Focus Areas
The markets and technologies our research covers. Start from an area you care about.
Market structure of assets issued and traded on-chain — crypto assets, digital securities, and tokenized real-world assets. We look at price formation by venue, where liquidity sits, and how derivatives interact with spot, using measured data.
Liquidity design for stablecoins — redemption paths, peg deviations, and effective rates by currency pair. Evidence issuers and financial institutions need when designing liquidity, grounded in market data.
The specifications and behaviour of the infrastructure behind digital asset markets — exchanges, clearing, oracles, custody. How venue-specific rules such as settlement intervals, reference prices, and contract units affect comparison and execution.
Order execution, routing, funding and basis comparison, and hedging design across multiple exchanges and on-chain venues. We frame execution decisions around effective prices and effective costs rather than displayed quotes.
Markets on decentralised protocols — DEXs, lending, perpetual DEXs. Price and liquidity differences versus centralised venues, and how protocol design affects trading costs, verified from public data.
The parts of blockchain technology that bear directly on markets and trading — settlement finality, cross-chain asset transfer, and retrieving and normalising on-chain data. Focused on the questions that matter in financial practice.
The technology side of building digital asset businesses inside financial institutions — connecting to existing systems, integrating market data, designing execution infrastructure, and implementing risk management, from PoC to production.
Documents on Futaba Lab Research's methodology — how data is retrieved and normalised, and the limits of the analysis. Published separately so the measurements behind each article can be checked.