RESEARCH COLLECTION
Read the numbers.
Question the measurement.
Research into how onchain trading performance is measured and where common readings break down.
Collateral-Basis Valuation: What a Wallet Is Actually Worth
In August 2026 our pipeline valued a wallet whose largest holding marked at roughly half a billion dollars. Its real, spendable equity was about $23,000. Collateral-basis valuation is how a margin engine would read the same account: stablecoins at par, collateral-eligible assets at a haircut, everything else at zero. It changes how any onchain track record should be read.
Read the research ↗MEASUREMENT / 7 August 2026Onchain Has Two Ways to Tell You a Trader Is Good. Neither One Is Ever Re-Tested.
A strategy we track returned −5.07% over a fortnight and +0.47% on the leaderboard's own formula. Hyperliquid no longer documents that formula, so we recovered it from 41,381 live rows and showed where it breaks: 34.6% of the visible field carries flows too large to read a return off the top line.
Read the research ↗OPENSTRATEGY RESEARCH
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