Quantitative trading using mathematical models and automated execution to generate trading decisions has been widely applied acorss financial markets. Recently, reinforcement learning (RL) has emerged as a promising approach for developing profitable trading strategies, especially in highly volatile markets like cryptocurrency. However, existing RL methods for cryptocurrency trading face two critical drawbacks: 1) Prior RL algorithms segment markets using handcrafted indicators (e.g., trend or volatility) to train specialized sub-policies. However, these coarse labels oversimplify market dynamics into rigid categories, biasing policies toward obvious patterns like trend-following and neglecting nuanced but lucrative opportunities. 2) Current RL methods fail to systematically use demonstration data. While some approaches ignore demonstrations altogether, others rely on “optimal” yet overly granular trajectories or human-crafted strategies, both of which can overwhelm learning and introduce significant bias, resulting in high variance and significant profit losses. To address these problems, we propose ArchetypeTrader, a novel reinforcement learning framework that automatically selects and refines data-driven trading archetypes distilled from demonstrations. The framework operates in three phases: 1) We use dynamic programming (DP) to generate representative expert trajectories and train a vector-quantized encoder-decoder architecture to distill these demonstrations into discrete, reusable strategic archetypes through self-supervised learning, capturing nuanced market-behavior patterns without human heuristics. 2) We then train an RL agent to select contextually appropriate archetypes from the learned codebook and reconstruct action sequences for the upcoming horizons, effectively performing demonstration-guided strategy reuse. 3) We finally train a policy adapter that leverages hindsight-informed rewards to dynamically refine the archetype actions based on real-time market observations and performance, enabling more fine-grained decision-making and yielding profitable and robust trading strategies. Extensive experiments on four popular cryptocurrency trading pairs demonstrate that ArchetypeTrader significantly outperforms state-of-the-art approaches in both profit generation and risk management.

Futures are contracts obligating the exchange of an asset at a predetermined date and price, notable for their high leverage (e.g., 5-fold) and liquidity (e.g., trillions of dollars) and, therefore, thrive in the Crypto market. Reinforcement learning (RL) has been widely applied in various quantitative tasks. However, most methods focus on the spot (e.g., stock) and could not be directly applied to the futures market with high leverage because of 2 key challenges. First, high leverage amplifies reward fluctuations, making RL training highly stochastic and difficult to converge. Second, prior works lacked self-awareness of capability boundaries, exposing them to the risk of significant capital loss when encountering previously unseen market state representations (e.g., during 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 temporal difference (TD) errors, i.e., TD errors across different learners, to improve convergence and performance. In stage II, we filter the Q-learners based on their profitabilities under different market dynamics and train variational autoencoders (VAEs) on market representations of each dynamic to identify the capability boundaries of the filtered learners. In stage III, we dynamically 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 significantly outperforms 12 state-of-the-art baselines in 6 widely-used 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.

Algorithmic trading relies on machine learning models to make trading decisions. Despite strong in-sample performance, these models often degrade when confronted with evolving real-world market regimes, which can shift dramatically due to macroeconomic changes—e.g., monetary policy updates or unanticipated fluctuations in participant behavior. We identify two core challenges that perpetuate this mismatch: (1) insufficient robustness in existing policy against uncertainties in high-level market fluctuations, and (2) the absence of a realistic and diverse simulation environment for training, leading to policy overfitting. To address these issues, we propose a Bayesian Robust Framework that systematically integrates a macro-conditioned generative model with robust policy learning. On the data side, to generate realistic and diverse data, we propose a macro-conditioned GAN-based generator that leverages macroeconomic indicators as primary control variables, synthesizing data with faithful temporal, cross-instrument, and macro correlations. On the policy side, to learn robust policy against market fluctuations, we cast the trading process as a two-player zero-sum Bayesian Markov game, wherein an adversarial agent simulates shifting regimes by perturbing macroeconomic indicators in the macro-conditioned generator, while the trading agent—guided by a quantile belief network—maintains and updates its belief over hidden market states. The trading agent seeks a Robust Perfect Bayesian Equilibrium via Bayesian neural fictitious self-play, stabilizing learning under adversarial market perturbations. Extensive experiments on 9 financial instruments demonstrate that our framework outperforms 9 state-of-the-art baselines. In extreme events like the COVID pandemic, our method shows improved profitability and risk management, offering a reliable solution for trading under uncertain and rapidly shifting market dynamics.

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, tutorials, and paper full version are available at Github and Arxiv https://github.com/DVampire/FinWorld. https://arxiv.org/abs/2508.02292.

Despite their 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, Information Gathering, Self-Reflection, Task Inference, Skill Curation, Action Planning, and Memory, Cradle is able to understand input screenshots and output executable code for low-level keyboard and mouse control after high-level planning and information retrieval, 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 (Red Dead Redemption 2, Cities:Skylines, Stardew Valley and Dealer’s Life 2), five software applications (Chrome, Outlook, Feishu, Meitu and CapCut), and a comprehensive benchmark, OSWorld. With a unified interface to interact with any software, Cradle greatly extends the reach of foundation agents thus paving the way for generalist agents.

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, 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, 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. Code has been released in https://github.com/ZONG0004/MacroHFT.

The financial markets, which involve over \$90 trillion market capitals, attract the attention of innumerable profit-seeking investors globally. Recent explosion of reinforcement learning in financial trading (RLFT) research has shown stellar performance on many quantitative trading tasks. However, it is still challenging to deploy reinforcement learning (RL) methods into real-world financial markets due to the highly composite nature of this domain, which entails design choices and interactions between components that collect financial data, conduct feature engineering, build market environments, make investment decisions, evaluate model behaviors and offers user interfaces. Despite the availability of abundant financial data and advanced RL techniques, a remarkable gap still exists between the potential and realized utilization of RL in financial trading. In particular, orchestrating an RLFT project lifecycle poses challenges in engineering (i.e. hard to build), benchmarking (i.e. hard to compare) and usability (i.e. hard to optimize, maintain and use). To overcome these challenges, we introduce TradeMaster, a holistic open-source RLFT platform that serves as a i) software toolkit, ii) empirical benchmark, and iii) user interface. Our ultimate goal is to provide infrastructures for transparent and reproducible RLFT research and facilitate their real-world deployment with industry impact. TradeMaster will be updated continuously and welcomes contributions from both RL and finance communities.