On-Chain Perpetuals: The Difference Between Virtual Liquidity and Real Capital
Position size sets dollar PnL. Market structure sets the execution price. Loss-absorbing capital sets which losses can be paid.
Latest posts
Ethereum Charges for Gas Used. Solana Legacy/v0 Prices Requested Compute.
Ethereum settles execution against gas used; Solana legacy/v0 calculates native priority fees from requested compute units.
Pool Turnover Isn’t Execution Cost: Pricing a $50,000 Uniswap v3 Swap
What a fixed-block quote reveals about pool activity, price impact, fees, and slippage tolerance.
What Happened to Treasuries, Bitcoin, and Tokenized Funds After 23 Yen Shocks?
Across 23 large USD/JPY moves, U.S. yields, BTC/ETH, and a tokenized-Treasury allocation proxy moved—but not in a stable, repeatable sequence.
Execution Surplus and Welfare in a Simplified Intent-Auction Game
Solver competition and endogenous participation shape private execution gains and aggregate welfare across batch durations in a simplified intent-auction game.