We've shipped several improvements to the platform to enable more detailed factor analysis and enhance portfolio construction capabilities. Let's dig into the details! ## Exchange Universe Constraints
You can now access exchange-specific portfolio implementations for Binance, OKX, and Hyperliquid allowing you to build portfolios constrained to assets tradable on these venues. The unconstrained universe remains available (and remains the default), giving you access to the full ticker universe regardless of exchange availability. This is a backward compatible change, if you don't specify the new parameter when making an API call, it'll default to the "unconstrained" universe. 
New Factor: Relative Illiquidity
We've added Relative Illiquidity to our cross-sectional factor catalog - it'll replace the less diversified and robust "Open Interest Divergence" in the multi-factor portfolios soon. It's designed to capitalize on the persistent effect of assets with higher relative illiquidity tending to outperform, among the mid/large cap digital assets. 
Altair Factor Smoothing Options
The Altair factor is inherently high-turnover, which can destroy alpha through transaction costs despite having strong information content. We've added custom smoothing options (0, 10, 20, 30 periods) so you can access both the raw signal and progressively smoothed versions. This addresses a crucial reality: factors with high information coefficients but 100%+ turnover often aren't profitable after costs, but become viable with appropriate smoothing. The choice is now yours.
Factor Correlation Analysis
We've added a comprehensive factor correlation notebook with visualizations to help you understand the relationships between our cross-sectional alpha factors. This could improve factor selection and portfolio diversification decisions. 
Beta Portfolio Removal: With today's update, we're removing the long deprecated "Beta" portfolio. We're working on a long-only portfolio variation with a more dynamic universe - but our recommendation is definitely to trade well-diversified market-neutral, multi-factor portfolios. These updates are available immediately across all subscription tiers, except for Relative Illiquidity which is only available in our Prime tier. The correlation analysis notebook can be found in your resources section.
The Unravel Team