Research, strategies & product notes

A fast read on the day's biggest crypto movers — what AGLD's run and HEI's slide say about risk appetite and rotation.

A read of the 7-day Hyperliquid leaderboard — where realized perp PnL is large, where ROI is sharp, and what equity size tells us about risk.

Formion Gold FRVP logged two tracked trades on 2026-06-25 with no settled win-rate or PnL yet, set against a session of sharp altcoin moves.

Six Hyperliquid traders booked $7.8M–$10.4M in realized 7-day PnL. What their ROI and equity reveal about how perp risk is being taken now.

A fast read on the day's biggest crypto movers — what DEXE's surge and EIGEN's slide say about risk appetite and rotation on 2026-06-23.

Reading the Hyperliquid 7-day PnL leaderboard through the lens of ROI versus equity — where size lives and where edge lives.

Only SOL and ETH held green this week. SUI and ADA fell ~12%. What the dispersion across the majors says about risk appetite.

Bitcoin at $64,176, -2.39% on the week and below its 50-day average. The exact levels, ranges and funding read that frame the days ahead.

The top Hyperliquid accounts booked $134M, $117M and $28M in realized 7-day PnL. What the ROI gap between size and edge actually shows.

RE surges 103% while HEI drops 21%. What the day's largest gainers and losers reveal about market rotation and risk tolerance.

RE surges 798% while AVAX drops 9.7%. Today's crypto moves reveal sharp risk appetite swings and sector rotation patterns.

Analysis of realized PnL and ROI from leading Hyperliquid perpetual traders reveals where leverage and conviction are concentrated this week.

PORTAL, UNI, and EPIC lead crypto markets with double-digit gains. RIF slides 17%. What the moves reveal about trader positioning.

Analysis of realized 7-day PnL and ROI from leading Hyperliquid perpetual traders. What concentration of returns reveals about current perp market risk.

What this blog is for: live market reads, honest strategy backtests, and the engineering behind the Formion AI trading terminal. Every claim is backed by a number you can check in the app.

Our Fixed-Range Volume Profile strategy on XAUUSD 5m — profit factor 1.96, +37.4% net over 180 days at 6.9% max drawdown. How it works, where the edge comes from, and the honest caveats.