Articles
Explainers, guides, and notes from the Architect team on perpetual futures, compute futures, market structure, and modern trading infrastructure.
Intercommodity Spreads, From Crack to Compute
As AI Exchange prepares to list GPU rental price futures, spreads between compute and related commodities become tradeable. A tour of intercommodity spreads — crack, crush, spark — and why compute is the natural next link in the chain.
Regulated entities in the U.S. futures markets
A quick tour of the four regulated pillars of the U.S. futures markets — the Introducing Broker, Futures Commission Merchant, Designated Contract Market, and Derivatives Clearing Organization — how they fit together, and where Architect's AI Exchange fits in.
What GPU Compute Price Data is Revealing
Compute Desk's daily GPU rental data shows Nvidia H100, H200, B200, and B300 chips all bottomed out within a two-to-three-month window in late 2025 — and have rallied since. A look at what the market-wide swing reveals about AI compute pricing.
How AI Labs Can Leverage Futures Contracts for Risk Management and Price Discovery
AI labs face volatile GPU rental prices. Here's how U.S. regulated futures can lock in compute costs, provide transparent price discovery, and free up cash for R&D — and how AI Exchange's new market fits in.
Compute Options: The Next Frontier for the AI Industry
How compute buyers and sellers can use options — covered calls and cash-secured puts — to manage GPU price volatility, generate income, and hedge exposure in the emerging compute derivatives market.
Cash-Settled Compute Futures: Mechanics of a Neocloud Short Hedge
A fully-worked numerical example of a neocloud operator using cash-settled H100 compute futures to hedge forward GPU capacity — from position sizing through daily mark-to-market to final cash settlement.
The Race to List Compute Futures ETFs
Six issuers have filed to launch ETFs tracking GPU compute futures — before the underlying contracts even trade. How these funds work, the five ways to build a compute basket, and who they're for.
Accessing Perpetual Futures Markets: On-Chain vs Off-Chain Solutions
The two structurally distinct ways to access perpetual futures markets — and how custody, transparency, latency, and regulation differ between each.
Understanding Derivatives: Futures, Options, Swaps & Perpetuals
The key features and differences between the four core derivatives instruments — and which is most appropriate for you.
Accessing Compute Markets: Perpetuals vs Futures
The two structures for accessing the new compute markets — traditional futures and perpetual futures — and who each is for.
The New Power Markets: Compute Futures
How Compute Futures turn GPU hours into a hedgeable commodity, built on the same market infrastructure as oil, gas, and electricity.
Why Perps Won — and Why They Belong Onshore
Perpetual futures became the default way the world trades crypto. Here's the product design that got them there, and why the next chapter is regulated.