Chuqiao Zong

Molei Qin, Xinyu Cai, Yewen Li et al.

Futures are contracts obligating the exchange of an asset at a predetermined date and price, notable for their high leverage and liquidity and, therefore, thrive in the Crypto market. RL has been widely applied in various quantitative tasks. However, most methods focus on the spot and could not be directly applied to the futures market with high leverage because of 2 challenges. First, high leverage amplifies reward fluctuations, making training stochastic and difficult to converge. Second, prior works lacked self-awareness of capability boundaries, exposing them to the risk of significant loss when encountering new market state (e.g.,a black swan event like COVID-19). To tackle these challenges, we propose the Efficient and Risk-Aware Ensemble Reinforcement Learning for Futures Trading (FineFT), a novel three-stage ensemble RL framework with stable training and proper risk management. In stage I, ensemble Q learners are selectively updated by ensemble TD errors to improve convergence. In stage II, we filter the Q-learners based on their profitabilities and train VAEs on market states to identify the capability boundaries of the learners. In stage III, we choose from the filtered ensemble and a conservative policy, guided by trained VAEs, to maintain profitability and mitigate risk with new market states. Through extensive experiments on crypto futures in a high-frequency trading environment with high fidelity and 5x leverage, we demonstrate that FineFT outperforms 12 SOTA baselines in 6 financial metrics, reducing risk by more than 40% while achieving superior profitability compared to the runner-up. Visualization of the selective update mechanism shows that different agents specialize in distinct market dynamics, and ablation studies certify routing with VAEs reduces maximum drawdown effectively, and selective update improves convergence and performance.

Wentao Zhang, Yilei Zhao, Chuqiao Zong et al.

Financial AI holds great promise for transforming modern finance, with the potential to support a wide range of tasks such as market forecasting, portfolio management, quantitative trading, and automated analysis. However, existing platforms remain limited in task coverage, lack robust multimodal data integration, and offer insufficient support for the training and deployment of large language models (LLMs). In response to these limitations, we present FinWorld, an all-in-one open-source platform that provides end-to-end support for the entire financial AI workflow, from data acquisition to experimentation and deployment. FinWorld distinguishes itself through native integration of heterogeneous financial data, unified support for diverse AI paradigms, and advanced agent automation, enabling seamless development and deployment. Leveraging data from 2 representative markets, 4 stock pools, and over 800 million financial data points, we conduct comprehensive experiments on 4 key financial AI tasks. These experiments systematically evaluate deep learning and reinforcement learning algorithms, with particular emphasis on RL-based finetuning for LLMs and LLM Agents. The empirical results demonstrate that FinWorld significantly enhances reproducibility, supports transparent benchmarking, and streamlines deployment, thereby providing a strong foundation for future research and real-world applications. Code is available at Github~\footnote{https://github.com/DVampire/FinWorld}.

Weihao Tan, Wentao Zhang, Xinrun Xu et al.

Despite the success in specific scenarios, existing foundation agents still struggle to generalize across various virtual scenarios, mainly due to the dramatically different encapsulations of environments with manually designed observation and action spaces. To handle this issue, we propose the General Computer Control (GCC) setting to restrict foundation agents to interact with software through the most unified and standardized interface, i.e., using screenshots as input and keyboard and mouse actions as output. We introduce Cradle, a modular and flexible LMM-powered framework, as a preliminary attempt towards GCC. Enhanced by six key modules, Cradle can understand input screenshots and output executable code for low-level keyboard and mouse control after high-level planning, so that Cradle can interact with any software and complete long-horizon complex tasks without relying on any built-in APIs. Experimental results show that Cradle exhibits remarkable generalizability and impressive performance across four previously unexplored commercial video games, five software applications, and a comprehensive benchmark, OSWorld. Cradle is the first to enable foundation agents to follow the main storyline and complete 40-minute-long real missions in the complex AAA game Red Dead Redemption 2 (RDR2). Cradle can also create a city of a thousand people in Cities: Skylines, farm and harvest parsnips in Stardew Valley, and trade and bargain with a maximal weekly total profit of 87% in Dealer's Life 2. Cradle can not only operate daily software, like Chrome, Outlook, and Feishu, but also edit images and videos using Meitu and CapCut. Cradle greatly extends the reach of foundation agents by enabling the easy conversion of any software, especially complex games, into benchmarks to evaluate agents' various abilities and facilitate further data collection, thus paving the way for generalist agents.

Chuqiao Zong, Chaojie Wang, Molei Qin et al.

High-frequency trading (HFT) that executes algorithmic trading in short time scales, has recently occupied the majority of cryptocurrency market. Besides traditional quantitative trading methods, reinforcement learning (RL) has become another appealing approach for HFT due to its terrific ability of handling high-dimensional financial data and solving sophisticated sequential decision-making problems, \emph{e.g.,} hierarchical reinforcement learning (HRL) has shown its promising performance on second-level HFT by training a router to select only one sub-agent from the agent pool to execute the current transaction. However, existing RL methods for HFT still have some defects: 1) standard RL-based trading agents suffer from the overfitting issue, preventing them from making effective policy adjustments based on financial context; 2) due to the rapid changes in market conditions, investment decisions made by an individual agent are usually one-sided and highly biased, which might lead to significant loss in extreme markets. To tackle these problems, we propose a novel Memory Augmented Context-aware Reinforcement learning method On HFT, \emph{a.k.a.} MacroHFT, which consists of two training phases: 1) we first train multiple types of sub-agents with the market data decomposed according to various financial indicators, specifically market trend and volatility, where each agent owns a conditional adapter to adjust its trading policy according to market conditions; 2) then we train a hyper-agent to mix the decisions from these sub-agents and output a consistently profitable meta-policy to handle rapid market fluctuations, equipped with a memory mechanism to enhance the capability of decision-making. Extensive experiments on various cryptocurrency markets demonstrate that MacroHFT can achieve state-of-the-art performance on minute-level trading tasks.