Projects
Each project is a body of work — papers, code, data, media, sometimes a finished product.
Calibrating the dynamics an option surface leaves open
European prices identify the risk-neutral marginals but not the transition law connecting them. SANOS-Evolve fixes an arbitrage-free surface, then calibrates a two-timescale martingale kernel to observable smile dynamics — closed-form readouts, tested across nine SPX regimes and ported off index.
Pricing and risk for AI compute as a traded asset
A no-arbitrage framework for valuing compute-capacity contracts — the single-issuer pricing engine, and its portfolio extension with cross-issuer clustering and a good-deal bound.
Papers
Full texts on this site, with links to where each paper is posted.
Blog
Occasional writing.
How the smile moves
European prices fix what the market believes about tomorrow’s range of outcomes — but not how the smile moves when the spot moves. Freeze the arbitrage-free surface, calibrate a two-timescale martingale kernel to the motion alone: nine SPX regimes, closed-form readouts, and the limits the evidence exposes.
Pricing the compute economy
Why a book of AI-compute contracts carries a risk that neither diversification nor a commodity hedge removes — and how to bound it.
About
Kspectra Research Inc. is an independent studio for first-principles research — resolving opaque phenomena into the parts that move them, the way a spectrum resolves light into its lines.
Founded by Shaosai (Arthur) Huang in Toronto.
Founder’s full publication record — Google Scholar →
See the unseen.
© 2026 Kspectra Research Inc. · Toronto