USD/stablecoin-denominated · Monthly liquidity · Inception 1 Dec 2023
USD Basis+
Designed to be market-neutral with multiple revenue streams, exploiting inefficiencies in digital-asset markets.
For professional investors only
Strategy
USD Basis+ is a quant-driven, market-neutral strategy. It extracts the yield from pricing inefficiencies in the market itself. The strategy combines two delta-neutral strategies engineered to capture it: a basis and yield-curve programme, and a low-delta options overlay. AI and machine learning drive the signal — identifying and sizing these inefficiencies faster and more precisely than manual methods allow.
How to Invest
Via SMA
A separately managed account, in your name.
Via Cayman Master Fund
A subscription to the Cayman master fund.
How It Works
Basis Capture
We arbitrage spot and perpetual markets, using AI/ML to identify the highest available basis in real time.
Yield Curve Arbitrage
Proprietary methods extract yield from Bitcoin’s interest rate curve, concentrated at the liquid front end.
Volatility Overlay
A low-delta, delta-neutral options strategy adds a second, uncorrelated source of return.
Net Exposure: Delta-Neutral Throughout
The strategy takes no view on where Bitcoin goes. It earns from mispricing, whichever way the market moves.
Risk, by Design
A return only counts if the risk behind it is controlled. USD Basis+ runs with leverage capped at 1:1, and hard and soft limits enforce that cap every day.
Service Providers
| Custodian | Administrator | Auditor |
|---|---|---|
| Copper, Zodia | NAV Consulting | MHA Cayman |
Performance
Net of fees · Dec 2023 – September 2026
Figures from November 2024 onward are live trading returns. Earlier months are simulated by the same models, run on historical market data, and did not manage capital. Returns are net of transaction costs, fees and charges, and are stated in USD. From December 2025, returns are calculated on a weighted AUM basis.
Past performance is not indicative of future results.
Annualised Return
19.43%
Annualised Risk
6.63%
Sharpe Ratio
2.93
Year to Date
3.02%
Max Drawdown
−1.12%
% Months Positive
88.24%
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -0.05 | 1.21 | 0.43 | 0.46 | 0.13 | 0.15 | 0.23 | 0.28 | 0.15 | — | — | — | 3.02 |
| 2025 | 4.66 | 2.85 | 4.16 | 4.46 | 2.43 | 5.39 | 0.22 | 0.09 | 2.48 | 0.52 | -0.02 | -1.05 | 29.25 |
| 2024 | 3.06 | 1.96 | 2.77 | -0.36 | 1.24 | 0.63 | 0.31 | 0.09 | 0.10 | 1.74 | 1.17 | 7.43 | 21.83 |
| 2023 | — | — | — | — | — | — | — | — | — | — | — | 1.95 | 1.95 |
Ratios are stated against a 0% hurdle. The programme is denominated in USD and reports in USD terms, so no cash rate is subtracted. Risk figures are calculated from monthly returns and scaled to annual by the square root of twelve.
Institutional Digital Asset Management