StrikeAndYield crib sheet · information and education only
Digital Assets
Cryptoassets and their derivatives — spot coins, perpetual futures and exchange-traded wrappers.
The shelf — 10 instruments
Easy 5
| CBDC | Central bank money in digital form, held directly by the public. Not a cryptoasset in any meaningful sense — and potentially the largest change to bank funding in a century. |
| Crypto ETP / ETF | Crypto without the keys: bitcoin and ether wrapped into ordinary brokerage-account securities. |
| Crypto Spot | Bearer assets on public ledgers — a new asset class still arguing about what it is. |
| NFT | A unique token recording ownership of a pointer. A genuine technical primitive, a completed speculative cycle, and the clearest recent lesson in what a claim actually consists of. |
| Stablecoin | A dollar that settles like crypto: the token that pegs itself to fiat and quietly became the plumbing of the entire digital-asset market. |
Medium 3
| Liquidity Pool Position | Deposit two assets, earn a share of the trading fees, and discover that your position quietly rebalances into whichever one is losing. |
| Staking & Liquid Staking | Earning the blockchain's own interest rate — and the token that made locked collateral liquid, basis risk included. |
| Tokenised Treasury | A government bond fund with a blockchain wrapper. The yield comes from the bills; the token contributes settlement speed and a new set of failure points. |
Hard 2
| Crypto Option | Calls and puts on bitcoin and ether — vanilla mechanics, triple-digit volatility. |
| Perpetual Future | Crypto's native derivative: a future that never expires, tethered to spot by a funding rate. |
What moves prices here
- Liquidity and market depth — Thin books make every other force larger
- Leverage in the system — Liquidation cascades are the dominant short-term mechanism
- Regulatory decisions — A single ruling can change what may be held, and by whom
- Protocol and supply mechanics — Issuance schedules are written in code and public
- Stablecoin plumbing — It is the funding market of this asset class
- Correlation with risk appetite — Higher than the story suggests
The calendar
| Continuous | There is no close |
| Protocol-scheduled | Issuance changes and upgrades |
| Periodic | Funding-rate resets on perpetual contracts |
| On the ruling | Regulatory and legal decisions |
| Month end | Options expiry |
Which risk decides, across the shelf
| Failure mode |
Decides | Share |
| Market | 5 of 10 | 50% |
| Credit | 1 of 10 | 10% |
| Liquidity | 2 of 10 | 20% |
| Funding | 1 of 10 | 10% |
| Operational | 8 of 10 | 80% |
Counted from the same table each product page prints. Not a
rating and not a ranking: there is deliberately no total.
Information and education only. Every page, figure and
calculator on this site exists to explain how financial instruments work. Nothing here is
investment, tax or legal advice, a recommendation, or a valuation you can rely on.
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