Labs
The book's mechanisms, triggered by your own hand. Each simulator delivers one “so that's why” in sixty seconds — drag a parameter, watch the market react, then follow the link to understand why.
How one drop feeds on itself
In 60 seconds: why your liquidation order pushes price lower and kills the next tier — and how ADL comes for the profitable once the insurance fund runs dry.
Ch. 11 · The Endogenous Reflexivity of Leverage and Liquidation / Ch. 12 · The Political Economy of Insurance Funds
Who pays for the imbalance
In 60 seconds: how funding tethers the perpetual to spot — and what simply holding a long through a euphoric week actually costs you.
Ch. 10 · A Game-Theoretic Analysis of Funding Rates
Where your market order really fills
In 60 seconds: how a market order walks the book — and what the same size costs you in a deep book versus a thin one.
Ch. 7 · Orders and the Language of Perpetual Futures Trading / Ch. 8 · The Perpetual Futures Order Book and Market Microstructure
Roadmap · built with the community
- Market-Maker Inventory(Ch. 19)
- Volatility Clustering(Ch. 23)
Want to own a simulator, or submit a scenario worth reproducing? Come build with us once the community opens.