∆S Research

WE TRADE INSTABILITY

Markets are not stable systems.
They are maintained systems.

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Philosophy
Order
0.0
Entropy (S)
100%
Order
Low
Maintenance Cost

Stability is constructed and paid for.

The cost builds silently; when it can no longer be sustained, structure fails.

We measure the build-up.

We position for the break.

Methodology
01
Structure
  • Monetary system
  • Credit system
  • Liquidity architecture
  • Institutional framework
How the system operates
02
Decay
  • Rising maintenance cost
  • Policy dependency
  • Narrative reinforcement
  • Structural fragility
Where instability accumulates
03
Expression
  • Implied vs realized volatility
  • Skew
  • Term structure
  • Cross-asset dislocations
How markets price it
Structure → Decay → Mispricing
Research
Are Financial Markets Efficient? A Discussion of the Efficient Markets Hypothesis (EMH) 2026.04 Why Risk Is Not Volatility 2026.04 AI, Efficiency, and the Illusion of Stability 2026.04 Liquidity Regimes and the Illusion of Depth 2025.12 Term Structure Breaks and the Policy Ceiling 2025.11
Repo Markets and the Architecture of Fragility 2025.10 The Forward Guidance Trap 2025.09 Cross-Asset Dislocations in Late-Cycle Credit 2025.08
View all research →
Weekly Market Insights

Each week we publish a focused analysis of structural developments across rates, credit, and volatility markets to trace the cost of stability in real time.

Browse all weekly insights →

Updated every week — searchable archive available

About
Who we are
Delta S Research is an investment research team founded by a group of researchers across Singapore, London, and Hong Kong. With academic roots at the London School of Economics and Nanyang Technological University, we focus on both quantitative research and active portfolio management, exploring how market entropy shapes the decisions of investors.
What we do
We examine how shifts in market entropy shape investor behavior and drive price formation. Our research is not purely theoretical or abstract, but is designed to center around execution.
Our approach
We start with careful, ground-up research and turn it into algorithmic ways of reading the market. Options strategies are the core of how we operate, and our algorithms help interpret signals and guide decisions. We actively manage our assets to effectively navigate volatile markets.
Audience
Our work is for investors, capital allocators, and researchers who reject the assumption of stable equilibrium. We focus on those who view markets as changing systems. We believe that understanding disorder, rather than assuming stability, provides a more reliable basis for strategy.
Team
Franklin Xiong frank@deltasresearch.com Founder & Director of Research
Jason Shan jason@deltasresearch.com Founder & Director of Strategy
Contact

For research inquiries, institutional access, or press, please feel free to reach us through one of the channels below.

General Inquiries
contact@deltasresearch.com
We will respond to your inquiry as soon as possible. If you have any urgent request, please copy our founders in your email to expedite your inquiry. Thank you for your understanding.

"We are not a traditional research team, and we welcome unsolicited inquiries. We are always open to new ideas, research collaborations, and partnership opportunities. If you have any research idea, no matter how small, please feel free to connect with us! However, please note that defamatory, spamming, or unreasonable requests will not be entertained."