BTC perpetual funding rates: yield, signal, and trap.
Why perpetual-futures funding is the closest analogue to a carry trade in crypto, why we use it as a tactical signal, and why we do not run it as a yield product.
Read →Why drawdown beats Sharpe as a risk metric for retail-facing managers.
The Sharpe ratio assumes the investor can sit through any path to the final return number. Real investors cannot, they redeem at the bottom. We make the case for evaluating systematic strategies on the metric that actually drives client behaviour: peak-to-trough drawdown.
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