Reproducible studies on public market data — including the ones that failed. Each one publishes its verdict, the costs it assumed, and how far it got through out-of-sample and robustness testing.
The break-even fill rate for passive execution on 12 alt/BTC spreads is 88%, against 14% if fills were a random draw from the signal set. Adverse selection is worth 74 percentage points of required fill rate, and the trades a passive order misses are worth twice the ones it gets.