Max

Max

Position

Head of Content

Education

B.A.&M.A. Stanford University

Expertise

Crypto project marketer, Analyticts, Investing

Marketer of QuickShock — crypto marketing agency
Marketer and Content creator for ArbitrageScanner
Head of Content of ArbitrageScanner

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Articles from Max

Bitcoin a year after the 126 thousand peak: what has changed for arbitrage

#Research and Analysis

Bitcoin a year after the 126 thousand peak: what has changed for arbitrage

A year ago bitcoin was 126 thousand, now about 86. We look at what a year after the record changed for liquidity, spreads and an arbitrageur's work.

Tokenized assets lead the gainers: where to find spreads in RWA

#Research and Analysis

Tokenized assets lead the gainers: where to find spreads in RWA

The RWA market has grown to 38 billion, and single tokens rise tens of percent a day. We look at where spreads appear in tokenized assets and where the risk sits.

Funding rose to 6.6% a year: a strong long bias and a trade on the skew

#Earning Strategy

Funding rose to 6.6% a year: a strong long bias and a trade on the skew

Bitcoin funding climbed from 2.4 to 6.6 percent a year - longs lead again. We look at what the high rate means and how to build a neutral trade on it.

Ethereum prepares Glamsterdam: testnet on October 6, a triple gas limit and what it means for spreads

Ethereum prepares Glamsterdam: testnet on October 6, a triple gas limit and what it means for spreads

The Ethereum Glamsterdam upgrade hits testnet on October 6: the gas limit nearly triples and fees fall. We look at what changes and how it ties into arbitrage.

Strategy under a funding test: what is happening to the largest bitcoin treasury

Strategy under a funding test: what is happening to the largest bitcoin treasury

Strategy's premium to its bitcoin has nearly vanished: mNAV is around 1.06. We look at how that changes the model of the largest bitcoin treasury and why it matters.

First outflow from bitcoin ETFs in October: the inflow streak broke, what it means for basis

#Research and Analysis

First outflow from bitcoin ETFs in October: the inflow streak broke, what it means for basis

On October 5 US spot bitcoin funds saw their first October outflow of 89.9 million. We look at what the shift from inflow to outflow means for books and basis.

The week one exchange lost money and another closed: what to take away

The week one exchange lost money and another closed: what to take away

Two reminders in a row, different in nature and identical in meaning for anyone who keeps money on exchanges. Four lessons and what to do with them.

Counterparty risk in arbitrage: how to spread money between exchanges

#Earning Strategy

Counterparty risk in arbitrage: how to spread money between exchanges

This risk is not visible in the order book and does not fit into a return calculation, yet it can wipe out a year of work in a single evening.

Stablecoins move $105B a day: what that figure means for settlement and spreads

#Research and Analysis

Stablecoins move $105B a day: what that figure means for settlement and spreads

Turnover matters more than capitalisation, because it shows the part of the mass that actually moves. And why growing turnover closes old windows.

Where liquidity goes when an exchange closes: a breakdown using a departed venue

#Research and Analysis

Where liquidity goes when an exchange closes: a breakdown using a departed venue

The money does not vanish. It flows to other venues extremely unevenly, and those flows create the most durable gaps you will find on the market.

$3.8B of inflows and sharp reversals: what bitcoin fund flows tell an arbitrageur

#Research and Analysis

$3.8B of inflows and sharp reversals: what bitcoin fund flows tell an arbitrageur

Fund flows stopped being a thermometer of sentiment long ago. Neutral capital runs through them, arriving for a gap and leaving when the gap goes.

Why private coins have the widest spreads of all and how to work with that

#Earning Strategy

Why private coins have the widest spreads of all and how to work with that

The gap here does not collapse in seconds but holds for hours. The reason is the absence of the people whose job is levelling prices between exchanges.

THORChain launched native Monero swaps: a private coin with no wrappers and no intermediaries

THORChain launched native Monero swaps: a private coin with no wrappers and no intermediaries

Getting into a private coin is easy and getting out is hard, and the whole price gap lived on that friction. A direct swap closes the old hole.

A $1.2B HYPE unlock: how to work around a large token release

#Earning Strategy

A $1.2B HYPE unlock: how to work around a large token release

The date is published and the volume is counted, yet the market still fails to price it in calmly. Where the quiet money sits around a large unlock.

The exchange froze withdrawals: what an arbitrageur does in the first hours

#Earning Strategy

The exchange froze withdrawals: what an arbitrageur does in the first hours

Panic costs more than the freeze itself. Five steps in the right order, from the second leg to the margin, and the trap that eats the most money.

A $464M user protection fund: how exchanges cover holes and whether to believe it

#Research and Analysis

A $464M user protection fund: how exchanges cover holes and whether to believe it

A venue fund is not insurance but a voluntary reserve the exchange itself controls. Three things worth checking before you move working capital there.

NYSE and Blockchain.com are discussing round-the-clock stock trading: the market wants no weekends

#Research and Analysis

NYSE and Blockchain.com are discussing round-the-clock stock trading: the market wants no weekends

The world's main equity venue admits its own trading schedule is obsolete. What tokenised shares change for arbitrage and where the first gaps appear.

How Bitget was actually breached: forged transfers and 7,111 ETH in six minutes

How Bitget was actually breached: forged transfers and 7,111 ETH in six minutes

The keys were never stolen. The attacker forged a withdrawal instruction inside the backend, and the exchange sent the money out with its own hands.

BitMEX has closed for good: the venue that invented the perpetual future is gone

BitMEX has closed for good: the venue that invented the perpetual future is gone

No hack, no scandal, just a shutdown notice. The venue that built the perpetual future left quietly, and its legacy has comfortably outlived it.

SoFi and Mastercard launch stablecoin settlement: the payment rails are changing quietly

SoFi and Mastercard launch stablecoin settlement: the payment rails are changing quietly

A stablecoin is moving from the trader's toolkit into ordinary payment infrastructure. What that changes for arbitrage and where the premiums shrink.

Bitget lost $351.6M from hot wallets: what it means for arbitrage

Bitget lost $351.6M from hot wallets: what it means for arbitrage

The breach hit the backend, not the cryptography: 183 million dollars left the hot wallets in an hour. Why events like this hurt arbitrage most.

An arbitrageur's checklist for a rising market: what breaks specifically on rallies

#Earning Strategy

An arbitrageur's checklist for a rising market: what breaks specifically on rallies

A green market gives more opportunities and more ways to ruin them. Six checks before every trade: size, route, margin, thresholds, lifetime and the exit.

Zcash added more than forty percent in a session: how to work a sharp move in one coin

Zcash added more than forty percent in a session: how to work a sharp move in one coin

A Grayscale spot-fund filing pushed Zcash above 860 dollars in one session. We break down the three windows that open after a move like that.

Why spreads widen on a rising market and how to use it

#Earning Strategy

Why spreads widen on a rising market and how to use it

Bitcoin ran from 58 to 80 thousand dollars and price gaps between venues widened with it. We break down the mechanics and what breaks at execution.