Crypto Trend (as an asset class)
呢篇文延續返2月寫關於新幣一上交易所即高位嘅延伸問題。之前提過呢個現象發生嘅原因歸根到底係出自定價太貴，定價太貴係出自本身機構投資成本過高。一句總結就係Web3 valuation過高，所以大家會見到宜家VC firm會加埋A.I....
2025-06-11 00:00:06 +0000 UTC View Post
Ernie.QT posts
2025Q3 Live班 Promo
Link: https://www.hkptrc.com/advanced-crypto-program-trading
呢度解答下我通常收到嘅問題
如果我唔識Python，不過有其他coding experience可唔可以報？
2025-06-05 09:36:42 +0000 UTC View Post
Content Update (June 2025)
唔好意思，上個月仲差3篇文未比大家，最主要係諗唔到寫咩，我會盡快寫返比大家，Thank you 🙏
2025-06-05 06:59:23 +0000 UTC View PostCircle IPO
呢度快update一下一件大事，就係Circle上市，我寫呢篇文嘅時候，大概就係啱啱話over-subscribed 25x at $7.2B valuation。我呢度就用一個非專業股票分析師嘅角度去講解吓呢件事，唔提供投資建議。呢幅圖基本上好精簡講述Circle嘅狀況...
2025-06-05 04:26:22 +0000 UTC View PostInefficient Pump
呢次從交易角度出發討論一下關於拉盤，又或者另一個角度，點樣用最少嘅market impact同最快嘅時間同去execute一個極大order。
拉盤需知
市值 (Market Cap / Fully Diluted Value)
首先，拉盤容易程度第一...
2025-06-02 00:00:03 +0000 UTC View Post
細所上幣趣聞
3月嘅時候有位讀者想知多啲關於細幣上交易所。呢度分享一下細幣上非頭部交易所。呢度講嘅中細交易所係指國人背景嘅二線交易平台，呢度就唔開名。一線交易所例如Binance, OKX, Bybit, Coinbase, Upbit呢種有機會之後再討論。
<... 2025-05-05 00:00:02 +0000 UTC View PostLive班（賣廣告）
要大家等咁耐唔好意思，上次有問到大家時間嘅preference，已經定咗2025 Q3逢星期二會開live班教，會有持續進修基金資助cover，遲少少會補返website link比大家。如果大家有咩問題，可以PM我或者WhatsApp聯絡麥小姐9499-7562。
<...
Betting Site (For Fun)
呢個係我同一個朋友for fun玩嘅一個項目，手動炒betting site，當然有做quant analysis先入場。當初好似係由15U開始，雖然最後因為個wallet key唔小心leak咗而成個balance drain晒，不過overall experience都幾得意，雖然scalability我覺得有限制...
2025-04-22 18:22:48 +0000 UTC View PostAlgo Trading (Part 5: Data Terminology (L1, 2, 3))
呢篇講下多人問嘅問題，如果做quant researcher，尤其係High Frequency就一定知道係咩嚟。喺市場數據同量化交易嘅範疇，L1、L2、L3 數據係指交易所提供嘅唔同層次嘅市場深度同訂單簿資訊。呢啲層級反映咗數據嘅詳細程度，對高...
2025-04-13 21:05:41 +0000 UTC View PostAlgo Trading (Part 4: Evaluation Metrics)
前果幾篇文講咗唔少策略同Algo Trade簡介，大家有跟開個系列都睇咗唔少backtest出嚟嘅equity curve。呢篇講一講點樣去揀策略。喺量化交易同投資策略中，計算同分析策略評估指標係核心部分。以下會講解幾個常見嘅策略評估指標...
2025-04-08 15:14:43 +0000 UTC View PostCA012: Hyperliquid Fees Structure Analysis ($HYPE)
之前搞咗個投票問關於有幾多人係主要係用Hyperliquid做trade，其實結果比我想象中高。以前一直話有機會嘅話分析下Hyperliquid ，呢度講下最近Hyperliquid propose咗嚟緊會改佢哋個Fees Structure，中間有啲咩轉變同埋用量化嘅角度去睇...
2025-04-04 12:10:38 +0000 UTC View PostLive Class Time Preference
如果有線下傾過計嘅朋友仔都會知道，我而家籌備緊搞live班，暫時plan Q3開班，內容我大概定咗8成左右。呢度要麻煩講過有興趣嘅朋友仔投一投票，有冇咩time preference。
甚至如果有咩topic 想cover嘅都可以DM我！內容遲啲會a...
2025-04-03 19:12:11 +0000 UTC View PostFDUSD Depeg (2nd April)
4月頭Crypto CEX其實都發生咗唔少事，有莊家liquidate細幣離場，有呢篇文講下關於最近發生嘅穩定幣FDUSD depeg。FDUSD本身Market Cap 2-3B左右，同USDE, USDT, USDC唔係同一個檔次，所以可能少啲人留意。
Background<... 2025-04-03 18:46:51 +0000 UTC View Post
Algo Trading (Part 3: BTC Return & Strategy Idea Generation)
今次呢篇文原意係同大家去計吓假如大家係唔同日子之前買BTC，果日回報大概會係點。而且近排市場跌返少少，唔係鼓吹大家即刻去撈底，不過可以用嚟做吓reference，每個人判斷唔一樣。不過中間做嘅時候就同AI傾咗陣偈，之...
2025-03-23 11:39:42 +0000 UTC View PostSolana CME Futures
呢度提早講吓關於Solana CME Futures，佢嘅spec就未知，大size contract 500 SOL，細size 25 SOL。之後應該會有多啲人講，雖然咩數據都未有，不過呢度都可以提早講一講我期望嘅嘢同認知。
Specification
我...
2025-03-17 19:10:36 +0000 UTC View Post
CA011: Current Market State
上次去完學生聚會，有幾個唔同嘅學生不約而同話內容有啲困難，所以呢篇直接啲用數據分析Trump上任之後市場究竟發生咗咩事。
Binance Funding Rate
我抽咗Trump上任之後12月到今年3月15，Binance USDT嘅fu...
2025-03-16 14:55:28 +0000 UTC View Post
Crypto Market Insight (2025 Part 1)
呢度大部份內容我係2月20上次個免費講座有提過好片面，深入少少嘅放喺度講多少少。果次講座定嘅方向係2025市場趨勢。利申：我唔係一個手炒勁嘅trader，唔識劃線同炒短線hot topics，市場亦經常變動，講嘅內容只係呢一刻個...
2025-03-01 00:00:06 +0000 UTC View PostBybit Hack - ETH trade
星期五晚Bybit比人hack咗偷咗400K+ ETH之後，大家除咗要諗拎唔拎錢出嚟之外，或者身邊有朋友走去買$HYPE，身邊會再有一班諗深一層去炒ETH。雖然星期五晚，Ben話借bridge loan去應付ETH withdrawal需求，唔會係市場上買。現實就係佢地...
2025-02-23 07:49:44 +0000 UTC View Post項目方召集 (Market Making)
呢度宣傳一下，我而家有幫項目方提供流動性，如果有讀者係項目方入邊做，或者有朋友需要呢個服務，不妨PM我，格下價又好。出面而家好多牛鬼蛇神，一係就嗰幾間壟斷咗收費好貴。
2025-02-22 04:42:15 +0000 UTC View PostPython Concurrency (Part 2: I/O-bound task solution)
呢篇文會延續返Part 1講嘅內容，都係target一啲advance少少同有接觸Python嘅讀者。Part 1提到大部份嘅tasks都係離唔開兩樣嘢，IO-bound & CPU-bound。後者其實唔使特別多講，因為主要係牽涉兩樣嘢，一係你有幾多資源去做運算，另外...
2025-02-16 00:00:03 +0000 UTC View PostIlliquid Investment (Part 2: OTC Secondaries)
上一篇文講到Venture Investing，呢篇就講吓投完一級市場之後，其實仲有好多花臣可以玩，而且市場好唔透明，都係有朋友介紹，所以先認知多少少。呢次要講嘅topic係Over-the-counter Secondaries。
Secondaries (Secondary Tran...
2025-02-09 00:00:02 +0000 UTC View PostAlgo Trading (Part 2: Backtest Candlestick Patterns)
呢篇文延續返上次點樣啱啱入手嘅朋友去玩algo trade，呢度會用Googlesheet/excel做例子，之後嘅文會慢慢加Python元素入去。上篇文提到Trading Ideas可以用Candlestick Pattern，所以呢度會用呢啲pattern做下demo，講吓點樣入手砌一啲策略出...
2025-02-01 03:50:13 +0000 UTC View PostCommon Alpha 010: Feature Importance & Generation
The content will talk about some of the useful packages I have used when I tried to build trading strategies using a Machine Learning framework. The content will be split into 3 parts, faster computation method in Python, feature generation & in machine learning & feature importance.
<... 2025-01-29 13:52:47 +0000 UTC View PostIlliquid Investment (Part 1: Venture Investing)
呢度會開個系列講多啲illiquid investment，本身我唔係特別熟呢類非二級市場，機緣巧合之下識到啲新嘅朋友，所以試吓分享。
我自己本身以為投一級市場min tick同投二級基金一樣，可能最起碼100/250K起跳，對於本身做...
2025-01-19 00:00:02 +0000 UTC View PostPython Concurrency (Part 1)
呢篇文target一啲advance少少嘅讀者，如果大家已經開始用Python上手backtest，可能會令大家知道點樣improve唔同嘅範疇。
大部分algo trading嘅task其實離唔開兩樣嘢，一個就係運算，另一個係request等data返，呢度可以係交易所...
2025-01-12 00:00:02 +0000 UTC View PostAlgo Trading (Part 1: Entry)
上次寫咗入門學Python Programming 可以嘅Materials，有朋友本身識programming之後就問有冇algo trade教學。咁我之後每個月就寫下由入門角度去學algo trade嘅指南。呢次會講關於整體有咩範疇要熟悉同點樣開始。
我會以呢幾個...
2025-01-04 10:53:35 +0000 UTC View PostGitlab Not Supported in HK
希望大家都過咗個愉快嘅聖誕節。之前前後病咗兩次，所以少更新咗Patreon 同IG，近一兩日不約而同有學生同朋友都問我關於 Gitlab唔再support香港，我都係啱啱先知。如果你係我學生或者嚟緊想報我HKPTRC嗰班而你都係啱啱先知呢...
2024-12-27 16:33:21 +0000 UTC View Post幣本位可以做咩好？
呢篇文想同大家一齊brainstorm一下如果大家本身有HODL BTC可以點樣增加yield。
如果大家倉底有BTC唔會諗住放，呢個cycle基本上以對Fiat嚟講都一定已經好滿意，但作為trader如果同BTC做benchmark，其實全倉BTC只係同大市一樣...
2024-12-27 16:28:25 +0000 UTC View PostCommon Alpha 009: DSR - Alternative Metrics
This content is to introduce a new metrics that has been proposed in financial engineering world in this recent years. It is the ‘Deflated Sharpe Ratio (DSR)’, that actually helps to reduce a lot of blind spots of only using Sharpe Ratio.
Probabilistic Sharpe Ratio (PSR) 2024-12-27 16:17:18 +0000 UTC View Post
Common Alpha 008: Market Impact Analysis
Market Impact Analysis
Introduction
This content is to discuss how to measure & conduct analysis on market impact in an execution. For any electronic desk & any algo trading strategies, it is crucial to know how much transaction cost is since a minor change in...
2024-12-27 16:10:28 +0000 UTC View Post