Two publications, one voice, and a rule about who writes the sentences.
Cost to Hold goes out every weekday. It is a piece of writing about what the market did and what it costs you, with the tape underneath as evidence: funding, basis, open interest and liquidations across four venues. Four minutes.
The Founder goes out weekly. One argument, sourced to vendor documentation, on the things that decide whether your numbers are defensible.
The machine gathers. The human narrates. Collectors pull the data and a renderer arranges it. No language model writes a sentence that goes out under the byline — not the commentary, not the column, not the subject line. An issue whose take is empty does not send.
Nothing auto-sends. The pipeline stages a draft and stops. A person approves it. Publishing a wrong number to a list of traders is the failure that would end this, so validation and manual approval are the product, not overhead.
When a gate fires, you see it. Suspect numbers are printed struck through with a note rather than quietly dropped, and when fewer than three venues answer there is no issue that day and the archive says so.
Joe DeFeo trades a systematic book on crypto perpetual futures and builds the infrastructure behind it. He trained as an accountant and spent six years as a chief executive in quality and operations consulting. He writes about record-keeping because it cost him real money long before it became interesting.
No signals, no calls, no system that makes money.
No predictions. You will be told what happened, not what will happen.
No streaks, badges, leaderboards or celebration emails. Nothing here is designed to make you trade more.
No comments, no popups, no share counts, no paywall.
No third-party analytics. Open and click counts run through our own endpoints and can be switched off.
If a number is wrong, the issue page is corrected in place with a visible note and the date, and the correction runs at the top of the next issue — the email that went out cannot be recalled. The raw snapshot is never rewritten. Reply to any issue and a person will read it.