/ / 01 Strategy
How returns are generated.
Three motions. One discipline. We provide liquidity, hedge exposure, and verify activity — sourcing returns from market structure rather than from price direction.
-
01
Provide liquidity
Two-sided quoting on selected venues and pools.
Spread · fees · funding -
02
Hedge exposure
Each position paired with a calibrated hedge.
Position-level · reviewed daily -
03
Verify activity
On-chain settlement; observable reserves.
On-chain · monthly reporting
/ / 01 Provide liquidity
We post two-sided prices, not directional bets.
Capital is deployed through selected on-chain venues, liquidity pools, and venue-native LP infrastructure. Returns are sourced from spread capture, fees, funding and basis opportunities, and disciplined inventory control — not from taking a directional market view.
Where return is sourced
a
Quoted spread
Earning the bid–ask differential on liquidity we provide to active markets.
b
Funding & basis
Capturing the differential between spot and derivatives when structurally favourable, with directional exposure offset.
c
On-chain pool fees
Concentrated liquidity in vetted pools, with directional exposure offset in spot or derivatives.
d
Inventory discipline
Inventory is bounded by limits; quoting halts when bounds are reached.
/ / 02 Hedge exposure
Direction is offset by design.
Each long position is matched by an offsetting short — and vice versa — sized to the same risk. The portfolio is designed to be largely insensitive to the price level of any underlying asset.
Hedge construction
i
Pairwise hedging
Long inventory is matched with a derivatives short of equivalent notional. Open positions are sized to keep directional exposure within tight bounds.
ii
Continuous rebalancing
Drift from balance is measured at the position and book level and corrected within tight bands to control exposure.
iii
Greeks & duration
Hedges are matched on duration and convexity, not just notional, so the portfolio remains balanced under realistic market moves.
iv
Stressed states
The hedge book is reviewed under stressed scenarios — extreme funding, basis dislocations, and venue disruptions — and sized to remain inside policy.
/ / 03 Verify activity
What we do is observable, not asserted.
Wallet structure, on-chain settlement, and reserve composition are designed to be read directly. Allocators can verify what is being done without relying on a monthly statement gap.
What allocators can read
a
Wallet structure
Discrete wallets for working capital, hedging legs, and on-chain liquidity — each with clear scope.
b
Reserve composition
Composition of holdings is observable; aggregate is reconciled in periodic reporting.
c
Trade settlement
On-chain settlements carry block-level finality; venue activity is documented per session.
d
Reporting framework
Monthly allocator-grade reporting; supplementary detail provided to qualified LPs in the portal.
/ / Execution
Quotes posted continuously. Risk offset by design.
Systematic two-sided market-making across selected venues — every position hedged to the same risk and every fill reconciled.
/ / 04 Capital allocation
Three constraints, consistently applied.
Capital sizing is governed by a small set of principles. Each is monitored daily and reviewed at the position level by the risk function.
Constraint A
Diversification
No single motion dominates the book. Concentration is bounded at the strategy and venue level.
Constraint B
Liquidity match
Positions are sized to liquidate within the market depth of the venues they are deployed on.
Constraint C
Capacity discipline
Each motion has a defined capacity; capital beyond it is not deployed into the same motion.
Full strategy materials available to qualified allocators.
DDQ, position-level methodology, and risk disclosure provided on a private basis after introduction.