insights
research, theory, and terminology.
the vol surface is lying to you
implied volatility across tenors is painting a picture of calm. the skew says otherwise.
-> readwhen gamma flips, everything flips
dealer gamma exposure determines whether markets self-correct or self-destruct. here is how to read it.
-> readwhat is a carry trade?
borrowing in a low-rate currency to invest in a high-rate asset. simple in theory, catastrophic in unwind.
-> readcrowding and the illusion of liquidity
when everyone holds the same position, exit capacity collapses. this is how it looks in the data.
-> readcomposite score methodology
how we weight positioning, volatility, credit, and liquidity into a single reading.
-> readthe basis trade is the new carry trade
leveraged treasury basis positions now rival the yen carry in systemic importance.
-> read