Delta Atelier

Market making · Delta-neutral strategies · Hong Kong · Founded 2020

Spread is the product; inventory is a liability until it is hedged.

Reported AUM: $310.00M
AUM on Orbit: $23.10M
Live vaults: 3 / 3
Depositors: 891
APR (weighted): +14.11%
Worst DD: -6.30%

Company profile

Delta Atelier is a Hong Kong market-making and delta-neutral house founded in 2020. The firm quotes two-sided markets in major digital assets, hedges residual delta on an hourly cycle and caps capacity by design. Its Orbit vaults — delta-neutral market making, a stablecoin basis book and an options volatility programme — are led by head market-maker Aisha Rahman. Reported AUM is US$310 million. Orbit verification is in progress.

Headquarters: Quarry Bay, Hong Kong SAR
Jurisdiction: Hong Kong
Sector: Market making · Delta-neutral strategies
Employees: 28
Regulatory status: Licensed desk (demo) · Inspired by HK VATP tone
Custody: Exchange sub-accounts with daily attestation (illustrative)
Orbit verification: Under review
Website: deltaatelier.example

Profile compiled by Orbit from information supplied by the firm; figures are for demonstration, licence and custody wording is illustrative.

Strategies on Orbit

Each strategy maps to one vault; deposits are made into a specific vault.

Market MakingBTCETHSOL

Delta Neutral MMLiveR2

Since 20 Jun 2024Min ticket $2,000Perf fee 15%

Two-sided quotes on majors. Residual delta hedged hourly. Capacity is hard-capped.

Philosophy: Spread is the product. Direction is a bug.
Process: Inventory bands, kill-switch on connectivity, no weekend event warehouse.

30D

+1.92%

YTD

+11.20%

MDD

-2.40%

Sharpe

2.11

AUM

$11.80M

Lockup

14d

Aisha Rahman

@aisha-rahmanDelta Atelier

Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.

Delta NeutralUSDTUSDCBTC

Stablecoin Basis BookLiveR1

Since 10 Feb 2025Min ticket $2,000Perf fee 10%

Lends stablecoins against hedged BTC inventory and collects the basis. Low volatility, real counterparty risk.

Philosophy: Yield without direction is still yield with counterparties.
Process: Fully hedged inventory, venue exposure capped at 25% each, daily mark and attestation.

30D

+0.72%

YTD

+6.40%

MDD

-1.10%

Sharpe

2.60

AUM

$7.20M

Lockup

Aisha Rahman

@aisha-rahmanDelta Atelier

Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.

Delta NeutralBTCETH

Options Vol HarvestLiveR3

Since 19 May 2025Min ticket $5,000Perf fee 15%

Sells short-dated BTC and ETH volatility, delta-hedged. Earns the variance premium; loses in a gap.

Philosophy: Implied usually beats realised. Usually is the whole risk.
Process: Weekly strangles, hourly delta hedge, hard stop at 2x premium, no positions through scheduled events.

30D

+1.40%

YTD

+9.80%

MDD

-6.30%

Sharpe

1.22

AUM

$4.10M

Lockup

14d

Aisha Rahman

@aisha-rahmanDelta Atelier

Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.

Managers on Orbit

Aisha RahmanLead MM

Delta Neutral MM +16.77%Stablecoin Basis Book +9.48%Options Vol Harvest +14.63%

$23.10M · 891 depositors

Research & notes

risk28 Aug 2026 · 4 min

Market-making capacity is a feature

We will not grow the MM vault past the inventory band. Additional subscriptions sit in cash-like until capacity opens.

note6 Sept 2026 · 5 min

Stablecoin basis: venue concentration is the only number that matters

A stablecoin basis book earns a few hundred basis points a year and can lose a venue overnight. The carry is the easy part; the 25% per-venue cap is the product. This week the book runs four venues at 21 to 24% each and the remainder in the custodian.

risk20 Aug 2026 · 4 min

Selling volatility into a data week: the rule we do not break

The vol sleeve is flat through CPI and FOMC, every time, whatever the premium on offer. In August that cost roughly 0.3% of monthly carry. In March it would have saved 4%.