Articles published here are discoverable from 2factor.finance/research.

Recent

• The Demand for Buy-and-Hold Leverage Is Already Visible — in Perp Capital Distribution — Among Hyperliquid accounts actually running leverage, 58% of capital sits at ≤3× — concentrated in whale and pro cohorts paying ~11% funding for what BTC-Jr delivers at a fraction of the cost.
• The Demand for Buy-and-Hold Leverage Is Already Visible — in LETF Holding Periods — $44B of LETF capital is held past the recommended one-day horizon; the misalignment sizes a much larger latent market.
• How MicroStrategy Becomes Premium-Independent — The architectural move that frees the accretion flywheel from the mNAV premium.
• Moderate Leverage Outperforms Every BTC Yield Product — Why the gap persists, and what changed.
• LETF Rebalancing Costs — A walkthrough and quantitative analysis of LETF rebalancing mechanics.