# Crypto cash-flow comparison worksheet

> Blank research worksheet. Educational use only; it does not recommend an investment or trading method.

Use this sheet to keep two questions separate: what to do with new money as it becomes available, and what to do with a lump sum already held in cash. An active trading rule is a third process. Do not compare them until the amount and timing of available capital are explicit.

## 1. Name the comparison

- Question and date prepared, before reviewing results:
- New contributions arrive over time / lump sum already available / capital already invested:
- Methods to compare:
- What result would change the conclusion or end this study?

## 2. Freeze the shared inputs

- Asset, venue and exact instrument:
- Data source, price field, timezone, interval and coverage:
- Start date and end date:
- Contribution dates and amounts, if applicable:
- Starting asset units, cash and other collateral:
- Benchmark and why it fits the question:
- Cash return assumption while funds are uninvested (write “unknown” if unsupported):
- Strategy and data versions / fingerprints:

## 3. Record when capital becomes available

| Available-at timestamp (UTC) | Amount and currency | Source / evidence | Method action | Units acquired or exposure | Cash remaining |
| --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |

Money not yet available at a decision time cannot be treated as invested cash for that earlier period. Record the same cash arrival schedule for every method that is meant to receive the same contributions.

## 4. Define each method before seeing its result

### Fixed contribution schedule

- Fixed amount and recurrence rule:
- Whether the full amount is invested each time or a reserve is held:
- Treatment of a missed, delayed or partial purchase:
- Maximum planned spot exposure:

### Active rule

- Signal, data field and source:
- Exact timestamp when the signal becomes knowable:
- Entry timing and modeled order/fill convention:
- Exit, invalidation, size and conditions for staying flat:
- Maximum exposure and any leverage:
- Rules tested, including rejected variants:

## 5. State costs and risks separately

| Item | Method A assumption and source date | Method B assumption and source date | Unknowns / notes |
| --- | --- | --- | --- |
| Fees |  |  |  |
| Spread and additional slippage |  |  |  |
| Cash yield |  |  |  |
| Funding, if a derivative is used |  |  |  |
| Margin, custody and other instrument risks |  |  |  |

Do not enter missing data as zero. Avoid charging the same spread twice if the fill assumption already includes it.

## 6. Compare the complete records

| Measure | Method A | Method B | Same scope and dates? |
| --- | --- | --- | --- |
| Ending asset units and uninvested cash |  |  |  |
| Ending value under the stated price field |  |  |  |
| Total fees, funding and other costs |  |  |  |
| Maximum drawdown and time exposed |  |  |  |
| Cash held and periods with no position |  |  |  |
| Missing, incomplete or unverified observations |  |  |  |

- Higher-cost case chosen before interpreting the result:
- Alternate start dates or regimes checked:
- Chronological holdout reserved before rule selection:
- How often the holdout was viewed or reused:
- What remains unresolved:

## 7. Source and interpretation check

- [ ] Distinguish regular fixed-amount contributions from staging a lump sum already on hand.
- [ ] Keep contribution dates, instrument, end date and benchmark aligned.
- [ ] Compare costs, cash held, exposure and drawdown alongside ending value.
- [ ] Keep a leveraged derivative's margin and liquidation risks visible.
- [ ] Label synthetic, historical, paper and live-fill evidence separately.
- [ ] Do not describe one small path or historical percentage as future odds or a crypto result.

Background: [Investor.gov's dollar-cost averaging definition](https://www.investor.gov/introduction-investing/investing-basics/glossary/dollar-cost-averaging) and [Vanguard's cost-averaging study](https://corporate.vanguard.com/content/dam/corp/research/pdf/cost_averaging_invest_now_or_temporarily_hold_your_cash.pdf). The Vanguard comparison covers its own historical equity sample; it does not test crypto or an active crypto rule.