UNIQUE AURORACAPITAL · VENTURES · RESEARCH

CAPITAL · VENTURES · RESEARCH

Capital and ventures.
Quantitative research.

Unique Aurora is a Singapore-based organisation focused on own-capital investment, early-stage ventures and quantitative research.

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SINGAPORE / UNIQUE AURORAExplore our work

01 / ACTIVITIES

Our work.

01

Capital and ventures

Own-capital investment and early-stage opportunities, including AI applications and infrastructure.

02

Quantitative research

How orders and market events shape liquidity and trading information.

Investment interests and research scope

02 / SELECTED RESEARCH

Papers and market studies.

All research

PREPRINT / v2 / 30 MAY 2026

Event-Semantic
Limit Order Books

What information disappears when a history of orders, cancellations and trades is reduced to a market snapshot?

Yu Xiong · Research manuscript

Read the paper overview

A QUESTION OF REPRESENTATION

01Events

What happened?

02State

What changed?

03Observation

What remains visible?

The same displayed quantity can leave an order waiting behind different quantities in the queue.

Inspect the example

FUND ANALYSIS / 12 OCTOBER 2026

IALT: strategy structure and drawdown

An exchange-traded fund (ETF) we are following: investment methods, daily net asset value and the June drawdown and recovery.

MARKET STUDY / UPDATED 12 OCTOBER 2026

QNTUSDT: spreads and first-level liquidity

QNT perpetual-contract quotes in USDT: compare spreads and displayed quantities across seven historical observations.

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