Four independent engines. Two markets. One discipline.
Across digital assets and China A-shares — from market-neutral carry
and liquidity provision to a disciplined, long-only trend system. Each strategy stands on its own independent test; the edge is the portfolio.
Strategies
04
Independent · low mutual correlation
Markets
02
Digital assets + China A-shares
Directional beta
~0
Neutral sleeves ≈ zero to BTC
Systematic
100%
Rules-based · all post-cost
Net-value curves below are indexed to 1.0 and post-cost
(trading costs and real funding rates included). The vertical axis shows net value as a multiple of the 1.0 start (1×, 2× …); we still don't quote Sharpe or annualised return. See disclosures · June 2026.
01 / The Idea
One discipline, four uncorrelated return streams
We don't bet on a single signal. Every strategy must independently survive
look-ahead-free testing and still stand after real costs and funding —
only then does it join the book.
A market-neutral carry sleeve and a liquidity-provision overlay grind out low-volatility return
regardless of direction. A cross-sectional equity engine harvests relative value in China A-shares.
A long-only trend system captures crypto's upside while sitting in cash through its worst drawdowns.
Different markets, different mechanisms, low mutual correlation.
02 / The Strategies
Four engines
Each cleared its own independent test. The readouts are net value, indexed to 1.0 — the vertical axis shows the multiple of the 1.0 start.
01 / FUNDING CARRY
Digital assetsMarket-neutralUnlevered
Market-Neutral Funding CarryLong spot, short equal-notional perp — earn the rate spread.
Buy spot and short an equal-notional perpetual. The two legs offset on price;
the strategy earns only the funding-rate spread of the perp over spot. Direction doesn't
drive P&L.
Run inside a Binance portfolio-margin account — spot long + perp short,
never levered, no naked alt exposure. The core mechanism is adaptive deployment: sit in
cash when the edge is thin; it still printed positive through the February 2026 funding trough.
Net value · indexed 1.0 · costs & funding in · ×multiple of 1.0
02 / MARKET-MAKING
Digital assetsMarket-neutralExecution edge
Liquidity & Market-Making OverlayPassive quoting on wide-spread, low-alpha names.
Provide liquidity passively where spreads are wide and alpha is thin, capturing
spread and rebate; switch to taking when spreads tighten or signal appears. No directional exposure.
A two-leg cross-venue maker book (spot quote, perp hedge), with a fill model corrected
for look-ahead and calibrated on Binance full-pool trade data. It is a capacity-constrained
measuring instrument — high quality, low capacity — positioned as an execution-timing overlay,
not a scalable return centre.
Presented honestly as an execution edge — not a headline-return product.
Mechanism
Passive quotingSpread + rebate capture
Risk
Market-neutralZero directional exposure
Capacity
Low · per-nameDeliberately bounded
Role
Execution overlayTiming layer for other sleeves
◐ No standalone P&L shown
03 / A-SHARE SELECTION
China A-sharesCross-sectionalRelative value
Cross-Sectional A-Share SelectionDaily factor ranking across the CSI 300 universe.
Score and rank CSI 300 constituents daily on a robust set of cross-sectional
factors, hold the top basket, and earn excess return over the benchmark.
15 features · LSTM factor mining · multi-seed robustification, validated on held-out data. Tracking through June 2026 kept beating the benchmark and stayed positive through a falling market — genuine stock-picking; current names cluster in
semiconductors, components and communications.
Excess vs benchmark · indexed 1.0 · purged WF · ×multiple of 1.0
04 / BITCOIN TREND
Digital assetsLong-only or cashNever short · never levered
Bitcoin Trend TimingHold the upside; sit in cash through deep drawdowns.
Hold bitcoin's upside on a systematic dual signal and step to cash to avoid
deep drawdowns — long or cash only, never short, never levered.
Target weight = 50% trend signal + 50% machine-learning signal ∈ {0%, 50%, 100%}.
Execution timing is phase-tested. On average 42% of capital
sits in cash, fully flat on 21% of trading days — comparable total return, roughly half the drawdown.
Net value · indexed 1.0 · flat segments = cash · ×multiple of 1.0
03 / Diversification
Spread across the neutrality spectrum
The four engines sit at different points on the market-neutral → directional axis —
which is where the diversification comes from. Two neutral sleeves form a low-volatility base; A-shares
and BTC supply directional return. Marker size shows relative risk-adjusted quality; colour shows market.
No specific return figures — what's compared here is structure, not performance.
Post-cost · structure comparison only.
Strategy
Market
Style
Exposure
Period
Funding CarryRate spread
Digital assets
Carry
Market-neutral
2023–2026
Market-MakingExecution edge
Digital assets
Liquidity
Market-neutral
—
A-Share SelectionCross-sectional
China A-shares
Relative value
Low · vs benchmark
2024–2026
Bitcoin TrendTrend timing
Digital assets
Trend
Directional · long/cash
2022–2026
05 / How We Build
The honesty is the moat
01
No look-ahead
Every curve uses only information available before each decision date, with an embargo between training and evaluation. Execution timing is phase-tested so no future information aligns a fill.
02
Costs always on
Per-trade costs, per-name borrow and maker spreads, and real funding rates booked tick-by-tick —
all included. We report post-cost behaviour, not the illusion of gross.
03
We publish the failures
Reinforcement-learning timing, momentum mining, higher-frequency variants — many attempts were
killed by our own adversarial review. What survives is the few that withstand counter-evidence.
What we don't claim
No guarantee of future results. Past behaviour may not repeat; real-world execution involves slippage and exchange outages that can affect outcomes.
Capacity is a real constraint. The neutral and market-making sleeves converge or decay
with size; we manage to what the edge can carry, never trading discipline for scale.
Funding carry earns the spread, not the coin. Its positive correlation to BTC comes from
opportunity supply, not directional exposure — a falling coin price does not directly cause a loss.
BTC trend is "bitcoin risk at roughly 70%," not a low-volatility product. Its smaller
drawdown comes from discrete sizing and disciplined cash, not leverage.