This series collects research notes and technical papers connecting fintech, quantitative modeling and economic incentives.
Crypto projects can react in near real time to market conditions, selling into rallies more aggressively than public companies. The projects that do this the most, underperform relative to their peers.
Stocks have a well-known reversal cycle, but it takes years. Crypto has the same pattern, but it runs in weeks.
Cryptocurrency returns move inversely to the profitability factor in equities.
How funding, basis and liquidity interact across perpetual and dated futures venues, and what that implies for the design of on-chain derivatives.
Mapping binary prediction-market payoffs onto options structures, and the arbitrage that closes the gap between the two venues.
A risk framework for parameterizing collateral factors and liquidation thresholds in on-chain lending markets under correlated stress.
Agentic applications with higher tolerance for unpredictability, like entertainment, sales and crypto, should proliferate early.
A review of industry margin practice across brokerages, exchanges and crypto platforms. CVAR-based margining performs overwhelmingly better than the industry standards.
New financial workflows exploit the modularization of trust.
A fast, reliable method for obtaining implied volatility surfaces for assets without live options markets, from the features of comparable markets and observable underlying dynamics.
Programmable blockchains allow for rapid experimentation through a large cross section of applications.
Stablecoins are like depository institutions.
Blockchains evolve best the Burkean way — keeping the institutional components that work and augmenting them, rather than rebuilding from scratch.
