Research
Selected writing on market structure, execution and model validation. Written for practitioners; no positions, no recommendations.
How perpetual funding rates co-move across venues, and what the dispersion says about where leverage sits.
Where speed still pays in digital-asset markets, and where queue position matters more than the wire.
Why out-of-sample is not enough: capacity, decay and regime tests we run before a signal trades.
Separating treasury from trading: approval thresholds, address allow-lists and the audit trail behind them.
Fitting slippage and queue models per venue, and why borrowed cost curves mislead a backtest.
Rules that would have been available at the time, and how we test them against the ones that would not.