Cryptocurrencies such as Bitcoin have only recently become a significant part of the financial landscape. Many billions of dollars are now traded daily on limit order-book markets such as Binance, and these are probably among the most open, liquid and transparent markets there are. They therefore make an interesting platform from which to investigate myriad questions to do with market microstructure. I shall talk about a few of these, including live-trading experiments to investigate the difference between on-paper strategy analysis (typical in the academic literature) and actual trading outcomes. I shall also mention very recent work on the new Hyperliquid exchange which runs on a blockchain basis, showing how to use this architecture to obtain datasets of an unprecendented level of granularity. This is joint work with Jakob Albers, Mihai Cucuringu and Alex Shestopaloff.

TBD

We consider quantum electrodynamics in 2+1 dimensions (QED3) with N matter fields and Chern-Simons level k. For small values of k and N, this theory describes various experimentally relevant systems in condensed matter, and is also conjectured to be part of a web of non-supersymmetric dualities. We compute the scaling dimensions of monopole operators in a large N and k expansion, which appears to be extremely accurate even down to the smallest values of N and k, and allows us to find dynamical evidence for these dualities and make predictions about the phase transitions. For instance, we combine these estimates with the conformal bootstrap to predict that the notorious Neel-VBS transition (QED3 with 2 scalars) is tricritical, which was recently confirmed by independent lattice simulations. Lastly, we propose a novel phase diagram for QED3 with 2 fermions, including duality with the O(4) Wilson-Fisher fixed point.

The hydrodynamic description for emergent behavior of interacting agents is governed by Euler alignment equations, driven by different protocols of pairwise communication kernels. A main question of interest is how short- vs. long-range interactions dictate the large-crowd, long-time dynamics. 

The equations lack closure for the pressure away thermal equilibrium. We identify a distinctive feature of Euler alignment -- a reversed direction of entropy. We discuss the role of a reversed entropy inequality in selecting mono-kinetic closure for emergence of strong solutions, prove the existence of such solutions, and characterize their related invariants which extend the 1-D notion of an “e” quantity.