures, dated futures, and options. The stated use cases include taking…
This analysis examines how BTC/USD spot markets changed over Bitcoin’s first decade, focusing on efficiency, liquidity, volatility, and similarities to foreign exchange. It describes how professional arbitrage firms and faster fiat transfers narrowed…
The commentary describes the rapid growth of PYUSD supply on Solana after the stablecoin expanded beyond Ethereum. It attributes much of the increase to lending and trading incentives on Solana protocols, and contrasts the ecosystem’s response with an…
The article walks through a bitcoin cash-and-carry trade: buy BTC in the spot market, short a similarly sized futures position, then close the futures short and sell the BTC when the futures premium has narrowed. The paired positions are intended to reduce…
The article explains Deribit’s USDC reward arrangement, which relies on Coinbase custody and Coinbase’s reward payments. Eligibility depends on a user’s jurisdiction and, for corporate users, both incorporation and principal business locations. The platform…
This market review examines the decline in Bitcoin and Ether volatility through May 2023. It compares one-month at-the-money option implied volatility with realised volatility calculated from hourly returns, and relates both measures to spot trading volume.…
This commentary explains Bitcoin dominance as Bitcoin’s market capitalization relative to the broader crypto market and compares it with Bitcoin’s capitalization ratio against Ether and other altcoins. It describes a longer period of Bitcoin gaining relative…
The document explains basic call and put payoffs, then applies them to two strategies for TRX holders. Buying puts alongside spot can set a lower effective floor while retaining gains if TRX rises. Selling calls against spot collects premium and lowers the…
This guide explains why dated futures prices tend to converge toward spot as expiration approaches and how traders can capture a futures premium with a cash-and-carry position. Its example pairs a spot Bitcoin purchase with a short futures position,…
This market commentary considers how Bitcoin’s approach to a previous all-time high could affect crypto assets. It cites four earlier occasions when Bitcoin came within 10% of that high; in each, price later moved above it, and three reached the prior level…
The article examines whether Bitcoin’s historical pattern of sharp rallies and collapses followed by renewed growth may be weakening. It attributes the earlier cycle to three influences: supply changes around halvings, global liquidity movements, and…
The commentary examines Bitcoin’s narrow trading range after a sharp decline and the resulting change in volatility. It compares recent realized volatility with earlier periods of greater price movement, noting that realized volatility has eased while…
The commentary examines TUSD trading away from its dollar peg and describes how traders used Aave borrowing to establish short positions. They borrowed TUSD, sold it on centralized or decentralized exchanges, and could later buy it back at a lower price to…
This podcast synopsis presents Joe Bryan’s argument that fiat money creation can weaken purchasing power and encourage short-term decision-making. He contrasts state-controlled money with Bitcoin’s fixed supply rules, energy-backed issuance, and ability to…
This podcast discussion reviews Bitcoin’s rebound after a 35% correction and considers why the downturn felt severe. The guest points to short-term holders being underwater, older large holders distributing, enthusiasm for treasury companies fading, and a…
The research compares Uniswap v3 market depth with that of major centralized exchanges for ETH pairs and selected stablecoin pairs. It reports that Uniswap v3 had greater reported liquidity for ETH/USD, ETH/BTC, and ETH/mid-cap pairs, as well as for…
The document presents arguments for how the GENIUS Act should be implemented. It says the statute bars stablecoin issuers from directly paying yield or interest to holders but does not impose the same restriction on affiliates. The authors argue that…
Paradigm argues that CFTC rules for listing spot crypto assets on designated contract markets should also protect access to decentralized finance protocols. It describes DeFi trading as peer-to-peer activity in which users retain custody and interact with…
The document explains US securities registration routes for token offerings, including public offering forms and ongoing reporting duties. It argues that registration is not a single filing: issuers must address SEC comments, disclose financial and other…
This document summarizes Paradigm’s amicus brief in the SEC’s case against Bittrex. Its central legal argument is that the SEC’s authority over fundraising transactions involving tokens does not automatically extend to later secondary-market trades in those…
This poll report examines crypto ownership, Bitcoin spot ETF interest, and crypto policy attitudes among 1,000 registered US voters surveyed online from February 28 to March 4, 2024. It reports differences by party, age, race and ethnicity, education, and…
The paper proposes evaluating Bitcoin through the functions and properties of money rather than relying only on conventional asset-class frameworks. It compares gold, fiat currency, and Bitcoin as competing monetary assets, considering scarcity, portability,…
The document introduces the Rainbow Network as a design for an off-chain, non-custodial exchange and payment system. It proposes supporting synthetic versions of assets when counterparties can agree on a price oracle, allowing users to trade, borrow, lend,…