Dehn surgery is a method of building three-dimensional manifolds that is ubiquitous throughout low-dimensional topology. I will give an introduction to Dehn surgery and discuss recent work with M. Kegel on the uniqueness of Dehn surgery descriptions of 3-manifolds. To do this, I will discuss the reason that Dehn surgery is so prominent - namely that it interacts very well with many structures, such as the geometry and gauge theory of 3-manifolds. (I will do my very best to assume very little background knowledge.)

TBA

Conventional data feeds from exchanges, even L3 feeds, generally only tell one what happened: accepted submissions of maker and taker orders,  cancellations, and the evolution of the order book and the best bid and ask prices. However, by analyzing a dataset derived from the blockchain of the highly liquid cryptocurrency exchange Hyperliquid, we are able to see all messages (4.5 bn in our one-month sample), including rejections. Unexpectedly, almost 60% of message traffic is generated by submission and subsequent rejection of a single order type: post-only limit orders sent to the 'wrong' (aggressive) side of the book, for example a buy limit order at a price at or above the best ask. Such orders are automatically rejected on arrival except in the (rare) case that the price moves up while the order is in transit. Nearly 30% of message traffic relates to cancellations, leaving a small fraction for all other messages.

I shall describe this order flow in detail, then address the question of why message traffic is dominated by rejected submissions which, by their nature, do not influence the order book in any way at all, and are invisible to all traders except the submitter. We propose that the reason lies in a market-making strategy whose aim is to gain queue priority immediately after any price change, and I shall show how the evidence supports this hypothesis. I shall also discuss the risk/return characteristics of the strategy, and finally discuss its pivotal role in replenishing liquidity following a price move.

Joint work with Jakob Albers, Mihai Cucuringu and Alex Shestopaloff.

TBA

The dynamical Phi^4_3 model is a stochastic partial differential equation that arises in quantum field theory and statistical physics. Owing to the singular nature of the driving noise and the presence of a nonlinear term, the equation is inherently ill-posed. Nevertheless, it can be given a rigorous meaning, for example, through the framework of regularity structures. On compact domains, standard arguments show that any solution converges to the equilibrium state described by the unique invariant measure. Extending this result to infinite volume is highly nontrivial: even for the lattice version of the model, uniqueness holds only in the high-temperature regime, whereas at low temperatures multiple phases coexist.

We prove that, when the mass is sufficiently large or the coupling constant sufficiently small (that is, in the high-temperature regime), all solutions of the dynamical Phi^4_3 model in infinite volume converge exponentially fast to the unique stationary solution, uniformly over all initial conditions. In particular, this result implies that the invariant measure of the dynamics is unique, exhibits exponential decay of correlations, and is invariant under translations, rotations, and reflections.

Joint work with Martin Hairer, Jaeyun Yi, and Wenhao Zhao.