What Caused the 2010 Flash Crash: Liquidity Vanished
The CFTC and SEC report on 6 May 2010: a USD 4.1 billion sell algorithm, order-book depth down to under 1%, and why prices snapped back.
Long reads built on primary sources: peer-reviewed research, official exchange documentation and regulators. Every number has a source; quotes are checked against the original.
The CFTC and SEC report on 6 May 2010: a USD 4.1 billion sell algorithm, order-book depth down to under 1%, and why prices snapped back.
Queue position and adverse selection: why a limit order often fills just before price moves against it, and what one NASDAQ study measured.
How the UST peg worked, why swapping UST for LUNA fed a death spiral, and what on-chain data from May 2022 shows about who lost the most.
The Iowa market beat 964 polls 74% of the time and missed by about 1.5 points. What older research says about prediction prices, and where they fail.
ADL closes profitable positions when the insurance fund runs out. Binance's ranking formula, the 12-minute Hyperliquid cascade, and the indicator.
On-chain trades are public before they settle, so bots bid for the first slot. What the original MEV paper measured, with numbers from real blocks.
A past 12-month return predicted the next month in every one of 58 futures. What the study found, what it assumed, and what it did not test.
Futures can trade 10% a year above spot. A BIS paper explains what drives that gap and why margin calls keep arbitrageurs from closing it.
Why the candle never touched your liquidation price but you were liquidated anyway. How Binance builds the mark price, with a worked example.
The blog publishes long reads about market structure, derivatives, testing trading ideas and order flow. Articles are built on primary sources: peer-reviewed papers in journals such as the Journal of Financial Economics and the Review of Financial Studies, official documentation of exchanges, and publications of regulators and recognized research institutions. We read the original, check every quotation against it and cite it at the end of the article.
We do not publish news, price predictions, sponsored reviews, rewritten forum posts or lists of "best indicators". If an article states a number, the number has a source listed at the end of the article, and you can open it yourself.
Research covers large tests: the Quasimodo pattern over a year of data, long histories on higher timeframes, regimes and coin selection. Backtesting and overfitting explains how good-looking results are produced by chance and how to protect yourself: out-of-sample checks, the number of variants tried, forward tests with criteria written in advance. Order flow looks at delta, CVD, footprint and the order book with tick data. Market structure defines swings, BOS, CHoCH, order blocks, fair value gaps and liquidity precisely. Arbitrage covers price gaps between exchanges and what it takes to capture them after fees and transfers.
Every article starts with key takeaways, so you can see the conclusion in a minute. Numbers in the text link to notes and to a list of sources at the end. We explain the method behind a finding, not just the headline number, and we say where the evidence is weak. Articles are updated when new data changes the conclusion, and the update date is shown next to the publication date.
A quotation appears only if we have read it in the original source, and it is attributed to its authors with the publication and year. Our own numbers come with the sample size and, where it matters, the error band. We prefer short, checkable claims over sweeping ones, and when a result depends on an assumption, such as the fee level, we show how it changes when the assumption changes.
The OrderBlock.net research team, the same people who build the scanner. Every article is based on primary sources, which are listed at the end.
No. They are research and education. Results on history do not guarantee future results.
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Yes, write to us on Telegram. Topics that can be checked on data are the most likely to become an article.