Core Insights - The introduction of futures contracts for Solana and XRP by CME Group has led to significant growth in these smaller cryptocurrencies, benefiting from improved infrastructure and liquidity [1][2] - Solana and XRP have experienced record open interest in futures contracts, reaching approximately $3 billion in outstanding contracts, indicating strong market participation [2][4] - Individual investors are increasingly participating in the futures market, broadening the base of market participants beyond financial institutions [3] Market Performance - Solana and XRP futures achieved $1 billion in notional open interest in August, with Solana futures doubling their open interest in just 18 days [4] - In October, Solana futures averaged nearly $700 million in daily trading volume on a notional basis, showcasing robust trading activity [4] Regulatory Environment - The regulatory clarity in the U.S. has attracted more market participants, enabling strategies like basis trading that capitalize on price differences between spot and future prices [6] - The launch of exchange-traded products (ETFs) tied to Solana and XRP has further facilitated these trading strategies, allowing for greater market engagement [6]

Core Insights - The surge in gold prices has led to unprecedented demand from new clients, including large corporations and family offices, indicating a significant shift in the market dynamics [1][2] - Trading houses and hedge funds are capitalizing on price dislocations between trading hubs, creating lucrative arbitrage opportunities [3][4] - The market has seen a dramatic increase in trading volume, with nearly $600 billion worth of spot gold traded weekly in London, a threefold increase since 2021 [6][7] Market Dynamics - The current market is characterized by a lack of experienced gold traders due to banks operating with lean teams, which has resulted in a shallow talent pool [5][6] - The demand for traders who understand macroeconomic forces and the logistics of moving precious metals is high, as these skills are crucial for exploiting arbitrage opportunities [7] Compensation and Incentives - Traders in the physical trading houses and hedge funds are experiencing significant turnover, with many being approached for new opportunities due to the competitive market [8][10] - Compensation packages, particularly bonuses, in physical trading houses can be 2 to 3 times higher than those in banks, making these positions highly attractive [9][10]

Report Summary 1) Report Industry Investment Rating No investment rating information is provided in the report. 2) Core View The report presents cross - market, cross - period, and cross - variety arbitrage tracking data for non - ferrous metals including copper, zinc, aluminum, nickel, lead, and tin on October 27, 2025, to provide data support for potential arbitrage opportunities [1][4][5]. 3) Summary by Related Catalogs Cross - Market Arbitrage Tracking - **Copper**: On October 27, 2025, the domestic spot price was 86,475, the LME price was 10,922, and the ratio was 7.88; the domestic three - month price was 87,680, the LME price was 10,948, and the ratio was 7.89. The equilibrium ratio for spot import was 8.09 [1]. - **Zinc**: The domestic spot price was 22,190, the LME price was 3,216, and the ratio was 6.90; the domestic three - month price was 22,385, the LME price was 3,029, and the ratio was 5.78. The equilibrium ratio for spot import was 8.51, with a loss of 5,172.40 [1]. - **Aluminum**: The domestic spot price was 21,110, the LME price was 2,884, and the ratio was 7.32; the domestic three - month price was 21,245, the LME price was 2,881, and the ratio was 7.35. The equilibrium ratio for spot import was 8.36, with a loss of 2,991.35 [1]. - **Nickel**: The domestic spot price was 124,100, the LME price was 15,131, and the ratio was 8.20. The equilibrium ratio for spot import was 8.19, with a loss of 1,226.75 [1]. - **Lead**: The domestic spot price was 17,275, the LME price was 1,980, and the ratio was 8.74; the domestic three - month price was 17,550, the LME price was 2,017, and the ratio was 11.03. The equilibrium ratio for spot import was 8.82, with a loss of 158.57 [3]. Cross - Period Arbitrage Tracking - **Copper**: On October 27, 2025, the spreads between the next - month, three - month, four - month, and five - month contracts and the spot - month contract were 1,690, 1,650, 1,610, and 1,650 respectively, while the theoretical spreads were 532, 962, 1,401, and 1,841 [4]. - **Zinc**: The spreads were 55, 85, 120, and 135, and the theoretical spreads were 215, 335, 456, and 576 [4]. - **Aluminum**: The spreads were 90, 110, 95, and 80, and the theoretical spreads were 217, 334, 452, and 570 [4]. - **Lead**: The spreads were - 20, - 65, - 75, and - 70, and the theoretical spreads were 213, 322, 431, and 540 [4]. - **Nickel**: The spreads were 1,000, 1,160, 1,330, and 1,600 [4]. - **Tin**: The spread between the 5 - month and 1 - month contracts was 10, and the theoretical spread was 5,878 [4]. Spot - Futures Arbitrage Tracking - **Copper**: The spreads between the current - month and next - month contracts and the spot were - 350 and 1,340 respectively, and the theoretical spreads were 338 and 1,063 [4]. - **Zinc**: The spreads were 110 and 165, and the theoretical spreads were 180 and 309 [4]. - **Lead**: The spreads were 340 and 320, and the theoretical spreads were 202 and 317 [5]. Cross - Variety Arbitrage Tracking - On October 27, 2025, the ratios of copper/zinc, copper/aluminum, copper/lead, aluminum/zinc, aluminum/lead, and lead/zinc for Shanghai (three - continuous) were 3.92, 4.13, 5.00, 0.95, 1.21, and 0.78 respectively, and for London (three - continuous) were 3.63, 3.83, 5.43, 0.95, 1.42, and 0.67 [5].

megaeth ico has 100k signups for 5,000 guaranteed spots. hyperliquid pricing it at $5b vs $999m sale cap. everyone calculating their 5x on allocations they won't get. if you bid max $186k and get 10% fill that's $18.6k deployed. the real arb is shorting mega perps at $5b now before allocation reality hits. ...

Market Structure Evolution - The market structure around spot trading on Solana has evolved rapidly due to the rise of prop AMMs [1] - Prop AMMs provide tighter quotes by actively managing liquidity, updating quotes multiple times per second [1] - Prop AMMs' midpoint often tracks CEX prices like Binance, considered the "true" price [1] Arbitrage Dynamics - The CEX leg of CEX<>DEX arbitrage is shifting onchain [1] - Arbitrage bots now buy from stale onchain venues and sell to Prop AMMs, capturing spreads atomically in a single transaction [1] - Increased use of flash loans by arbitrage bots to capture these arbs [1] - A material amount of CEX<>DEX arbs are moving over DEX aggregators [1] - A majority of this volume is on the SOL-USD pair, the most liquid volatile asset on Solana [1] DEX Aggregator and Cyclic Arbitrage - There's a tight relationship between the percentage of DEX aggregator volume that moves over Prop AMMs and the percentage of DEX aggregator volume that is cyclic arbitrage [2] - Cyclic arbitrage is defined as transactions with the same input and output token, capturing the arbitrage transactions [2] Onchain vs CEX Price Discrepancies - When onchain price is $200 and Binance price jumps to $205, Props race to update their books to mirror Binance [3]

Investment Strategy - Suggests automated arbitrage trading via a "Smart Arbitrage Bot" is preferable to manual trading this fall [1] - Promotes the bot as a way to earn passive income while on vacation [1] Marketing - Encourages engagement through a promotional tweet with a link [1]

Market Dynamics - Arbitrage is essential for market function, bridging price differences across exchanges [1] - Price equalization occurs across exchanges due to arbitrage [2] - Future markets should support cash markets, and vice versa [2] Algorithmic Trading & Technology - A substantial portion of trading is already conducted through algorithmic (ELGO) and high-frequency trading (HFT) [4] - Regulatory framework exists for ELGO trading, including simulation testing to prevent market threats [4] - Continuous updates are needed due to the rapid evolution of technology [4] - AI is here to stay [3]

Core Insights - NYDIG challenges the notion that stablecoins are reliably pegged to the U.S. dollar, asserting that they are subject to market fluctuations rather than fixed values [1][2] - The recent $500 billion sell-off in the crypto market highlighted the instability of stablecoins like USDC, USDT, and Ethena's USDe, which dropped to as low as $0.65 [1][3] Group 1: Stablecoin Dynamics - Stablecoins are not truly pegged to $1.00; instead, their prices fluctuate based on market supply and demand [2] - The term "peg" implies a guarantee that does not exist, as stablecoins are market-traded instruments influenced by trading dynamics [2] - During market panic, the mechanisms that maintain stability can fail, leading to significant price drops for stablecoins [3] Group 2: Market Performance - USDT and USDC traded above $1 during the recent crash, while USDe experienced a severe collapse [3] - The crypto ecosystem is fragmented, with even widely used assets failing in real-time, leading to a misunderstanding of actual risks by users [3] - In contrast, the lending markets, particularly the DeFi protocol Aave, performed well during the crash, liquidating only $180 million worth of collateral, which is 25 basis points of its total value locked [4]

ethena's susde survived a flash crash to $0.65 with $2b in redemptions processed smoothly. abraxas capital pulled 300m+ usde in one go and the peg recovered. now pendle's pt-susde tokens lock in 11-19% fixed yield for months. the stress test just proved the arbitrage works. funding rates at 15% annualized feeding straight to holders. ...

Market Regulation - India's SEBI chief addressed manipulation and high-frequency trading (HFT) rules [1] - The discussion took place at the Bloomberg Forum for Investment Management event [1] Trading Activities - The forum distinguished between arbitrage and manipulation in trading [1]