01
Liquidity provision
Spreads
Two-sided quotes earn the bid–ask spread on venues where depth is scarce. Inventory is hedged as it arrives; the book stays flat by design.
Bid / Askquoted both sides
/ / Market-Neutral · Digital Assets Naples, Florida
No view on price. Built to capture structure.
Monet Capital runs market-neutral strategies in digital assets. Returns are engineered from the structure of the market — spreads, fees, funding and basis — and hedged against the direction of price.
The zero line — net exposure engineered toward zero.
Illustrative dynamics, not performance data.
Illustrative dynamics, not performance data.
/ / 01 Thesis
Price is an opinion. Structure is a fact.
Every market pays for three services: immediacy, balance sheet, and settlement. We provide all three across digital-asset venues — quoting both sides of the book, warehousing hedged inventory, carrying basis to expiry — and we collect what the market pays for that service.1
The portfolio holds no directional view. Long and short legs are born together, sized together and retired together; what remains between them is the spread — and the spread is the business.2
1 Return sources are described qualitatively on this page; figures are provided in investor materials. 2 Residual exposures are measured continuously and hedged — see Discipline.
/ / 02 Return Sources
Four sources. One condition: hedged.
02
Maker economics
Fees
Maker rebates and protocol fee share accrue to the balance sheet that stays quoted through conditions that empty the book. Earned on volume, never on view.
Maker / Takerpaid to remain
03
Perpetual carry
Funding
When perpetual futures trade rich to spot, the short side of the hedge is paid to exist. We are structurally that side — long spot, short perpetual, delta at zero.
Spot / Perpfunding accrues
04
Cash & carry
Basis
A future priced above spot must meet it at expiry. Bought spot, sold future, held to convergence — the gap is the return, and it is hedged from the first minute.
Spot / Futureheld to expiry
— Each source is a payment for service or a convergence held to term. None requires a forecast; all four are run hedged, sized and reconciled daily.
/ / 03 Infrastructure — same ink, higher magnification
Nothing rests on trust that can rest on proof.
Custodynon-custodial
Vaults, not exchange balance sheets
Strategy capital lives in segregated vault contracts, not on venue books — the book is built so a venue failure is contained, not compounding.
Keysmulti-party
No single signer
Key ceremonies split authority across parties and devices. No individual — including the founder — can move fund assets alone.
NAVreconciled daily
Struck against source records
Net asset value is struck daily from source records and reconciled. An independent administrator is under appointment to strike and confirm official NAV — see Infrastructure.
Verificationon-chain
Reconciled against the ledger
Execution settles on public ledgers. On-chain positions can be verified against chain state directly; venue balances are reconciled daily against statements.
Daily reconciliation · every venue, every vault · verified against chain state
/ / 04 Discipline
Discipline is the strategy.
Hedged — always
Every position carries its offset
Long and short legs are opened as one trade. Residual delta is measured continuously and driven back toward zero — the zero line is an engineering target, not an aspiration.
Sized — to survive
Limits before opportunity
Exposure is capped per venue, per instrument, per strategy. The book is sized to survive dislocation, not to flatter a good week; capacity is refused before quality is.
Reconciled — daily
The ledger has the last word
Positions, balances and NAV are reconciled every day against on-chain records and administrator statements. Disagreement halts deployment until it is resolved.
/ / 05 Reporting & Access
Numbers under NDA. Method in the open.
Plate I
Net performance, since inception
—·— Figure supplied on request
Plate II
Assets under management
—·— Available in investor materials
Plate III
Terms & capacity
—·— Available in investor materials
Plate IV
Monthly letter & reconciled NAV
—·— Distributed to investors
Plate V
Strategy inception
—·— Figure supplied on request
Investors receive a monthly letter, daily reconciled NAV, and on-chain proofs on request. Performance and terms are shared in investor materials after verification of accredited status — not on a public page.
Interests are offered under Rule 506(b) of Regulation D to accredited investors with whom the fund has a pre-existing relationship. Nothing on this page is an offer to sell, or a solicitation to buy, any security.
/ / 06 The Firm
Run from Naples. Settled on-chain.
The systems quote around the clock; the people review them each morning with the Gulf going flat and the ledger already reconciled. Distance from the crowd is not an inconvenience here. It is the point.
- Founded
- 2024
- Founder & CIO
- Cedric Colyer
- Base
- Naples, Florida
- Coordinates
- 26.1420°N / 81.7948°W
- Mandate
- Market-neutral, digital assets
- Offering
- Reg D 506(b) · accredited only
The seal takes the light
as the hand moves
/ / 07 Access
Begin the conversation.
Access begins with a relationship, as the rule requires. Introduce yourself and your mandate; we respond within two business days.
Accredited investors · Reg D 506(b) · pre-existing relationship required