Helix Alpha Systems Ltd today announced the launch of a dedicated research program focused on the microstructure of cryptocurrency derivatives markets, with a particular focus on perpetual futures contracts, funding mechanisms and liquidity behavior. The initiative is being developed under the guidance of the Brian Ferdinand and aims to enhance the robustness of automated trading models operating in derivatives-based crypto environments.
Perpetual futures dominate crypto derivatives volume and introduce unique structural features, including continuous funding payments, leverage-based positioning, and location-specific margin mechanisms. Helix Alpha’s research aims to quantify how these characteristics influence execution quality, risk propagation and model stability in various market conditions.
The program examines the behavior of funding rates as both a cost and a structural signal, analyzing how positioning imbalances affect liquidity, volatility and execution results. Researchers also study order book dynamics, liquidation cascades, and site-level differences that can have a significant impact on automated systems during periods of market stress.
“Derivative mechanisms shape crypto behavior more than just spot prices,” Ferdinand said. “If funding dynamics and liquidity responses are not explicitly modeled, automated strategies are exposed to hidden risks that only become apparent during times of crisis.”
Rather than pursuing signal generation in isolation, the research prioritizes execution realism and failure analysis. Models are evaluated based on their ability to remain stable as funding regimes change, liquidity shards or leverage accelerates – conditions commonly seen in crypto derivatives markets.
All work within the program will be conducted in Helix Alpha’s internal research environment and in limited pilot settings. Progressing beyond these stages will require demonstrable resilience in execution behavior, controlled withdrawal profiles, and consistent performance across all venues and market regimes.
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