Directional confluence book
Reason: structurally negative; the conviction score measured anti-predictive
A crypto research desk · paper only
One person’s research project. Every book trades on paper against live prices, gets measured, and closes when it does not pay. Two of the three books are closed; the wall below keeps them, cohort by cohort.
Live · the one book still running
Hyperliquid funding carry, on paper. Each trace is one coin’s funding, hour by hour, over the last 30 days.
Source: the desk’s carry tracker, one record an hour, read live from the desk. Gaps are hours with no record. A coin whose last 7 days pay under 7 bps is closed by the tracker. Paper positions on a single operator’s own account, never real capital.
The memory wall
Odin keeps two ravens: Hugin for thought, Munin for memory. The sagas have him fear more for Munin. This is the memory.
A book is one strategy traded on its own paper account. The directional book ran as 3 cohorts before it closed; the same count is on the desk’s memory wall.

Reason: structurally negative; the conviction score measured anti-predictive
Reason: no measurable edge
Reason: the +1.2% headline was a daemon outage
Reason: structurally negative payoff. 40% win rate against the 57.4% it needed.
Reason: the spread does not clear the fees, structurally
Run 2 on paper since 2026-10-17, hourly on the desk.
The Munin margin
The book stays closed absent new structural evidence. A parameter set that backtests better does not count as evidence — that is the mistake the +1.2% headline came from.
Still running
Short the Hyperliquid perpetual, hold the spot leg, collect the funding difference. Delta-neutral, so the part that failed — predicting direction — is not involved.
Cost basis: taker fees plus 5 basis points of assumed slippage on every leg, every side, amortized over a 30-day hold. The one order-book walk in our data measured 0.5–2.9bps at this clip size on a calm day, so 5bps sits above what we have seen — and the Binance spot legs have never been measured at all. These figures were 6.4–7.7% before slippage entered the model; that earlier version was an upper bound and is what this page showed until 2026-08-13. LDO at 3.9% now sits below the 4.5% net APR the desk requires before a position is considered for capital, so on its own expectation it no longer qualifies. Paper positions on a single operator’s own account, never real capital.
How the desk works
The pipeline runs and the ingestion works. What it produced is what closed the book.
Public Crypto Twitter, Telegram channels and on-chain flows land in one stream. This part still runs.
Related mentions are grouped and de-duplicated, sources weighted, each cluster scored with its sources kept. The score measured anti-predictive, so it gates nothing now.
Everything trades on paper against live prices, with taker fees and slippage modelled. No real capital, ever.
A cohort clears its breakeven win rate or it closes. Three did not. A fourth result that looked good turned out to be an outage, and was thrown out too.
Access
One person’s research project. No plans, no accounts, no checkout — the pricing page that used to sit here described a purchase path that was never built.
The desk interface. The carry paper test reads live from the tracker: run 2, started 2026-10-17, one record an hour, paper positions only. The pages of the closed directional book are an archive on labelled sample data. No account, and nothing here places an order.
Open the deskHow the directional book was measured and why it closed, and how the funding-carry forward-test is run. Including the results that did not work.
Read the write-upsNo capital is managed for anyone and no real capital has ever been deployed. Every strategy described here was traded on paper. Nothing on this site is financial advice.