Derivatives’ Disparities: Surveying the Bitcoin Perpetual Swap Market (Full Length)

By |2021-02-05T22:31:33-05:00August 4, 2020|Karim Helmy, Original Research|

Key Takeaways The derivatives market is fragmented and contract terms differ dramatically across exchanges. The quality of documentation in the space varies. We analyzed how each exchange structures their perpetual swaps, which are a type of derivative that approximates the [...]

When Markets Misalign: Mispricings and Reference Rates

By |2021-02-05T14:26:46-05:00July 7, 2020|Karim Helmy, State of the Network|

Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader error. These dislocations are aggravated by market inefficiencies that may prevent arbitrage. While market dislocations are particularly common for small exchanges and [...]

When Markets Misalign: Mispricings and Reference Rates (Full Length)

By |2021-03-03T02:01:50-05:00July 7, 2020|Karim Helmy, Original Research|

Key Takeaways Price discrepancies between exchanges can emerge for a variety of reasons, including market manipulation, exchange downtime, and trader error. These dislocations are aggravated by market inefficiencies that may prevent arbitrage. While market dislocations are particularly common for small [...]

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