Kirk is out, Picard is in. It's time for the next generation. Welcome to the Quantitative Trading Neolab.
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I just tried chase orders on another perp dex for the first time, trying to buy an extremely illiquid coin. For similar reasons I guess they may become useful on long-tail equities on QFEX. Does anyone have any opinions on them?
We would probably implement with optional diming, and also not on the browser side, so they would stay persistent even when you close down the browser session. If anyone has any strong thoughts on chase orders UX, DM me.
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Recently I posted about Managed Accounts, the mid-frequency strategy we’ve been running on QFEX for our team members and early VIPs. We’re now opening a waitlist to a wider audience.
We run a systematic, market-neutral strategy trained with the latest AI foundation models. Our models look at momentum, volatility and relationships across markets to decide what to buy, what to short and how much to allocate to each position.
The book is then balanced to target zero net exposure and zero equity market beta. Out-of-sample APY is 29.6% (net of fees), with a Sharpe ratio of 3.01.
Your collateral stays in your own QFEX account, positions are visible in real time, and there’s no lock-up.
The video explains more about how it works.
If you’re already registered on QFEX, you can now join the waitlist. Link in the comments.
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More on the strategy and join the waitlist: qfex.com/managed
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Heading back from a great trip to San Francisco. Something that invariably came up was the curious proliferation of 'trading neolabs' trying to cash in on the bubble in venture capital now.
While I've written on this topic before, I mostly think this is not a venture-type business.
Quant trading firms are some of the most profitable businesses out there, BUT a trading strategy is not a 'product'.
It does not benefit from the magic of sticky retention, viral word-of-mouth referrals, or annual recurring contracts.
Systematic strategies have practically no moat at all, other than non-competes and regulatory capture. They are easily ported firm-to-firm and die quickly if not constantly adapted. Like Sisyphus, the systematic PM is confined to pushing a rock up a hill.
Also, dare I say it, the TAM of systematic trading is not that high compared to most big software verticals. Even within the world of trading, fully systematic strategies account for a relatively small fraction of pnl. I recall digging into Citadel's commodities business (almost entirely discretionary) when I was interviewing there and the numbers were jaw-dropping to someone coming from HFT.
The most scarce skill quants have is that of fitting massive models on (relatively) small data. Unlike in eg weather prediction, market data cannot simply be 'generated' by eg numerical solutions of PDEs; it is capped by time.
I am sure there are problems these skills can be applied to. Cancer research just popped into my mind (limited # of cancer patients). Fellow ex-quants, please spend your time here! An industry with real TAM.
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Market making isn't about predicting where the price goes next.
It's about figuring out what something is worth right now.
Part 2 of the HFT series. Enjoy!
research.qfex.com/p/fair-val…
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can’t wait to hit the decks with my friend @CalvinHarris
at risk of topping the markets, i'm elated to announce @QFEX and I are hosting a yacht party for all traders, founders and friends!!
let's
fucking
go.
luma.com/cnlqhmkm
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.@flb_xyz has been contributing with product feedback and community requests for over 6 months. Super excited to finally have him on the team. Welcome!!
I'm quitting perps.
The time has come for me to shift efforts from perp-trading on 20+ platforms to put my knowledge and experience into growing one.
I'm excited to announce that I am joining @QFEX to develop the future of RWA perps
This feels like the perfect time to go all-in on RWAs whether it is in memecoins and the rise of projects like Pons/Stonk or perps or yield products or anything else
I think perps are one of the product sectors that stand to gain the most due to factors like 24/7 trading, the rise of institutional adoption globally, and the opportunity for people with crypto to diversify holdings without offramping. There will be multiple winners and I believe it will be positive-sum due to the growing pie of on-chain trading volume.
That being said, I think QFEX stands to be an industry leader given the team's background at quant shops like Citadel, the live offerings, the pace at which the team ships/implements feedback, and even the finer details such as investment from Paul Graham (one of Silicon Valley's legendary investors and founder of YC)
Enough talk though, time to grind. Feel free to comment or DM me with any questions or to get early access to QFEX
Here are some FCFS invite codes:
FT72C9SZ
C4E4J0WB
317QST6S
8PH8VV5G
HQ07FNWD
SFTYN9VC
4Q3F8G0T
5KGRZQKW
4SMD5NG5
MD1B8B8H
HR2D1BJJ
DJXCT9RE
S7S0PASG
SMTSPRWE
AX4NN37K
ZMBYFHP3
9EMVZMV0
3ZFZGA33
9EEDJK4W
A5DQRE8H
TCAMFZBE
PAQ259BT
AKP4MZCV
TDYDF0M7
DHQW7XFP
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First time the founder of one of our listings has used us for price discovery!
Weekend price action of equity perps on @stablecoin_x’s $USDE looking nice.
Courtesy of @Lighter_xyz & @QFEX
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