Structure before signals
SwapHunt studies liquidity, behavior, and structural patterns inside crypto markets. The goal is not prediction. The goal is to understand why markets move the way they do.
Reading markets instead of predicting them.
If you're trying to understand how markets actually behave:
Start here if you want to see how structure plays out in real markets.
The Slippage Problem: How Deep Liquidity Really Works
Slippage isn't random noise - it's a direct readout of order book depth. Understanding the mechanics changes how you think about execution quality.
Read article →Articles
If you want to see the ideas applied in real markets, start here.
Long-form observations on market structure, trading psychology, and behavior patterns. Written to explain, not to persuade.
Browse articles →Frameworks
If you're new, this is where the model starts.
SwapHunt is built around a simple idea: make the same decision the same way every time. Context over conclusions, structure over noise.
Read about the approach →E-books
Best read after you've gone through a few articles.
Collected essays on structure, tempo, and decision-making. Each edition captures a specific moment in time - written to be revisited, not consumed.
Browse editions →Latest articles
If you're browsing, these are recent notes:
The Slippage Problem: How Deep Liquidity Really Works
Slippage isn't random noise - it's a direct readout of order book depth. Understanding the mechanics changes how you think about execution quality.
~2 min readDaily Note · 28 May: Liquidations Hit, Institutions Held
Geopolitical shock sent $935M in leveraged longs to zero and pushed BTC to a 6-week low - but institutional positioning didn't pause.
~7 min readWhy Market Reversals Start in Low Volume
Most traders wait for volume to confirm a reversal. But the structural shift often happens before volume arrives - and understanding why changes how you read turning points.
~2 min readDaily Note · 27 May: Exits Moved Before Sentiment Did
The last 24 hours were defined by two exits happening at different speeds: institutional capital leaving through ETFs and dark pools, and Chinese access to crypto markets being quietly closed over a two-year window.
~7 min readFunding Rates and Perpetual Swaps: When Markets Overheat
Funding rates in perpetual swaps reveal when a market is structurally overextended - not by sentiment alone, but through a mechanical cost that eventually forces positions closed.
~2 min readDaily Note · 26 May: Outflows Met a Debt Retirement
The last 24 hours surfaced two large capital movements pointing in opposite directions: institutional money leaving Bitcoin-wrapped products, and Strategy deploying cash to clean up its balance sheet.
SwapHunt evolves quietly.
Most readers don’t read this once.
They return to it over time.