Research

Research is how we decide what to build.

Every paper below belongs to a project. Each project carries a label for what it is today: running, prototype, or research.

Research projects

RunningDigital asset market infrastructureLow-latency market data, unified order books, smart order routing, options market analytics.Options analytics project pagePrototype · ZIM-fundedQAVCMExplainable analytics for the voluntary carbon market, with XU Exponential University.Project pageResearchImmoTokenConcepts for tokenized real estate in Germany.Project page

Research we contribute to

Projects led by our research partners, where we bring the data-first method beyond financial markets.

Research contributionLed by XU Exponential University · funded by ILB and the EU
RITS · Resilient Infrastructure Technology SuiteMaps Brandenburg's energy, water and food infrastructure from scattered public data into a digital twin, and builds open apps on it. We contribute as an associated partner and to the research team [wording to confirm].
Running appsEnergy Compass BrandenburgEEG Horizon Brandenburgresiliente-infrastruktur.de
Fragmented dataPublic registers, grid and plant data, municipal figures
Data layerAn infrastructure digital twin of Brandenburg
AppsTransparency down to municipal level, for stakeholders and administration
Publications: DePIN for EWF infrastructures (WiKKI25) and infrastructure digital twins (WiKKI25), listed below under RITS.

Publications

Newest first. 14 of 15 · [1 to add]
QAVCM: A Quantitative Aggregation and Analytics Platform for the Fragmented Voluntary Carbon MarketR. Henker, R. Bin Tareaf, A. Holdschick, D. Puttyah, A. Sohotoo, B. HaleckerAKWI 2026, Berlin · accepted, proceedings forthcoming
QAVCM
Executing Arbitrage at Scale: Empirical Evidence on Crypto Spot Market EfficiencyR. Henker, D. Atzberger, J. O. Vollmer, W. Scheibel, J. DöllnerIEEE CryptoEx '26 (with ICBC 2026)
Digital assetsdoi.org/10.1109/ICBC67748.2026.11575495
Algorithmic Entrepreneurship: Evidence on Data-Driven Algorithmic Automation and Output-to-Employee Scaling in a Digital Asset Market Infrastructure VentureR. Henker, B. HaleckerTH Wildau Engineering and Natural Sciences Proceedings 3 (WiKKI26), 2026
How we workdoi.org/10.52825/th-wildau-ensp.v3i.3530
Hermes: An Autonomous Algorithmic Trading Agent for Cross-Exchange Spot MarketsR. Henker, D. Atzberger, J. O. Vollmer, W. Scheibel, J. DöllnerInvited to International Journal of Network Management (Wiley) · in preparation
Digital assets
A Low-Latency System for Collecting Massive Crypto Option Tick Data from DeribitD. Atzberger, R. Henker, A. Holdschick, J. O. Vollmer, W. Scheibel, J. DöllnerIEEE 8th Crypto Valley Conference (CVC '25), 2025
Options analyticsdoi.org/10.1109/CVC65719.2025.00013
DePIN for Enhancing the Resilience of EWF Infrastructures: Systematization and Potential for the Federal State of BrandenburgB. Halecker, R. HenkerTH Wildau Engineering and Natural Sciences Proceedings 2 (WiKKI25), 2025
RITSdoi.org/10.52825/th-wildau-ensp.v2i.2945
Towards Infrastructure Digital Twins as Innovation Enablers in Rural Energy Systems: Early Developments for Renewable Transitions in BrandenburgB. Iemhényi Hankó, B. Hagedorn, C. Bachert, R. Henker, B. HaleckerTH Wildau Engineering and Natural Sciences Proceedings 2 (WiKKI25), 2025
RITS
Athena: Smart Order Routing on Centralized Crypto Exchanges Using a Unified Order BookR. Henker, D. Atzberger, J. O. Vollmer, W. Scheibel, J. Döllner, M. BickInternational Journal of Network Management 34(4), e2266, 2024
Athenadoi.org/10.1002/nem.2266
A Low-Volatility Strategy based on Hedging a Quanto Perpetual Swap on BitMEXD. Atzberger, T. Matsui, R. Henker, W. Scheibel, J. Döllner, W. KnottenbeltIEEE CryptoEx '24 (with ICBC 2024)
Digital assetsdoi.org/10.1109/ICBC59979.2024.10634346
[Book chapter on real estate tokenization: exact title]R. Henker [co-authors]Haufe, 2024
ImmoToken
Hephaistos: A Management System for Massive Order Book Data from Multiple Centralized Crypto Exchanges with an Internal Unified Order BookR. Henker, D. Atzberger, J. O. Vollmer, W. Scheibel, J. Döllner, M. BickIEEE CryptoEx '23 (with ICBC 2023)
Hephaistos
OrderBookVis: A Visualization Approach for Comparing Order Books from Centralized Crypto ExchangesA. Jobst, D. Atzberger, R. Henker, W. Scheibel, J. DöllnerIEEE CryptoEx '23 (with ICBC 2023)
Hephaistosdoi.org/10.1109/ICBC56567.2023.10174944
Examining Liquidity of Exchanges and Assets and the Impact of External Events in Centralized Crypto Markets: A 2022 StudyA. Jobst, D. Atzberger, R. Henker, J. O. Vollmer, W. Scheibel, J. DöllnerIEEE CryptoEx '23 (with ICBC 2023)
Hephaistos
Real Estate Tokenization in Germany: Market Analysis and Concept of a Regulatory and Technical SolutionR. Henker, D. Atzberger, W. Scheibel, J. DöllnerIEEE ICBC 2023
ImmoTokendoi.org/10.1109/ICBC56567.2023.10174954