FROM THE GENESIS BLOCK · BORN BULLISH
ENTER OX85 →HOUSE LOADING
0x85 ·  RESEARCH

Working papers from the house.

Theses, notes, and memos on structure, latency, and operating liquidity in continuous markets. Written here first. Distributed everywhere after.

5 PAPERS
012026.05Structure as the only durable edge in early liquidityTHESISWhy the binding constraint on returns is operational structure, not capital or conviction.8 MIN READ · 0x85→022026.04Why fewer layers compound faster than more capitalNOTEEvery approval layer is a latency tax. Removing them is an edge, not a cost.6 MIN READ · 0x85→032026.03Market making is a product, not a serviceMEMOOperating liquidity as owned infrastructure rather than an outsourced function.7 MIN READ · 0x85→042026.02The case for principal only convictionTHESISAlignment you build by construction beats alignment you negotiate by term sheet.5 MIN READ · 0x85→052026.01Seven venues, one book: operating liquidity end to endNOTECoordinating exchanges and chains as a single coherent position.9 MIN READ · 0x85→
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