Research
Kernwell Research Desk
3 published studies
- Prop Firm Intelligence2 min
How prop firms make money
In the evaluation-based prop-firm model the customer is the trader. Understanding the three flows of money — evaluation fees, account fees and the profit split — explains most of the rules, and shows why company-reported payout totals must be treated as claims until verified.
Kernwell Research Desk · 2026-09-17
- Market Structure2 min
How market makers provide liquidity
A market maker quotes both sides and takes inventory risk to earn the spread. Adverse selection, hedging and fragmentation explain why liquidity is never a fixed quantity — and what a widening spread is actually saying.
Kernwell Research Desk · 2026-09-17
- Systems & Engineering5 min
How to automate a trading strategy backtest
A backtest is a measurement of a rule under stated assumptions. Automating it means automating the assumptions — data hygiene, costs, look-ahead, and held-out data — so that every run can be reproduced and every result decomposed.
Kernwell Research Desk · 2026-09-17
