Analytics
How the derivatives market works and what stands behind each signal.
The Anomaly Killed by Its Own Paper
The Gotobi anomaly in USD/JPY worked for years and stopped right after the paper describing it came out. We measured it before and after on our own data.
Read →What a Tight Spread Hides on Crypto Exchanges
A tight bid-ask spread does not mean cheap execution. What hides behind the best price - order book depth, adverse selection and stale quotes.
Read →Exchange Dislocations: Why Token Prices Diverge
The same token trades at different prices across exchanges. Where the gap comes from, why it is usually a mirage, and what it really says about the market.
Read →Liquidation Cascades: Why Price Rips Through Levels
A liquidation is a forced market order that moves price and triggers the next ones. How a cascade works and where its fuel is visible in advance.
Read →Funding Rate: How to Read Market Skew
Funding is not a fee, it is a payment between traders. How to read positioning and fragility from the rate - and when an extreme is not a signal.
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