/ / 04 Insights
Research, written for allocators.
Short, precise notes on market structure, risk, and infrastructure. We publish a small amount on our own behalf and circulate deeper analysis privately to allocators.
/ / 01 Latest public note
Selected, condensed.
Public notes are short by design and added only when there is something to say. The deeper archive is circulated privately.
01
Market structure
Funding-rate basis is the cleanest carry in digital assets.
A short note on why we treat the perpetual–spot basis differently from the other return streams in a market-neutral book — and the discipline required to actually collect it.
Public note28 May 2026 · 5 min
Cadence
The deeper analysis — monthly positioning, quarterly regime reads, ad-hoc method notes — is circulated privately to allocators rather than published here.
/ / 02 Allocator archive
The deeper research is privately circulated.
Allocators receive longer pieces on positioning, regime, and methodology. The cadence is monthly, the tone is short and dense, and the audience is small.
MonthlyAllocator
Monthly positioning note
A short read on where the book is and why.
QuarterlyAllocator
Quarterly regime read
A longer analysis of macro and market structure.
Ad-hocAllocator
Ad-hoc method notes
Specific technical pieces on methodology and infrastructure.
Subscribe to the archive
The private allocator archive is available to qualified allocators after a short introduction call.
Private offering · Qualified investors only
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