Conveyor Finance
On-chain trading
A desk blog for execution, structure, risk, and MEV — not Selected work. Case studies stay on Work. This page is the market.
The field
Journals we read first
Flashbots is the house journal of on-chain execution. Paradigm is the long-form desk for market design. We do not reprint them. We point at them, then write our own notes in the same register.
House journal
Flashbots Writings
The field’s primary journal for MEV, search, and how trades actually land on-chain.
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Working notes
Flashbots Collective
Searcher and researcher notes on arbitrage architecture, spam, and live-chain microstructure.
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Market design
Paradigm Research
Long-form research on crypto market design — the other desk everyone serious still reads.
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Conveyor notes
From this desk
Execution
The three clocks of on-chain trading
Sep 15, 2026 · 8 min read · Andrea
TL;DRA perp or spot fill on-chain is not one timestamp. It is block time, oracle time, and liquidation time. Desks that treat those as the same clock misprice risk.
Read essay →Essays
Funding, oracles, and the liquidation window
A perp is a swap against an index plus a payment stream. Liquidation is what happens when the stream and the mark cannot keep the position solvent.
Read →MEV is a trading cost
On public state, someone else can see the same opportunity. That fact belongs in the cost model next to fees and slippage.
Read →CLOB, AMM, and intent: three machines for one trade
A CLOB sequences orders. An AMM prices a curve. An intent lets a solver find a path. Operators need all three vocabularies.
Read →Idle margin is a market-structure problem
Execution venues optimized speed and leverage. They did not optimize what margin does between open and close. That gap is structure, not a product screenshot.
Read →What a desk inspects before it calls a fill on-chain
A professional checklist for on-chain execution — independent of any product study on this site.
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