The hottest Trading Substack posts right now

And their main takeaways
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Top Finance Topics

This is Flow

Malt Liquidity • 17 implied HN points • 09 Jan 24
💰 Finance Trading
  1. Trading becoming majority-passive may disincentivize real trading based on information asymmetry
  2. Introduction of a BTC spot ETF may not benefit those seeking exposure to Bitcoin for actual trading
  3. Transition of crypto into traditional system through ETFs may contradict the original ethos of crypto being outside regulatory control

Day 2: A Comedy of Errors

Malt Liquidity • 6 implied HN points • 04 Nov 24
💰 Finance Trading
  1. Following rules can be tough, especially in trading. Straying from common advice can lead to mistakes, like taking on too much risk or not using stop losses.
  2. Taking on a large position without proper planning can result in big losses. It's essential to manage your trade size and understand the potential consequences of your decisions.
  3. Trading simulations can be a fun way to learn, but they also have strict limits. It's important to adapt your strategies to fit the rules of the system you're using.

Removing crash risk from the carry trade

Klement on Investing • 2 implied HN points • 12 Jun 25
💰 Finance Trading
  1. The carry trade borrows money from low-interest currencies and invests in high-interest ones, but it can be risky. Many investors fear a market crash when doing this.
  2. Recent research suggests that focusing on currencies from countries with high debt might reduce crash risks. This means there are strategies, like the debtor carry, that could help avoid big losses.
  3. Using a debtor carry strategy can provide similar long-term returns to traditional carry trades but with less risk. This is a useful approach for investors in international bonds or multi-asset portfolios.
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Boy those retail traders are lucrative

Klement on Investing • 3 implied HN points • 05 Dec 24
💰 Finance Trading
  1. Big,专业的交易者很喜欢散户交易者，因为他们很容易赚钱。
  2. 散户交易者提供的交易数据可以让专业交易者赚到很多，但散户可能被利用。
  3. 散户市场做市的风险和回报比起其他类型的交易要好得多，赚的钱更稳定。

My System

Malt Liquidity • 8 implied HN points • 26 Aug 23
💰 Finance Trading
  1. Chess is a 'symptom' of intelligence, not a sign of it.
  2. Chess skills are transferable to other high-pressure situations like trading.
  3. Learning to consciously calm down can improve performance in challenging situations.

From cynical bubbles to cynical liquidity

Klement on Investing • 5 implied HN points • 17 Jan 24
💰 Finance Trading
  1. Investors tend to invest in overvalued assets based on the optimism of others.
  2. Higher returns lead to increased trading volume, especially if market uncertainty is high.
  3. Individual investors tend to overtrade more in response to higher returns compared to institutional investors.

How I buy crypto at the best price

Steve Kirsch's newsletter • 4 implied HN points • 03 Mar 24
🔮 Crypto Trading
  1. The author shares a technique to buy and sell crypto on Coinbase with ease, which could be advantageous in the current market.
  2. With new money entering through Bitcoin ETFs, the price of Bitcoin is predicted to increase significantly.
  3. Paid subscribers will receive exclusive access to the author's method of buying crypto, potentially giving them an edge in trading.

Lawyers, Coins and Money

Malt Liquidity • 5 implied HN points • 12 Oct 23
💰 Finance Trading
  1. During the trial of Sam Bankman-Fried and Alameda Research, evidence pointed towards potential fraud and mismanagement of funds, shifting the focus from trading competence to potential fraudulent activities.
  2. The testimony of key witnesses, Gary Wang and Caroline Ellison, revealed damning details about the misuse of customer funds, false financial statements, and manipulation within the organization.
  3. The trial shed light on the complex dynamics involving a hypercompetent coder, a junior trader, and a manipulative leader, emphasizing the need for accountability and transparency in the financial sector.

A Same-Day Insider Baseball Doubleheader

Malt Liquidity • 6 implied HN points • 16 Feb 23
💰 Finance Trading
  1. Predicting and trading ahead of flows can boost returns in trading systems.
  2. Informed traders may try to disguise their accumulation through various strategies.
  3. Using ETFs to conceal insider trading is an interesting idea, but practical implementation and reliability may be challenging.

The Trader's Inherent Vice

Malt Liquidity • 1 implied HN point • 30 Oct 23
💰 Finance Trading
  1. Every good trader should want to bet more, despite the risks involved.
  2. Rogue traders in finance can operate as a 'fourth-wall break' showing the gambling aspect behind the industry.
  3. In a highly automated trading environment, even small unauthorized changes to models can have significant financial impacts.

A tax on financial transactions: Good or Bad Idea?

Musings on Markets • 0 implied HN points • 27 Nov 09
💰 Finance Trading
  1. A tax on financial transactions might raise a lot of money for the government since there’s a lot of trading happening. But it's important to realize that a small tax on many trades can add up quickly.
  2. The idea behind the tax is to discourage risky trading and punish those who are seen as speculating rather than investing. However, it's tricky to differentiate between what's speculation and what's genuine investing.
  3. If this tax isn't well thought out, it could make trading more expensive and push traders to find ways around it, like moving to places without the tax. This could hurt the markets we rely on.

Corporate Hedging: Answers to questions

Musings on Markets • 0 implied HN points • 30 Nov 08
💰 Finance Trading
  1. Hedging makes sense when companies protect against risks that directly affect their core business, like Southwest Airlines hedging against oil prices.
  2. Hedging after a price increase can be dangerous. Airlines that didn't hedge before prices spiked often suffer losses trying to time the market.
  3. Companies should make hedging decisions based on their unique situations and avoid risky speculative bets that can confuse investors.

New Features: Trading Journal & Bid/Ask Spread

Theory A : Visualize Value Investing • 0 implied HN points • 14 Jan 25
💰 Finance Trading
  1. A new trading journal feature helps you see all your open positions in one place. This makes it easier to keep track of different option contracts and their expiration dates.
  2. There's improved bid-ask data with a new system that's more accurate. You can now see where the current price is in relation to your contracts with a color-coded line.
  3. The free access to options data has been extended from 30 days to 180 days. This gives you more time to analyze market trends without needing a paid subscription.

[P] VYX: Checking Out in 2025? (Part 2)

Nongaap Investing • 0 implied HN points • 20 Jan 25
💰 Finance Trading
  1. Understanding incentives is key for making good investment decisions. It helps to know what drives people and companies to act a certain way.
  2. Activism can influence businesses significantly. Sometimes, outside pressures can lead to changes in a company's strategy or focus.
  3. Planning for the future is important in investments. Looking ahead to 2025 means considering all possible outcomes and options available.

Checking in on Solana After the Launch of TRUMP

Coin Metrics' State of the Network • 0 implied HN points • 04 Feb 25
🔮 Crypto Trading
  1. The launch of the $TRUMP coin led to a big increase in trading activity on Solana, with exchange volumes reaching $20.5 billion and active wallets growing by 25%.
  2. Solana's stablecoin supply jumped from $6.1 billion to $12 billion, improving the liquidity in its ecosystem, mostly from USDC.
  3. Transaction fees rose significantly during the network's busy period, hitting $30.6 million in total, while most users still faced low fees for their transactions.

Exploring Crypto Market Dynamics through Options Data

Coin Metrics' State of the Network • 0 implied HN points • 20 May 25
🔮 Crypto Trading
  1. Options are becoming a key part of trading in crypto. They help traders manage risks, express their views on price changes, and understand market sentiment better.
  2. The use of Bitcoin options has surged significantly, showing that more people are getting involved in options trading. Most of the activity happens on the Deribit exchange, which is quite popular among traders.
  3. Market positioning through options shows a bullish outlook for Bitcoin, while Ethereum has a more mixed sentiment. This means traders are more confident about Bitcoin's future price than they are about Ethereum's direction.

What would you most like to learn in Quant Finance?

Quantitative Finance - Research, Trading, Investing, & Algos • 0 implied HN points • 03 Jun 25
💰 Finance Trading
  1. Learning about stochastic calculus, like Brownian motion and Itô’s Lemma, is important for understanding financial models. These concepts help us predict how prices will change over time.
  2. Mastering derivatives pricing, including the Black-Scholes model, is crucial for anyone dealing with options and risk management. It helps you figure out how much options should be worth.
  3. Exploring portfolio optimization techniques, like mean-variance, can help investors make better choices about how to allocate their money. It's about balancing risk and return effectively.

Taking Stock of Crypto Exchanges Pursuing an IPO

Coin Metrics' State of the Network • 0 implied HN points • 05 Aug 25
🔮 Crypto Trading
  1. Kraken, Gemini, and Bullish are planning to go public, taking advantage of a supportive regulatory environment. This means they want to attract investors by offering shares to the public.
  2. Coinbase's 2021 IPO set a high standard, showing how successful crypto exchanges can be once they go public. Now, these other exchanges are hoping to follow in its footsteps to gain investor interest.
  3. When looking at trading volumes, it’s important to be careful. Some exchanges might report inflated figures, so checking their quality and transparency is crucial for potential investors.

Cross-chain swaps are LIVE in your Ronin Wallet!

Ronin’s Newsletter • 0 implied HN points • 08 Aug 25
🔮 Crypto Trading
  1. Cross-chain swaps are now available in the Ronin Wallet, letting you swap tokens between different blockchains easily.
  2. To make a swap, just open the Ronin Wallet and follow a few simple steps—it's quicker and requires less clicking than before.
  3. This new feature is powered by Relay Protocol, which helps you find the best prices and trade routes for your swaps.

Talos and FactSet 2025 Digital Assets Report

Coin Metrics' State of the Network • 0 implied HN points • 16 Dec 25
🔮 Crypto Trading
  1. Institutional adoption accelerated — spot ETFs drew large inflows, digital asset treasuries (DATs) emerged as a new source of demand, and crypto IPOs brought more firms into mainstream capital markets.
  2. Regulatory clarity improved with the GENIUS Act creating the first federal stablecoin framework and strengthening the bridge between blockchain systems and traditional financial rails.
  3. Onchain infrastructure scaled as blockspace expanded across major L1s and L2s, costs fell, stablecoin supply approached $300B, and tokenization moved from experiment to production, even while prices remained volatile.

Part 1: Deep dive writeup on Albemarle ($ALB)

Jonah’s Growth Stocks • 0 implied HN points • 12 Feb 23
💰 Finance Trading
  1. Albemarle (ALB) is a company expected to show strong revenue and earnings growth due to the increasing demand for lithium from the EV industry.
  2. ALB is considered undervalued, trading at a low multiple of earnings despite the positive growth projections.
  3. Analysts are cautious about ALB's future performance, but if EV adoption remains strong, the stock could outperform.

Coinbase Q4 2025 Earnings Outlook

Coin Metrics' State of the Network • 0 implied HN points • 10 Feb 26
🔮 Crypto Trading
  1. Q4 2025 total revenue is estimated at about $1.77B, down roughly 5% from Q3 as lower trading volumes and asset price declines weighed on results.
  2. Transaction revenue is forecast around $978M — consumer trading fell while institutional revenue rose significantly thanks to Deribit’s first full quarter contribution.
  3. Subscriptions & services remained resilient at about $723M, with growing USDC interest income offsetting lower staking rewards and the impact of Fed rate cuts.

Ahead of the curve - March 7

The Weekly Update • 0 implied HN points • 07 Mar 23
💰 Finance Trading
  1. BTC fell 5% this week due to a late sell-off after U.S. market hours.
  2. Market has been quiet with low volatility following the sell-off.
  3. Active market participation share on CME hit all-time lows during the sell-off.

The Case for Buying WTI Crude Oil Futures & Selling Crude Oil ETFs (USO) Cash Covered Puts

The Tweetsift Report • 0 implied HN points • 02 Mar 23
💰 Finance Trading
  1. The price of WTI Crude oil & USO tends to fluctuate throughout the year, being higher at year-end and more volatile in the first quarter.
  2. Global economic state, geopolitical events, and technological advancements impact oil demand and prices.
  3. Considering patterns in oil trading, historical data, and global economic growth can guide investment decisions in oil futures.

ETH vượt 1K USD

Thái | Hacker | Kỹ sư tin tặc • 0 implied HN points • 04 Jan 21
💰 Finance Trading
  1. Ethereum (ETH) surpassed 1K USD for the first time since 2018, gaining 25%.
  2. ETH still has potential upside compared to its 2018 peak, especially when measured against Bitcoin (BTC).
  3. Consider diversifying investments with around 10-20% allocated to ETH, alongside Bitcoin, taking note of potential market fluctuations.

The meme aper's guide to trading

Boltzmann Soul • 0 implied HN points • 22 May 24
💰 Finance Trading
  1. To start trading meme coins, you need to go through steps like swapping fiat for cryptocurrency on a CEX, taking control of your tokens on a non-custodial wallet, and bridging ETH to the Base network if necessary.
  2. When using DEXes to swap tokens, always use the coin address rather than the token name or ticker to avoid potential scams with similar names or tickers.
  3. Meme coin trading involves high risks of losing assets, so only trade with funds you can afford to lose. Be cautious about slippage, network congestion, and transaction failures when using DEXes.

The parallels between shitcoin sniping and pre-seed VC investing (Part 1/3)

Boltzmann Soul • 0 implied HN points • 15 May 24
💰 Finance Trading
  1. Crypto bull runs occur every four years and can mint new millionaires and billionaires.
  2. Shitcoin sniping in meme coin trading has similarities to pre-seed VC investing, including the dominance of returns by power law and the impact of FOMO on deal economics.
  3. New traders in meme coin trading should pick a blockchain ecosystem, track PnL in the network's native token, and avoid getting influenced by noise like fake influencers and copy trading.

The Bitcoin Boom: Asset, Currency, Commodity or Collectible?

Musings on Markets • 0 implied HN points • 24 Oct 17
🔮 Crypto Trading
  1. Bitcoin is a currency, not an asset. This means you can't determine its value the same way you would for things like stocks or real estate.
  2. You should focus on trading Bitcoin rather than investing in it. Trading is about predicting price changes, while investing requires valuing an asset.
  3. The future of Bitcoin can go in different directions: it could become a global currency, a gold alternative for the younger generation, or even a trend that fades away like the tulip bubble.

The impossible quest for fair markets: Pokemon cards, HFT and Life lessons

Musings on Markets • 0 implied HN points • 25 Mar 14
💰 Finance Trading
  1. Markets are often unfair, just like my son's Pokemon trading experience. Some kids had advantages that made it hard for others to compete.
  2. In trading, you can either adapt your strategy or exit the game if you feel outmatched. Sometimes stepping back is the best choice.
  3. High-frequency trading has changed how the market works. Instead of trying to beat those with more technology, consider being an investor and focus on the actual value.

Impactful information is not always insider and insider Information is not always impactful!

Musings on Markets • 0 implied HN points • 24 Mar 14
💰 Finance Trading
  1. Not all important information comes from insiders, and not all insider information is significant. Understanding the difference is key for investors.
  2. Insider trading laws have evolved over time and they focus more on the information itself rather than just on the individuals trading it. This shift can impact how people trade stocks.
  3. It's important for markets to stay fair and transparent. If some investors feel they're at a disadvantage, they might stop participating, which can hurt the market overall.

Twitter IPO: Why a good trade be a bad investment (or vice versa)?

Musings on Markets • 0 implied HN points • 10 Oct 13
💰 Finance Trading
  1. There’s a big difference between price and value. Price is what people are willing to pay, while value is what the actual worth of the asset is supposed to be.
  2. Traders focus on price movements and market trends to make quick profits. Investors look for long-term value and often ignore short-term price changes.
  3. Both trading and investing are important in markets. Traders create opportunities for investors by moving prices, while investors help stabilize the market.

Ruminations on Rogue Trading

Musings on Markets • 0 implied HN points • 23 Sep 11
💰 Finance Trading
  1. Rogue trading happens when a trader breaks their company's rules, which can lead to huge financial losses or gains. It's not just about losing money; making risky trades can also be considered rogue trading.
  2. There are several reasons why people engage in rogue trading, like feeling addicted to trading or wanting to hit a big payday. Many traders take bigger risks when using money that isn't theirs, especially after experiencing losses.
  3. To prevent rogue trading, companies need to have better risk management systems and only hire cautious traders. Monitoring must be improved and there should be clear consequences for traders who take reckless risks.

Jerome Kerviel is sentenced: Ruminations on risk and trading scandals

Musings on Markets • 0 implied HN points • 07 Oct 10
💰 Finance Trading
  1. Younger and single people tend to take more risks than older or married individuals. This is especially true in trading where many traders fit this profile.
  2. Traders often take bigger risks when using money that isn't their own, like 'house money'. This can lead to careless decisions.
  3. When traders start losing money, they often try to recover it by making bigger bets, which can lead to even worse losses. It's important to monitor and control losses early on.

"We are not in Kansas anymore"

Musings on Markets • 0 implied HN points • 17 May 10
💰 Finance Trading
  1. One trader from a small firm can have a big impact on the stock market by trading a lot of futures contracts. This shows how interconnected the trading world is.
  2. Futures contracts are used by investors to bet on market movements or to protect their portfolios from losses. They can make trading more volatile, especially in shaky market conditions.
  3. Even when markets drop quickly, it can create chances for long-term investors to buy stocks at lower prices. Those who trade frequently might find those drops nerve-wracking, while long-term investors see opportunities.