Distinct return sources. Systematically combined.
We combine strategies across different market mechanisms within a disciplined framework for correlation, capacity, liquidity, and drawdown.
Three research directions, three distinct return mechanisms.
Each direction is evaluated by four questions: where returns come from, when the strategy works, when it may fail, and the role it plays in a portfolio.
Funding Rates & Basis
Study pricing differences and funding costs across spot, futures, and related instruments to identify repeatable relative-value opportunities.
- Research focus
- Funding, basis, cross-market and term spreads
- Applicable conditions
- Explainable dispersion in funding or relative pricing, with sufficient liquidity on both sides of the hedge
- Failure cases
- Structural changes reshape the spread relationship, or insufficient liquidity prevents the hedge from completing as intended
- Portfolio role
- A return source distinct from a single directional market view
- Principal risks
- Spread expansion, liquidity contraction, execution and counterparty risk
Liquidity Provision
Provide liquidity within defined inventory, quoting, and cancellation limits while actively managing execution and inventory risk.
- Research focus
- Bid-ask spreads, order-book structure, fill probability and inventory
- Applicable conditions
- Persistent two-sided trading demand, assessable market depth and inventory that can be dynamically constrained
- Failure cases
- One-sided shocks, liquidity gaps or infrastructure incidents amplify inventory risk
- Portfolio role
- A differentiated source linked to trading demand and market structure
- Principal risks
- Adverse selection, inventory drift, price gaps, latency and capacity
Systematic Trend
Use rules-based models to identify persistent price trends, with position sizing, leverage, and exit rules controlling directional risk.
- Research focus
- Trend strength, persistence, volatility regimes and trading costs
- Applicable conditions
- Persistent directional behaviour and cross-horizon signals, with execution costs that the strategy can absorb
- Failure cases
- Frequent reversals, range-bound regime shifts or price gaps create sustained divergence between signals and execution
- Portfolio role
- A directional return source during persistent market trends
- Principal risks
- Whipsaw, trend reversal, price gaps and leverage amplification
Different strategies, one consistent risk framework.
All strategies operate through non-custodial, client-owned accounts and within pre-agreed trading permissions and risk limits.
“Live” does not imply public solicitation, guaranteed returns, or investment advice.
A portfolio is not a collection of strategies, but an allocation of risk.
Candidate strategies are evaluated under a consistent framework, with portfolio weights and risk budgets determined by correlation, capacity, liquidity, and drawdown characteristics.
Correlation
Assess how strategies behave across market environments to avoid excessive concentration in the same return drivers.
Capacity
Evaluate how much capital a strategy can absorb without materially weakening execution efficiency or return quality.
Liquidity
Assess the market depth required to enter, adjust, and exit positions, including execution under stressed conditions.
Drawdown Profile
Analyze the depth, duration, and recovery path of drawdowns to manage portfolio-level risk exposure.
Before entering a portfolio, every strategy goes through a complete, reviewable admission process.
From research records and independent assessment to risk admission and ongoing review, every step is supported by clear rationale, accountability, and documented records.
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Research Record
Document the strategy logic, data sources, applicable conditions, key assumptions, and failure scenarios.
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Independent Assessment
Assess correlation, capacity, liquidity, costs, and drawdown characteristics to determine portfolio suitability.
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Risk Admission
Define exposure, leverage, permissions, risk thresholds, and responsibilities for exceptional events.
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Ongoing Review
Monitor performance deviations, market changes, and risk conditions, with documented rationale for adjustments and exits.