Liquidity provision in digital asset markets.

Continuous pricing and execution across fragmented markets.

Our Strategies About Us

$50M+

Average Daily Volume

15+

Trading Venues Covered

30+

Token Liquidity Partners

900+

Counterparties

Trusted by

Consensys
Bitso
Certora
CoinDCX
Solana
Phantom
Zero Hash
Backpack
Figure
Forward

What We Do

Our strategies

Market Making

Continuous liquidity provision across crypto spot and derivatives markets on major centralised exchanges.

Two-sided quotes are recalculated in real time from an internally constructed mid-price, short-term volatility estimates, order book state, and current inventory. Spreads and size widen or tighten as flow and volatility change.

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Statistical Arbitrage

Systematic exploitation of pricing dislocations across the fragmented crypto exchange landscape.

We model relationships between correlated instruments across spot, perpetuals, and futures, then trade deviations from estimated fair value. Positions are constructed hedged, isolating the relative value component while limiting exposure to market direction.

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On-Chain Liquidity

Concentrated liquidity positions on AMM protocols with systematic off-chain hedging.

Liquidity ranges are set from volatility, expected volume, and fee structure, then redeployed as prices move. The resulting exposure is hedged on centralised venues, isolating fee income from directional risk.

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Volatility Trading

Delta-neutral positioning trading the spread between realised and implied volatility.

We maintain models of the implied volatility surface across strikes and maturities to identify mispricings in skew and term structure. Positions are dynamically hedged in the underlying to maintain the intended exposure profile.

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Research

Latest research notes

Option Pricing for AMM-Native Assets — How AMM liquidity reshapes the pricing, hedging and volatility of crypto options, and what this means for electronic market making.
Dual Flow Batch Auctions — An exploration of how Dual Flow Batch Auctions replace latency-driven competition with pricing efficiency, creating a more resilient market structure for digital asset trading.
The Cost of Borrowed Assumptions — As prediction markets mature, the most important questions are moving below the surface: not whether they work, but whether the tools used to analyse them still apply.

We publish notes on the microstructure of digital asset markets: how price discovery happens across fragmented venues, how latency and queue position shape execution, and how on-chain and centralised liquidity are converging.

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Careers

Open roles

Counterparty Risk Analyst - Trading Risk & Infrastructure Team Operations · London · Full-time — Manage counterparty exposure across centralised and decentralised venues, covering derivatives, volatility, and multi-asset positions.
DeFi Algorithmic Trader - Trading Team On-Chain / DeFi · London · Full-time — Build and run systematic trading strategies across cryptocurrency markets and on-chain liquidity venues.
Senior C++ Developer - Core Pricing & Risk Platform Engineering · London · Full-time — Build the core pricing and risk platform at the intersection of statistical modelling, market microstructure, and engineering.

A small team in London working across quantitative research, engineering, on-chain trading, and operations.

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