Three ways to
meet a shock.
The words are often used interchangeably. They describe three entirely different portfolios, and only one of them is worth paying a manager for.
Harmed by disorder
Long, levered, concentrated. Every increase in volatility is a direct increase in the probability of ruin. Most digital-asset exposure sits here, whatever it is called on the factsheet.
Unmoved by disorder
Hedged, diversified, defensive. It survives the shock and gives back nothing for it. Robustness is a floor worth having — it is not, on its own, a reason to allocate.
Paid by disorder
Neutral in direction, long in dispersion. The same violence that damages a fragile book widens the spreads, funding and basis a neutral book is constructed to harvest. This is where we build.
What governs
every mandate.
These are not marketing values. Each one has a concrete consequence for how a portfolio is constructed, what we are willing to hold, and what we tell you when it goes wrong.
Convexity — remove the bet you were not paid to take.
Directional exposure to digital assets is available for nothing — anyone can buy the index. We are paid for the part that is hard: isolating relative value, basis and funding while netting market beta out of the book. Neutrality is enforced at construction and sized continuously, never bolted on as a hedge once the market has already turned. It is what makes the payoff convex rather than merely defensive.
Breadth — the whole asset class, not the famous corner of it.
Antifragile neutral books need a wide opportunity set: majors and large-cap alternatives for the core, perpetual futures and basis markets for carry, stablecoin and tokenised instruments for funding, and ETF wrappers where regulated access matters. Breadth is what makes the neutrality real rather than nominal — and it is what lets a shock in one corner of the universe be an opportunity in another.
Codification — if it cannot be written down, it cannot be trusted.
Signals, sizing, entry and exit logic, exposure caps and kill-switches are all specified in code and executed on an H4 cadence. That makes the strategy testable, auditable and reproducible — and it makes a bad month explainable in terms of the rules rather than in terms of someone’s mood.
Disclosure — report the bad month with the same care as the good one.
Every mandate receives monthly reporting of positions, methodology and performance. When we have taken a material drawdown, that communication goes out first, in plain language, with what changed in the risk framework as a result. Clients should never learn about a problem from a chart.
Mutualisation — pooled risk, aligned incentives.
Capital is managed under mutualised structures so that the firm’s outcome and the mandate’s outcome move together. Individual investors are not offered a diluted version of the institutional product — they sit in the same programme, under the same reporting discipline.
Every digital
asset class.
Antifragility comes from the width of the opportunity set as much as from the risk model. These are the instrument families the book is constructed across.
Spot majors & large-cap alternatives
The liquid core of the universe, used for the primary long and short legs where borrow, depth and settlement risk are best understood.
Perpetual futures & basis
Funding-rate and basis dislocation are a structural, repeatable source of return in this asset class — and one of the few that does not require a directional view.
Stablecoin & funding markets
Collateral efficiency, funding cost and redemption mechanics are treated as first-order portfolio inputs, not back-office details.
Tokenised instruments & ETF wrappers
Regulated and wrapped access points, including our own dynamic ETF products, for mandates that require them for custody, reporting or jurisdictional reasons.
What we
don’t do.
A risk framework is defined as much by what it forbids as by what it targets. These constraints are structural and are not relaxed for a good opportunity.
- No directional macro bets. We do not express a view on where the market is going and we do not size a book around one.
- No illiquid or unpriceable positions. If it cannot be exited inside the risk framework’s horizon, it does not enter the book.
- No discretionary override of the risk limits. Limits bind the system and the partners equally.
- No opaque performance reporting. Methodology and positions are disclosed to mandate holders; there is no black-box exemption.
- No capacity we cannot honour. Programmes are closed to new capital before returns are degraded, not after.