Reports & strategy notes
Public-facing research across alpha, strategies, market structure, and risk. New posts shipped weekly via The Alpha Letter.
Range Design for Concentrated Liquidity: The Math Behind Tighter Spreads
Why narrow ranges look great on a backtest and bleed in production. A practical framework for picking ranges that actually clear gas, IL, and adverse selection.
Vault Economics: Who Actually Earns on an Auto-Compounder
A walk through the unit economics of LP vaults — manager fees, rebalance cadence, performance shares — and the conditions under which a vault beats running a position yourself.
BASE Liquidity: State of Play, April 2026
A field report on where capital is sticky on BASE, how Aerodrome's CL pools are pricing risk, and the segments where retail LPs are still leaving money on the table.
Fee/IL Coverage: A Mental Model for LP Profitability
Stop reading APR in isolation. The single ratio that tells you whether your position is actually compounding — and how to compute it in a spreadsheet you'll actually update.