5 papers
Basis-Only Funding Is Not Dividend Fair: Settlement Design in Crypto Equity Perpetuals
Donghwa Seo, Doohwi Cha, Seunghan Son +3
Crypto venues increasingly list perpetual futures on equities and other real-world assets (RWAs), which trade continuously yet reference dividend-paying stocks: a long equity perpe…
Pricing the Unprovable: Ambiguity, Turnstile Runs, and the Verifiability Discount in Crypto Protocols
Doohwi Cha, Hanhee Kim, Hyeonjun Yeo +5
Privacy-preserving protocols can repair a vulnerability without establishing whether it was exploited beforehand, even when no theft is reported and aggregate supply is protected.…
NEST: Stale-Robust Tokenized-Stock Measurement for a Crypto-Treasury LETF Stack
Doohwi Cha, Minsuk Sung, Minjae Lee +5
Tokenized equities trade while listed markets are closed, so their marks could improve off-hours measurement along layered exposures that link Bitcoin, crypto-treasury stocks, and…
Neural Estimation of Irreversibility in Real and Simulated Limit Order Book Paths
Hyeonjun Yeo, Doohwi Cha, Yoontae Hwang
A path indistinguishable from its own reverse carries no arrow of time, so time irreversibility is a necessary condition for a directed mechanism to be readable from trajectories a…
When Cross-Venue Agreement Is Not Price Discovery: Disclosure Frontiers for 24/7 Equity-Perpetual Oracles
Donghwa Seo, Doohwi Cha, Seunghan Son +3
Crypto-listed equity perpetuals trade while the primary cash market is closed, yet still need a mark for margin, funding, and liquidation. We model the closed-window mark as the fi…