Unexpected Correlations by Unravel

Aperiodic: Democratizing Crypto Order Flow, Liquidity & Market Microstructure Metrics

What 200+ Terabytes of Tick Data Looks Like When It's Actually Useful

Mar 18 • Mark Aron Szulyovszky and Daniel Szemerey

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September 2025

Research bits #1: The Most Underrated Metric in (Factor) Research

We’re switching over to small, more frequent posts that are easier to write & read - hope you like it!

Sep 11, 2025 • Mark Aron Szulyovszky and Daniel Szemerey

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August 2025

Cross-Sectional Alpha Factors in Crypto: 2+ Sharpe Ratio Without Overfitting

In the early ’90s, the quant forefathers (Fama and French) introduced their now-canonical factor models: first three, then five, and eventually seven…

Aug 14, 2025 • Mark Aron Szulyovszky and Daniel Szemerey

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April 2025

How Speculative Money Flows into Crypto

Measuring how exogenous risk factors predict crypto returns

Apr 28, 2025 • Mark Aron Szulyovszky

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The unreasonable effectiveness of volatility targeting - and where it falls short

Part 1: Introduction, a paradox & blindspots

Apr 22, 2025 • Mark Aron Szulyovszky

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