Interactive study aid · Quantitative finance
Learn quant finance by seeing it move.
Change an input and watch prices, curves and risk respond. Then read the reasoning behind it, one careful step at a time.
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Probability SpaceThrow darts at a board: events are regions, probability is area.σ-AlgebrasSee σ-algebras as what an observer can tell apart, and watch information grow.Lebesgue MeasureCover sets with intervals: the rationals have length zero.Random VariablesSpin a pointer and see a random variable as a function of the outcome.Lebesgue IntegralSlice the area by height instead of by position.ConvergenceWatch mass escape and learn when limits pass through expectations.
41interactive labs
6trading desk games
90guide lessons
7areas of finance
2languages (EN · HU)
Featured
Tools built to be used
The labs
41 instruments
Derivatives
Options, payoffs and pricing models.
Derivatives pricing · 17 lessonsBlack–ScholesClosed-form price and every Greek, across spot and time.Payoff LabBuild option strategies and read the payoff at expiry.BinomialPrice an option step by step on a recombining tree.HestonStochastic volatility and the shape of the smile.Delta HedgingRebalance a hedge and watch the replication error.
Portfolio & Risk
Risk, return, CAPM and portfolio optimization.
Portfolio & risk · 12 lessonsPortfolio OptimizationMinimum variance, the frontier and the tangency portfolio.Risk & ReturnMean, volatility, correlation and Sharpe from returns.CAPMBeta, the security market line and alpha.Fama–FrenchSize, value and momentum exposures from real factor data.Portfolio LabDiversification with two to many assets.Systemic RiskEdit a bank network and watch a shock spread.
Fixed Income
Bonds, yield curves, duration and convexity.
Fixed income · 10 lessonsYield CurveBootstrap zeros, forwards and discount factors from par quotes.Bond LabPrice, yield and the coupon effect on one curve.Duration & ConvexityFirst- and second-order rate risk, side by side.Treasury Futures LabConversion factors, basis and cheapest-to-deliver.Interest Rate Swap LabPar rate, both legs and value after the curve moves.Callable Bond LabThe call caps the price: negative convexity and when the issuer calls.Immunization LabMatch duration so rate moves cancel out.
Corporate Finance
NPV, DCF valuation, WACC and capital structure.
Corporate finance · 10 lessonsValuation (DCF)Forecast cash flows, discount them, add terminal value.NPV / IRRProject cash flows, hurdle rates and the NPV profile.Time Value of MoneyCompounding, discounting and annuities.Cost of Capital (WACC)Cost of equity, cost of debt and the blend.Capital StructureLeverage, taxes and firm value.
Probability & Measure
Events, σ-algebras, measure, integrals and convergence.
Probability and measure · 13 lessonsProbability SpaceThrow darts at a board: events are regions, probability is area.σ-AlgebrasSee σ-algebras as what an observer can tell apart, and watch information grow.Lebesgue MeasureCover sets with intervals: the rationals have length zero.Random VariablesSpin a pointer and see a random variable as a function of the outcome.Lebesgue IntegralSlice the area by height instead of by position.ConvergenceWatch mass escape and learn when limits pass through expectations.Conditional ExpectationThe best guess from what you know, and how to reweight P into Q.
Stochastic Models
Brownian motion, Itô and Monte Carlo.
Stochastic models · 17 lessonsBrownian MotionPath cloud, √t bands, barriers and Brownian lessons.Random WalkCoin-flip walks, √t scaling and the central limit theorem.Geometric Brownian MotionLog-normal price paths and their expected value.Itô ProcessWhy log prices drift at μ − ½σ².Monte CarloPrice by simulation and watch the estimate converge.
Market Microstructure
Order books, quoting, inventory and information.
Market microstructure · 11 lessonsMarket MakingQuote a bid and an ask, earn the spread, manage inventory.Order BookWalk the book with market orders and wait in the queue.Avellaneda–StoikovSkew your quotes against inventory and risk aversion.Glosten–MilgromWhy informed traders make the spread.Kyle ModelTrade as the insider and hide in the noise.Spread EstimationRecover the spread from a tape of trades.
The guides
90 lessons, in order
Recent updates and upcoming features
Development
Recently added
- Probability & Measure area — seven labs on twelve pages (dart board, σ-algebras and filtrations, covering sets, random variables and distribution functions, the Lebesgue integral, convergence, conditional expectation and change of measure) and a 13-lesson guide track
- Market Microstructure area — six labs (order book, market making, Avellaneda–Stoikov, Glosten–Milgrom, Kyle, spread estimation), a market making desk and an 11-lesson guide track
- Six trading desk games — hedging, pension ALM, rates, portfolio, retirement and market making — each with five missions, live help, a playthrough and a debrief
- The Stochastic Learning Studio lessons now live as pages inside the random walk, Brownian motion, GBM, Itô and Monte Carlo labs
- Callable bond lab — negative convexity in action
- Interest rate swap lab — par rate, both legs, and the value after the curve moves
- Sandbox page: every desk and lab challenge in one place, with your saved progress
- Lab prediction rounds now keep score: plays, hit rate and best streak
Coming next
- Interactive upgrades for the derivatives labs — payoff sketching and step-through backward induction
- Free-play mode for the desks: simulate with no objectives
Planned modules
- Credit risk and real options labs
- Numerical methods for solving PDEs
- Macroeconomics
- Microeconomics
- Analysis
- Linear algebra