Research · Measurement · Commentary
Short-form notes on crypto-derivatives microstructure.
Measurement first; opinion second. These are internal notes cleaned up for publication — honest about what we looked at, what we found, and what we did not measure. Written for practitioners.
- 10 min readLatencyMicrostructure
Cross-venue L1 latency from Railway SG, US-East, US-West
What a five-minute, three-region measurement across eleven venues says about cross-reference feed selection for a perp-DEX market-making operation.
Read → - 8 min readExecutionPerpetuals
Perp DEX spread feasibility: tick-floor microstructure across three venues
L1 spread measurements on Aster, GRVT, and Bluefin, and the difference between a venue where retail market making is economically possible and one where it isn't.
Read → - 7 min readEconomicsPerpetuals
Retail market making economics on modern perp DEXs
Why modern perp DEXs are structurally engineered to tax API market makers, and what that means for retail-scale operators.
Read →
Published pieces are redacted of strategy-sensitive detail.
Ask directly if you want the underlying methodology discussed.