collaborators

23 papers

q-fin.TR2026

Axient: Manifest-Bound Evidence for On-Chain Financial Protocols: Seven-Layer Derivation, Correlation, Tamper Rejection, and Reproducible Claim Promotion

Maksym Nechepurenko

Hybrid on-chain financial protocols are frequently evaluated with evidence that is individually useful but collectively insufficient: a unit test, transaction receipt, screenshot,…

q-fin.TR2026

Axient: Canonical Protocol-Graph Composition for Leveraged Event Markets: Single State Authority, Atomic Composition, Durable Sagas, and Exactly-Once Recovery

Maksym Nechepurenko

A modular leveraged event-market protocol can contain individually correct contracts for risk approval, positions, debt, settlement evidence, credit pools, junior backstops, reserv…

q-fin.TR2026

Two Models of Event Finality: Functional Alignment, Contestability, and Empirical Comparability on Polymarket and Kalshi

Maksym Nechepurenko

Event contracts reach economic finality through different institutional paths. Polymarket distinguishes oracle adjudication, adapter consumption, Conditional Tokens payout recordin…

q-fin.TR2026

Price Discovery at the Boundary of Contractual Decidability: Terminal-Value Gaps, Trading Availability, and Venue Finality on Kalshi

Maksym Nechepurenko

This paper studies price discovery around contractual decidability rather than an arbitrary venue label. Its upstream lifecycle and decidability clocks are specified in Papers 7.1…

q-fin.TR2026

Outcome Determination and Settlement Finality on Kalshi: Public State Paths, Prospective Measurement, and Empirical Identification

Maksym Nechepurenko

Event-contract settlement is a state path rather than a universal timestamp. Using a registered seven-day enrollment and seven-day administrative follow-up on Kalshi, this paper di…

q-fin.TR2026

From Public Evidence to Contractual Outcome: First and Stable Decidability on Kalshi

Maksym Nechepurenko

Public evidence can become sufficient to settle a prediction-market contract before the venue records its first determination, but the relevant boundary depends on the applicable r…

physics.soc-ph2026

On-Demand Combinatorial Event Markets on Kalshi: Instantiation, Concentration, and Effective Market Breadth

Maksym Nechepurenko

Kalshi's multivariate-event architecture produces market objects on demand from exact selected legs. Across a registered seven-day interval, 190 independently validated temporal sh…

q-fin.TR2026

Resolution Is Not Settlement, Part II: Protocol Finality and Observed Redemption on Polymarket

Maksym Nechepurenko

An Oracle result is not yet a protocol payout, a redeemable position is not yet collateral in a holder's account, and a redemption event is not a complete measure of economic entit…

q-fin.TR2026

Resolution Is Not Settlement, Part I: Oracle Adjudication and Semantic Governance on Polymarket

Maksym Nechepurenko

Prediction-market resolution is often reduced to a terminal outcome and one timestamp. That representation is inadequate for leveraged event claims because rule versioning, request…

q-fin.TR2026

Axient: On-Chain Credit and Loss Allocation for Leveraged Event Markets: A Venue-Agnostic Protocol for Traders, Credit Providers, Market Makers, and Liquidation Backstops

Maksym Nechepurenko

A physically backed leveraged event position requires real credit: if collateral C receives leverage L, the protocol supplies (L-1)C and uses the combined amount to acquire recogni…

q-fin.TR2026

Axient: Debt-Free Finality for Leveraged Binary Event Markets

Maksym Nechepurenko

Leveraged event positions combine a repayable loan with an outcome claim that may become non-tradable before oracle payout is final. This paper specifies Axient, a physically backe…

q-fin.TR2026

Per-Market Information Leakage and Order-Flow Skill: Two Methodological Lenses on Informed Trading in Decentralized Prediction Markets

Maksym Nechepurenko

April 2026 saw notable methodological convergence in the academic study of informed trading on decentralized prediction markets. Three approaches surfaced almost simultaneously: Mi…

q-fin.TR2026

Empirical Evaluation of Deadline-Resolved Information Leakage on Documented Polymarket Insider Cases

Maksym Nechepurenko

This paper reports an end-to-end empirical evaluation of the deadline-Information Leakage Score (ILS-dl) extension introduced in the companion methodology paper. The deadline-ILS e…

q-fin.TR2026

ForesightFlow: An Information Leakage Score Framework for Prediction Markets

Maksym Nechepurenko

ForesightFlow is an Information Leakage Score (ILS) framework for detecting informed trading on decentralized prediction markets. For an event-resolved binary market, the score qua…

cs.MA2026

Coordination as an Architectural Layer for LLM-Based Multi-Agent Systems

Maksym Nechepurenko, Pavel Shuvalov

Multi-agent LLM systems fail in production at rates between 41% and 87%, mostly due to coordination defects rather than base-model capability. Existing responses split between cata…

cs.MA2026

Foresight Arena: An On-Chain Benchmark for Evaluating AI Forecasting Agents

Maksym Nechepurenko, Pavel Shuvalov

Evaluating the true forecasting ability of AI agents requires environments that are resistant to environments resistant to overfitting, free from centralized trust, and grounded in…

q-fin.TR2026

Fill-Side Behavioral Concentration on Polymarket: Identification Limits under Record-Level Attribution

Maksym Nechepurenko

This paper studies behavioral concentration in Polymarket's public executed-fill record and formalizes what that record can and cannot identify. A pre-publication reconciliation co…

q-fin.TR2026

Manipulation, Informed Trading, and Regulation in Leveraged Event-Linked Markets

Maksym Nechepurenko

Leverage does not create manipulation or informed trading in event markets, but it changes their economics. We separate four conduct channels: market-price manipulation, real-world…

q-fin.TR2026

A Taxonomy of Event-Linked Perpetual Futures: Design Axes, Failure Modes, and Empirical Evaluability

Maksym Nechepurenko

The label event-linked perpetual often conflates mathematically different contracts. We replace a flat product list with a four-axis taxonomy: underlying geometry, temporal structu…

q-fin.TR2026

Resolution-Aware Perpetual Futures on Binary Prediction Markets: Failure Modes and Mechanical Stress Tests Using Polymarket Data

Maksym Nechepurenko

We study whether crypto-style perpetual-futures mechanics can be applied to a binary event claim that ultimately pays 0 or 1. A synthetic long entered at price p0 with collateral x…

q-fin.TR2026

Information Leakage at Population Scale: An Evaluation of the Polymarket Insider-Relevant Subpopulation, 2020-2026

Maksym Nechepurenko

We carry the deadline-resolved Information Leakage Score (ILS-dl) framework of Nechepurenko (2026a, 2026b) from a single-case proof of concept to a population-scale evaluation acro…

econ.GN2026

The Signal Credibility Index for Prediction Markets: A Microstructure-Grounded Diagnostic with Weighted and Time-Varying Extensions

Maksym Nechepurenko

Prediction-market price moves are widely treated as informationally equivalent: a price jump is read the same way regardless of whether it reflects durable Bayesian updating, trans…

econ.GN2026

Price as Focal Point: Prediction Markets,Conditional Reflexivity, and the Politics of Common Knowledge

Maksym Nechepurenko

Prediction markets are widely treated as forecasting devices that reveal collective expectations about uncertain futures. This article argues that under specifiable conditions they…