Insilico Terminal Podcast

FlowTrader sits down with Sokio in the studio for an IRL episode on trading a market that moves on headlines. Nine years in, from crypto-miner stocks in 2017–18 to high-leverage perps, he now keeps trades to three to five days and avoids holding exposure over the weekend.  We get into his macro framework and why debasement made gold one of his best trades, Bitcoin as an overflow bucket for excess capital, rising yields against the AI build-out, and why he reads every Trump headline for its incentive rather than its content. On oil, he explains why he doesn't buy reports of Hormuz flows nearing pre-war levels, and why refined products and diesel are the real constraint.  The second half looks at the Iran war on purely economic terms: decentralised command, China's incentives, Syria as the early signal, trade routes, and a 2009 Brookings options paper he says reads differently in hindsight. We close on why he thinks Bitcoin is now an institutional asset tied to America's success.

00:00 Intro and Flow's path into trading 

02:14 Short-term trades, the macro framework and gold 

05:11 What Bitcoin is right now 

06:42 Rising yields, the AI build-out and the wall of worry 

10:12 Headline trading and the oil math 

14:55 Who has the upper hand in the Iran war 

18:29 Syria, trade routes and US strategy 

23:38 The "leave it to Bibi" playbook 

25:38 Bitcoin is a bet on America

Kieran Duff, systematic portfolio manager and Head of UK Growth at Darwinex, joins Sokio to talk about running a multi-strategy book across FX, metals and indices, built and managed on his own.  We get into why he quit discretionary trading, how he turns any idea into a backtest (including a Friday-red, Monday-long S&P system he dropped because it had no capacity), what BOJ intervention did to a long-running USD/JPY breakout strategy, and the incubator and governor layer that decide which trades actually reach the market.  Plus: moving everything to market orders with spread and slippage filters, how Darwinex works, splitting orders to raise capacity, CFDs vs futures and A/B-book brokers, his one-loss-a-day rule, and why new traders should let the data build the thesis.

00:00 Intro and his path into trading 

08:41 Why he went fully systematic 

18:33 Regime change and a USD/JPY breakout 

23:30 The incubator and the governor layer 

30:01 Execution filters and raising capital  

38:26 Scaling capacity with futures and order splitting 

43:49 CFDs, futures and A/B-book brokers 

48:50 Correlation limits and one loss a day 

53:38 Advice for new systematic traders

DegentradingLSD joins Sokio to talk about going from options market making in TradFi to trading crypto, starting with a flat Deribit vol surface and the GBTC discount during the Genesis unwind.  We get into why keeping money is harder than making it, how much cash to hold, and why half or quarter Kelly is easier to live with than full Kelly. He explains why he thinks retail's edge sits in trades institutions can't or won't take, why crypto has stopped moving as one market, how he reads rate hikes against the AI capex boom, and why the same ticker on two venues isn't always the same trade.  Plus: private inference and privacy, Zcash's locked-up supply, where perp DEXs and crypto options go from here, and his outlook into the midterms.

00:00 Intro and Finding an Edge in Crypto 

08:21 The GBTC Discount Trade 

15:33 Keeping Cash and Managing Risk 

19:42 Why Crypto Isn’t Moving Together 

26:15 Rates, Liquidity and the AI Trade 

35:26 Equity Perps and Choosing Your Venue 

42:19 The AI Race and Privacy 

47:08 Zcash, Supply and Crypto Narratives 

53:11 Perp DEXs and Crypto Options 

01:00:01 Market Outlook Into the Midterms

QuantXBT joins Sokio to discuss building a crypto HFT business, finding his first BitMEX–Binance arbitrage, and why JavaScript wasn't the bottleneck people expected.  We cover shrinking edges, the move toward mid-frequency trading, exchange risk, collecting market data, and the role of discretion in automated systems. He also explains why forced trading creates opportunities and why being right about an asset isn't enough to make money trading it.

00:00 Intro and Early Crypto Trading 

05:55 Finding the First Arbitrage Edge 

11:31 Running HFT in JavaScript 

19:17 Finding Edge Across Exchanges 

25:19 Consistent Returns and Hidden Risks 

33:53 Research, Automation and In-House Data 

38:14 Quant vs. Discretionary Trading 

45:29 Volatility, Forced Trading and Finding Edge 

51:33 Bitcoin Conviction and Why Altcoins Fail

Arb joins Sokio to explain how reading the details led him to a Tari arbitrage and a series of oil trades on Hyperliquid. The conversation moves from finding temporary market inefficiencies and knowing when to walk away to using AI for data collection, research, and building trading systems. He also shares his case for owning compute, why systems thinking matters, and the opportunities he sees for small teams.

00:00 Introducing Arb and his first crypto arbitrage 

09:25 Oil perps: trading the market rules 

16:43 Bitcoin, hardware and the AI opportunity 

26:40 Where AI value accrues 

33:26 Why small teams can move faster 

39:08 AI for trading research and automation 

45:51 How to think in systems 

51:07 Manual trading and AI-built systems 

55:38 AI workflows and what changes next

Trader Morin turned more than 18 months at breakeven into a repeatable trading process built around ranges, mean reversion, order flow and strict risk management.  He explains how he plans trades days in advance, builds price-action and footprint execution playbooks, sizes positions using confluence, and distinguishes reaccumulation from redistribution. We also discuss surviving the unprofitable years, handling FOMO, reviewing trading data, using leverage responsibly and why Morin deliberately reduces risk after a major winner.

00:00 First blow-up and playing the long game 

08:05 Why Morin focused on BTC and ETH 

18:07 Building conviction, trade plans and playbooks 

25:27 Surviving 18 months at breakeven 

35:00 Turning discretionary trading into a system 

41:00 Range trading and footprint execution 

48:39 Reaccumulation vs redistribution 

58:16 Leverage, risk and reviewing the data 

01:08:56 Teaching, monetization and staying grounded

Benoit Dubosson, better known as Beni the Boss, joins the Insilico Terminal Podcast for his first interview about crypto. He explains how he built a trading career around markets other people ignored—from Cryptopia arbitrage and onchain deposit signals to FTX funding trades, the Luna collapse, TradeOgre market making, and strange dislocations across CFD brokers and fintech apps.  Beni also talks about counterparty risk, the mental cost of trading your own money, why he eventually left crypto, the role of luck in success, and why beginners should spend far more time researching than trading.

00:00 From online poker to early crypto arbitrage 

13:55 What trading crypto was really like in 2017 

22:42 Finding edge where others do not look 

31:09 FTX trades and the Luna collapse 

41:44 Market making Monero on TradeOgre 

50:47 The mental cost of trading 

01:00:04 Advice for new crypto traders 

01:09:07 Networking, luck and when not to trade

Parker, co-founder of perps.fun, joins the Insilico Terminal Podcast to discuss building the first HIP-3 launchpad and opening Hyperliquid market creation to teams outside the existing deployer structure.  We cover why perps.fun pivoted from building a trading terminal, how new markets are vetted, fee sharing and market ownership, exotic and long-tail perps, sourcing liquidity, oracle and funding design, the Kinetiq partnership, and why permissionless perp creation comes with serious risks.  We also get into the wider Hyperliquid ecosystem: HIP-3 market concentration, HIP-4, regulation, institutional adoption, Trade XYZ, competition between DEXs, and the long-term vision of being able to trade wherever the volatility goes.

00:00 What is perps.fun? The first HIP-3 launchpad 

05:15 What kinds of markets will launch? 

10:17 The perps.fun fee-sharing model 

15:10 Why official brands and indices matter 

19:24 Building safe markets: liquidity, oracles & funding 

25:03 The Kinetiq partnership and HIP-3 economics 

30:30 Where Hyperliquid stands today 

35:32 Regulation, institutions & the “gray market” 

39:38 Hyperliquid vs other DEXs & trading everything

HypeTrader, also known as @MomentumKevin, joins Sokio to talk about the wins, losses and mindset shifts behind his journey as a high-volume Hyperliquid trader.  Kevin traces his path from buying the 2013 Bitcoin top and trading the 2017 altcoin cycle to BitMEX liquidations, NFTs and eventually HYPE. He speaks openly about million-dollar drawdowns, losing most of two years of trading P&L, and why he is now sizing down and focusing on more repeatable intraday trades.  They also discuss trading stock perps on Hyperliquid, sentiment and order flow, execution costs, competing perp DEXs, the future of HYPE and whether Hyperliquid can become the home for every financial market.

00:00 Buying HYPE at TGE 

05:56 From the 2013 BTC top to the 2017 altcoin boom 

14:26 Getting liquidated on BitMEX 

22:15 Losing two years of P&L on HYPE 

29:37 Making money during the 10/10 crash 

34:19 Trading stocks, sentiment and order flow 

37:56 Can rival perp DEXs compete? 

43:19 Why he is still bullish on Hyperliquid 

47:35 Tokenized stocks and Hyperliquid’s endgame

Stonk Trump joins the Insilico Terminal Podcast to explain how he uses institutional positioning, options flow and technical analysis to find swing trades across equities and options.  We discuss why the worst headlines often arrive near market bottoms, how he structures longer-dated calls and takes profit, and why good earnings cannot save a trade that everyone already owns. He also breaks down the semiconductor unwind, what crypto traders can bring to TradFi, and why he is waiting for better Bitcoin opportunities into the fall.

00:00 From crypto to options 

06:30 Meme stocks, silver and early trading lessons 

14:07 Reading institutional positioning at market extremes 

24:22 Finding stocks through options flow 

32:50 Why TradFi beats onchain complexity 

38:10 What crypto traders can learn from equities 

42:18 The AI bull case and the next market correction 

50:04 When a trade becomes too crowded 

55:25 Bitcoin’s setup into the fall