Studies

Three dead hypotheses: the evidence behind finding versus collecting

The tests behind the essay: one-sided flow that dies when lagged ten seconds, a quiet-book effect whose sign flips by strategy, and 2,460 fills showing that quoting deeper and waiting longer both make it worse.

The Heron

03 Sep 2026 — 4 min read

Three blocks at one lot made money. The two lot block did not. Desk appendix

Desk appendix: everything in the Member appendix plus every tape grade we ran including the dead ends, perps, and the paper lane bars and dates.

Three blocks at one lot made money. The two lot block did not. Member appendix

Member appendix: every block by day, side and asset, fill and partial rates, and the full exchange survey tables.

Three dead hypotheses: the evidence behind finding versus collecting

The Heron

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Three blocks at one lot made money. The two lot block did not. Desk appendix

Three blocks at one lot made money. The two lot block did not. Member appendix

State of the Lab — Sep 13, 2026 — desk appendix

State of the Lab — Sep 13, 2026 — full board