Welcome to Heat Research
What this site is, who we are, and what we plan to publish.
Heat is a trading terminal for onchain derivatives. Heat Research is where we publish the thinking behind it — the mechanism design, the market structure choices, the things we’re experimenting with, and the things we’re still trying to figure out.
Why we’re writing
Most market-design work in crypto happens in private — in Discords, design docs, forks of forks, and the heads of a small number of people. That’s fine for shipping, but it’s a bad way for a field to learn.
We’d rather work in public, when we can. Writing forces us to be precise about what we believe and why. Publishing forces us to be honest about what worked and what didn’t. And the few people who care enough to read this far are exactly the people we want feedback from.
What you’ll find here
- Design notes on the products we’re building (or considering building)
- Post-mortems when an experiment lands or doesn’t
- Primers on the primitives we depend on — HIP-4, builder codes, perps, etc.
- Open questions we’re actively thinking about
We’ll publish when we have something worth publishing, not on a schedule.
How to follow
- @heat_fi on X — short-form takes and links to new pieces
Thanks for reading.