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Aperi Research

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Fair value, bid and offer
External QFEX research on estimated values and quotes.
Sep 30 • Annanay Kapila
Pricing value and prediction
External QFEX research on relationships between markets and quoted prices.
Sep 23 • Annanay Kapila
Exchange tokens explained
External QFEX research on exchange token incentives and their economics.
Sep 18 • Annanay Kapila
Conditional alpha: trees, random forests and models for modern high frequency trading
External QFEX research on conditional models for order book signals.
Jun 15 • Annanay Kapila
Finding HFT alpha in flow forecasts and order book imbalance
External QFEX research on flow, forecast horizons and trading signals.
Jun 5 • Annanay Kapila

Recent posts

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Linear alpha regularisation and bagging in HFT models
External QFEX research on regularising noisy signals.
Jun 3 • Annanay Kapila
Limit order book microstructure
External QFEX research on matching rules.
Dec 2, 2025 • Annanay Kapila
Perpetual markets while the underlying market is closed
External QFEX research on pricing during market closures.
Oct 31, 2025 • Annanay Kapila
Market making and arbitrage
External QFEX research on AMM economics.
Oct 28, 2025 • Annanay Kapila
Trading perpetuals
External QFEX research on institutional derivatives.
Sep 9, 2025 • Annanay Kapila
Large trading flows
External QFEX research on large market flows.
Sep 8, 2025 • Annanay Kapila
Tokenised equities revisited
External QFEX research on equity tokenisation.
Sep 1, 2025 • Annanay Kapila
Futures markets ahead
External QFEX research on futures market design.
Aug 29, 2025 • Annanay Kapila
How equity market structures shape trading
External QFEX research on single stock derivatives.
Aug 29, 2025 • Annanay Kapila
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Fair Value to Bid and Offer
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