Altcoin alpha research: test the process, not just the backtest
A research workflow for controlling data leakage, selection bias, unrealistic execution, and the temptation to confuse a fitted chart with a durable edge.
Follow a research question
Market neutral research
Neutral to which exposure, under which conditions?
The phrase market neutral can describe an intended reduction in directional sensitivity while leaving other important risks intact. These guides examine carry trades, fund claims, and research methods through that distinction.
Look for gross notional, residual exposure, funding needs, and the dependencies between trading legs. Ask how the outcome changes when the reference and portfolio diverge or funds cannot move. A label does not replace attribution or a realistic account of how a strategy is operated.
Together, these guides provide a route from the basic question to a more detailed analysis. Follow the related topic links inside each article for the wider context, and keep hypothetical calculations separate from live prices, contract terms, and individual investment decisions.
3 connected guides
Cash-and-carry in crypto: the risks behind a market-neutral label
Follow a hypothetical spot-and-futures trade from entry to expiry, separating a quoted basis from net return, financing needs, and execution risk.
Altcoin hedge fund due diligence: look beyond the return chart
Build an evidence-based review of a fund’s mandate, valuation, custody, fees, and redemption terms without treating the word “hedge” as a guarantee.
Start with the risk.
The strategy comes next.
Build your understanding, one useful question at a time.