01.1
Market structure
Order books, queues, and the small decisions that shape how prices are formed.
AN INDEPENDENT RESEARCH SHOWCASE
Markets reward
better questions.
We explore the space between uncertainty and understanding. Our tools are mathematics, experimentation, and the willingness to think again.
Explore our thinking Founded by Tian He & Yonghao Yang01 — 04CURIOSITY IS THE STARTING POINT.
01 /WHAT WE EXPLORE
Complex systems.
Clear thinking.
Markets bring together people, information, and incentives. Understanding them means looking closely at the details—and staying open to the bigger picture.
This is a space for developing ideas, testing assumptions, and making the research process visible.
01.2
Decisions under uncertainty
Probabilities, inventory, and how an imperfect model can still ask a useful question.
Explore a simple model01.3
Research engineering
Reproducible experiments and reliable systems that connect an idea to evidence.
02 /HOW WE THINK
An idea is a beginning.
Evidence moves it forward.
Ask something specific.
A useful hypothesis explains what we expect to observe—and what would change our mind.
Make it testable.
State the assumptions. Build the smallest experiment. Keep the baseline in view.
Learn from the difference.
A surprising result is an invitation to look closer, not a reason to hide the uncertainty.
03 /THE PEOPLE BEHIND THE QUESTIONS
Two minds.
One shared standard.
Tian He & Yonghao Yang · Cofounders of THYH
THYH began with a shared conviction: understanding a market takes both a mathematical imagination and the discipline to build.
Tian He and Yonghao Yang founded THYH to bring those instincts together. Her questions start with the patterns inside uncertainty. His start with what happens when an elegant idea meets a real system. Their common ground is a research process that welcomes a difficult question.
Tian He
COFOUNDER · QUANTITATIVE RESEARCHTian looks for the structure beneath the noise. Her research perspective brings together probability, statistical inference, and a careful reading of how a signal changes across market conditions.
Probability & inferenceSignal research
Yonghao Yang
COFOUNDER · RESEARCH ENGINEERINGYonghao connects a model to the world it has to operate in. His perspective spans market microstructure, execution logic, and the engineering details that make an experiment reproducible.
Market microstructureSystems & execution
OUR SHARED PRINCIPLE
An idea earns its place by surviving a better question.
Founder narratives and research roles are editorial concepts for this demonstration. Portraits are AI-generated character illustrations.
A SMALL EXPERIMENT
The same market.
A different position.
A quote is more than a view on price. Change the inventory and uncertainty below to see a simple model adjust its bid and ask.
Illustrative model. Synthetic values. No live market data.
QUOTING / INVENTORY
BID
ASK
SHORTFLATLONG
At neutral inventory, the model quotes symmetrically around 100.
04 /FROM THE NOTEBOOK
Ideas worth examining.
SOME QUESTIONS ARE JUST FOR THE JOY OF IT.