What we do
We run systematic strategies as onchain vaults. Every position is taken by a rule, and every rule is fixed before capital is at risk.
01Signal
Relative pricing and available liquidity are measured continuously. Every candidate is scored against the full cost of acting on it — fees, funding, expected slippage, and the risk that the price moves before the order fills. Most are rejected here, which is the point of the step.
02Risk
Position size, concentration and the drawdown budget are set before an order exists. Each mandate fixes its permitted instruments and its leverage ceiling, and the book is built to hold inside them under stress rather than on average.
03Execution
Portfolio decisions become resting orders on the venue. Where the book allows it they are filled passively rather than crossed — on a strategy that trades often, that difference is most of the result.
04Repeat
The same three steps run on every strategy, continuously and without discretion. A rule that only applies when someone feels like it is not a rule.