QFEX Research

A Deep Dive into CLOB Microstructure

Beyond Price-Time Priority

Dec 2, 2025 • Annanay Kapila

10

October 2025

Perp Problems When The Underlying is Closed

Some discussion around the paper Non-Arbitrage Conditions for Perpetual Forwards by Jez (@izebel_eth)

Oct 30, 2025 • Annanay Kapila

3

The Arbitrageurs’ Market Maker

Beware the narratives - AMMs are a delight for arbitrageurs, and a sinister way to extract money from unwilling supporters.

Oct 28, 2025 • Annanay Kapila

September 2025

Perps for the People

Institutions have been trading perps long before crypto existed - through swaps.

Sep 9, 2025 • Annanay Kapila

3

How to Move $trillions

All quiet on the trading floor...

Sep 8, 2025 • Annanay Kapila

5

Tokenized Equities (Here We Go Again)

Seemingly every week, yet another protocol announces they are putting equities on-chain.

Sep 1, 2025 • Annanay Kapila

7

1

1

August 2025

The Future of Futures

"Give me a lever long enough and a fulcrum on which to place it, and I shall move the world". This is the story of how humanity used financial leverage…

Aug 29, 2025 • Annanay Kapila

2

The Panopticon of Equity Markets

Why is the U.S. locked out of single stock futures? And why are perps the way forward?

Aug 29, 2025 • Annanay Kapila

2

Leverage, Rebalancing and the Short Gamma Problem

For retail, there aren't many ways to trade equities with simple (no options) leverage.

Aug 29, 2025 • Annanay Kapila

2