12+ hour, 14+ min ago  (205+ words) In addition to the disclosures provided for each report, our affiliated business, Delphi Ventures, may have investments in assets or protocols identified in this report. Please see here for Ventures" investment disclosures. These disclosures are solely the responsibility of Delphi…...

1+ week, 5+ hour ago  (118+ words) The common critique of equity perps is that funding is expensive, order books are thin, and mark-to-underlying spreads are noisy. Using 22,672 hourly observations across 13 equity perps on Hyperliquid and Lighter, we find these critiques are largely valid today, but structurally…...

1+ mon, 3+ week ago  (86+ words) Tactically, Bitcoin is bouncing off support levels versus gold" " and versus the Nasdaq. This suggests some short-term mean-reversion tailwinds for bitcoin to outperform gold/equities. However, these bounces have been both short and long lived, with the duration being dependent…...