Academy

Understand every term we use.

Our research is written for professionals — but you don't need to be one to understand it. The Academy explains every concept behind our work in plain language. Start anywhere. It's free.

Beginner

Start here. The core concepts behind every strategy we test — explained in plain language.

Performance 5 min

What is the Sharpe ratio?

The single number that tells you whether a return was worth the risk taken to get it.

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Validation 6 min

In-sample vs out-of-sample: why it matters

The difference between a strategy that looks good and one that actually works.

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Crypto Mechanics 5 min

What is a funding rate?

How perpetual futures stay tied to spot prices — and where the so-called free money comes from.

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Risk 4 min

What is drawdown?

The metric that measures pain: how far an account falls from its peak before recovering.

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Intermediate

How validation really works, and why most published results don't survive contact with reality.

Validation 8 min

Why most backtests lie

Selection bias, parameter mining, and the quiet tricks that make dead strategies look alive.

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Validation 7 min

Overfitting, explained without the math

Why a strategy can fit the past perfectly and still fail completely on tomorrow.

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Crypto Mechanics 6 min

What does delta-neutral mean?

How to collect a yield while staying indifferent to whether the market goes up or down.

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Advanced

The deeper forces that make edges appear, decay, and disappear in real markets.

Validation 9 min

Edge decay and market efficiency

Why profitable anomalies tend to disappear once enough people know about them.

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Risk 8 min

Regime dependence: when context breaks a strategy

Why a strategy that works in a bull market can quietly fall apart in a different one.

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