Joined September 2022
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May 28
Architect has acquired a DCM and we’re launching the American Innovation Exchange, a new US futures exchange purpose–built for trading compute derivatives.
Onboard directly from desktop or mobile, trade the century’s most consequential commodity. Coming soon.
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Architect retweeted
Jun 12
Compute futures are the most novel product I've heard of in the past month.
What is a "compute future"?
@BrettHarrison explains exactly how it works in 99 seconds (he and his team at @Architect_Fi pioneered them).
Over a trillion dollars worth of perps are traded every month, yet 99% people have never heard of them.
This @LawofCodeFM episode is a multi-hour deep dive on perps, starting from the history of grain futures in Chicago to Friday's historic @CFTC announcements. It took me months to put this together.
My goal: the internet's most comprehensive explainer on perps.
You'll hear from the world's leading experts on the legal layer of perps; @jchervinsky and @BradBourque of @HyperliquidPC, @BrettHarrison of @Architect_Fi, @kkirkbos, @_Ryne_Miller, @mdf2000 and David Shafer of @coinbase.
By the end of this episode, I promise you'll be in the top percentile for understanding perps, regardless of where you're starting from.
(You just might need to listen twice. There's a lot here.)
Timestamps:
0:00 Intro
4:04 What is a perp @BrettHarrison
7:18 Why futures contracts exist
8:15 Liquidity fragmentation
11:01 History of U.S. futures @_Ryne_Miller
17:08 Richard Nixon, the gold standard and financial futures
21:27 Birth of the CFTC
24:27 Robert Shiller's 1992 paper @kkirkbos
30:09 Price convergence
32:00 The funding rate
43:41 Oracles and manipulation risk
47:39 Are perps swaps or futures?
52:44 A @ChairmanSelig clip on perps
54:02 The DCM framework
59:16 DCMs, DCOs and FCMs explained
1:04:55 History of crypto perps (BitMEX)
1:13:00 How Hyperliquid works
1:25:41 CFTC's historic announcements on May 29, 2026
1:35:00 Fireside with @jchervinsky and @BradBourque of @HyperliquidPC
Nothing in this podcast is legal or investment advice.
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Jun 12
Congratulations @SpaceX for making today a reality.
SpaceX perpetuals are live on Architect’s AX Exchange.
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How volatile are GPU rental prices and does that make them tradable?
@BrettHarrison, founder and CEO of Architect:
"By observation, it looks like the vol is somewhere between 20 and 40, based on which GPU you're currently looking at."
"Within 90 days, the price of H200 GPU rental prices went up around 17% to 19%, a pretty big move in a very short period of time."
"People often predicted that GPU rental prices will strictly go down over time as chips depreciate and new chips come out, but what we've seen is that they've basically only gone up as demand has completely outstripped supply."
"In order for this to be a tradable asset, it has to not be a 200 vol type of future... otherwise people would get blown out every time they put on a position."
Jun 11
GPU depreciation is about resale value, GPU yield is a different story. H100 rental prices are up 19% in 90 days and H200 up 17%. Older silicon may fetch less on the secondary market over time, but the compute the chips produce is renting for more. Not the same trade.
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Why does AI compute need a financial market?
@BrettHarrison, founder and CEO of Architect:
"Just like a wheat farmer who doesn't know what prices will be at harvest, futures let them lock in a price today without being exposed to the volatility between now and three months from now."
"We've spoken to data center operators who are being loaned capital to build out data centers... concern that if they outfit an entire data center with H100 GPUs, 12 months from now the rental price might plummet because everyone wants to switch to H200s."
"If they therefore can't meet their debt service, they can't pay down those debt payments to their lender because they haven't been able to protect against that downside risk."
"What a future or option on compute does... allows them to transfer that risk away, guarantee they're gonna be able to meet that debt service, and therefore go out and build that data center."
"We think the futures and options markets developing will actually help the AI industry grow larger and faster."
Jun 9
AI datacenters are driving unprecedented demand for electricity consumption and current power futures markets no longer offer an effective hedge. Existing power contracts are inadequate for two reasons:
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Architect retweeted
Jun 11
I’ll be on @MTSlive at 5:30pm ET/2:30pm PT, looking forward to discussing financializing AI industry inputs and starting a new US futures exchange.
DARIO ESSAY | AI POLICY | OPENAI-ANTHROPIC PRICE WAR x.com/i/broadcasts/1rGmqqWbk…
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Architect retweeted
Jun 11
GPU depreciation is about resale value, GPU yield is a different story. H100 rental prices are up 19% in 90 days and H200 up 17%. Older silicon may fetch less on the secondary market over time, but the compute the chips produce is renting for more. Not the same trade.
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Architect retweeted
Jun 9
AI datacenters are driving unprecedented demand for electricity consumption and current power futures markets no longer offer an effective hedge. Existing power contracts are inadequate for two reasons:
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Architect retweeted
Jun 8
. @Architect_Fi makes it incredibly intuitive to place trades on compute futures. Rates provided by @ComputeDesk indices.
Jun 8
Trade for size on the American Innovation Exchange. Negotiate bilateral block transactions and report as a single print, via voice or desktop or mobile. Multi-leg spread trades supported.
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Jun 8
Trade for size on the American Innovation Exchange. Negotiate bilateral block transactions and report as a single print, via voice or desktop or mobile. Multi-leg spread trades supported.
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Architect retweeted
Jun 5
The term “AI capex/opex basket” refers to the financialization of GPUs, materials, and energy sources necessary to build and operate a datacenter. Of the various base, precious, and rare-earth metals in the basket, silver has outsized and under-discussed effects on compute costs.
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Jun 5
Silver, the most conductive metal, is threaded through the contacts, connectors, and high-performance electronics of AI datacenters. Hedge silver costs or trade silver with better margin, lower fees, and smaller contract size on the American Innovation Exchange.
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Architect retweeted
A month ago I wrote that two layers were missing under the procurement paradigm: a way to hedge forward compute price without buying more capacity, and a benchmark worth settling it against. Today the first one ships. Architect is listing H100 through B300 futures, settled to our index. The contract was the easy part. The index is the work: broad enough to catch where compute actually clears in private deals, narrow enough that the hedge tracks your cluster and not a market average. Now there is a price to trade around.
Jun 4
Compute futures indexes need to be broad enough to capture private cloud transactions but narrow enough to minimize basis risk for datacenter hedging. Architect’s Nvidia H100, H200, B200, and B300 futures will offer the best of both worlds on the American Innovation Exchange.
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Architect retweeted
Jun 4
The typical neocloud operator we speak to says some version of: “I’ve sold out 12 months of capacity on my H200 cluster, but I don’t know what compute prices will be in months 13-24.” Futures solve this, but the suitability of the hedge depends on the index. More below ↓
Jun 4
Compute futures indexes need to be broad enough to capture private cloud transactions but narrow enough to minimize basis risk for datacenter hedging. Architect’s Nvidia H100, H200, B200, and B300 futures will offer the best of both worlds on the American Innovation Exchange.
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Jun 4
Compute futures indexes need to be broad enough to capture private cloud transactions but narrow enough to minimize basis risk for datacenter hedging. Architect’s Nvidia H100, H200, B200, and B300 futures will offer the best of both worlds on the American Innovation Exchange.
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Jun 3
The largest US futures exchanges require a six-figure minimum annual payment in market data fees, API fees, and data distribution fees to trade. Why?
It’s time to move forward. Trade futures on the American Innovation Exchange with direct access and no market data or API fees.
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Jun 3
Coming soon. Sign up to trade futures and options on AI compute, capex, and opex. architect.co
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Architect retweeted
Jun 2
Architect is working with AI companies that have specialized compute and capex/opex hedging needs ahead of the launch of our US futures exchange, the American Innovation Exchange. We’d love to hear from more, any referrals that come our way are greatly appreciated.
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Jun 2
Every AI datacenter is a copper story. Power distribution, busbars, transformers, miles of cabling. Datacenter buildouts at this scale are pushing copper demand into new territory. The AI Exchange lets you hedge the metals that build AI alongside the compute that runs on it.
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Jun 2
Coming soon. Sign up to trade on the first US exchange dedicated to AI compute, capex, and opex, 23/7, free data and APIs, straight from mobile or desktop.
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