the glitches

structural positions we monitor.

yen carry tradelive

the largest leveraged macro position in the world. when it unwinds, it does not do so quietly.

-> read the full theory
treasury basis tradecoming soon

leveraged funds short treasury futures against long cash bonds. the spread is thin. the leverage is not.

tether / stablecoin liquiditycoming soon

the shadow banking layer of crypto. when redemptions spike, the peg is a suggestion.

vix term structurecoming soon

when the curve inverts, the market is pricing an event it cannot yet name.