Delta Neutral MM
Two-sided quotes on majors. Residual delta hedged hourly. Capacity is hard-capped.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Lead market-maker. Inventory first, opinion second.
6P
Spread is the product. Direction is a bug.
Inventory bands, kill-switch on connectivity, no weekend event warehouse.
Delta Atelier
BTC · ETH · SOL
Hong Kong
YTD 11.20% · MDD -2.40%
Equity path
Monthly returns
Fees
- Subscription
- 0%
- Redemption
- 0.25%
- Management
- 1.2%
- Performance
- 15%
- Copy fee
- 10%
Suitable: Low-beta diversifier with operational lockup.
Not suitable: Need-it-tomorrow capital.
Linked vault
Delta Neutral MM
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 6 replies · 8 participants · Last activity 6 Sept 2026
- 4 Sept 2026via iPhone
Capacity: the vault is at the inventory band. New subscriptions sit in cash-like until capacity opens; you will see that as a lower headline APR for a few weeks. We will not grow the book past the band to flatter the number.
- Helix TradingDepositor · 2026-016 Sept 2026via iPhone
Waiting in cash-like for capacity is fine by me. The alternative is a manager who takes my money and degrades everyone's fills.
Queue is about two weeks based on scheduled redemptions. We will post here when the band opens.
- 6 Sept 2026via Web
Hourly hedge cycle, Sunday close. Inventory flattened into the week.
Market Side Fill Weight BTC long 64,210.00 0.8%→0.3% ETH short 3,425.00 -0.2%→0.1% SOL long 148.00 0.5%→0.4% Rebalanced 6 Sept 2026 - AnnaDepositor · 2026-075 Sept 2026via iPhone
This is the only market-making vault on Orbit that has said no to money. That is the whole due diligence right there.
Saying no is free. Saying it in public is what costs.
- 2 Sept 2026via Web
What happened on August 14? A −1.1% day in a delta-neutral book.
The connectivity kill-switch fired on one venue for 40 minutes. We were flat on that venue and hedged elsewhere, but marked the inventory at a stale price until reconnect. Recovered by close. The post-incident report is in the August letter.
- 31 Aug 2026via Web
August letter: +1.7% for the month, spread capture 78% of gross, hedge cost 22%. One kill-switch event (Aug 14), no weekend event exposure. Orbit verification: documents submitted July 30, review in progress.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Lead market-maker. Inventory first, opinion second.
- Official posts
- 4
- Replies
- 3
- Last post
- 4 Sept 2026
Capacity: the vault is at the inventory band. New subscriptions sit in cash-like until capacity opens; you will see that as a lower headline APR for a few weeks. We will not grow the book past the band to flatter the number.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| BTC | long | 64,210.00 | 0.8%→0.3% |
| ETH | short | 3,425.00 | -0.2%→0.1% |
| SOL | long | 148.00 | 0.5%→0.4% |