- MDD
- -1.80%
- Sharpe
- 1.90
- Win rate
- 58.6%
- Vol 30D
- $1.04M
- Age
- 239d
- Skin in game
- 32%
- Perf fee
- 12%
- Lockup
- 5d
- Depositors
- 10
- Leader
- Description
- Long spot, short perp, collect funding. Flat whenever funding turns negative for 24 hours.
- Carry when funding is stably positive; flatten into FOMC and unlocks.
- Process
- Hourly funding check, 1.0x notional cap, exit 12h before scheduled macro events.
- Custody
- Capital enters a MAIN illustration account, subscription moves to STRATEGY, exits return to MAIN then redeem. Segregation is illustrative.
| Market | Side | Size | Entry | Mark | uPnL (ROE) | Liq. price | Margin |
|---|---|---|---|---|---|---|---|
| BTC | long | $101,324 | 62,990.50 | 64,200.00 | $1,945.56 +16.00% | 45,353.16 | $12,159 |
| ETH | short | $86,418 | 3,409.07 | 3,420.00 | -$277.14 -2.67% | 4,363.61 | $10,370 |
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 6 replies · 7 participants · Last activity 4 Sept 2026
- 5 Sept 2026via Web
Hedge cycle ran clean this week on Perp Funding Neutral: residual delta inside band on every check. The net carry after hedge cost is what the 30D shows, nothing more, nothing hidden.
The R2 grade is honest. Do not size an R2 like a cash sleeve and then complain in the comments.
Checked this against the fills. Consistent with the letter.
- 4 Sept 2026via Web
How would you size Perp Funding Neutral inside a book that already holds $Orbit Liquidity Provider (OLP)$ as ballast?
Both are ballast, so split by liquidity need: OLP redeems in 3 days, this sleeve in 5. Keep the part you might need sooner in OLP.
- 3 Sept 2026via Web
Scheduled rebalance, largest moves listed.
Market Side Fill Weight BTC short 65,090.18 32.0%→39.0% ETH long 3,459.90 41.0%→48.0% Rebalanced 3 Sept 2026 - 31 Aug 2026via Web
August letter for Perp Funding Neutral: +0.9% for the month, intramonth drawdown inside budget, no rule changes. Fees and lockup unchanged: 12% performance, 5-day lockup. Full attribution is on the factsheet.
Attribution before excuses. Thank you.
- 29 Aug 2026via iPhone
What does the worst week look like for Perp Funding Neutral? The published -1.8% max drawdown is a number, not a story.
The -1.8% was a two-week episode with the stop doing its job on day nine. The story is on the factsheet under Process; the fills are on-chain.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Two-person quant studio. Funding harvest across majors, capacity-aware.
- Official posts
- 4
- Replies
- 2
- Last post
- 5 Sept 2026
Hedge cycle ran clean this week on Perp Funding Neutral: residual delta inside band on every check. The net carry after hedge cost is what the 30D shows, nothing more, nothing hidden.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| BTC | short | 65,090.18 | 32.0%→39.0% |
| ETH | long | 3,459.90 | 41.0%→48.0% |
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.