Trading Firms
Every vault on Neutral Trade is run by a professional trading firm that passed our curator selection framework — verified track record, risk-control review, and operational due diligence.
Some firms operate under a publication alias (for example "D* Research"). These are proprietary trading firms whose commercial agreements prevent public disclosure of their legal name. The alias changes nothing about our process: we always know exactly who the firm is. We complete full KYB on the legal entity, verify the track record against exchange data, and hold read-only API access to monitor live positions. The alias only governs what we publish — not what we verify.
What "vetted" means here: every firm below scored at least 3.5/5.0 on our six-dimension framework (strategy & track record, risk management, infrastructure, operational maturity, counterparty & legal, alignment). Details: Curator Selection.
What we publish for every firm
Founded
How long the firm has existed as a business
Live track record
Years of verified live trading (backtests don't count)
Team
Number of traders/researchers and their professional background
Based in
Broad region the firm operates from (Asia Pacific, Americas, EMEA, Global)
Est. AUM
Assets the firm manages across all mandates
Verification
What Neutral Trade independently verified during onboarding
Hyperithm
Algorithmic digital-asset investment firm founded in 2018, managing market-neutral strategies for over 400 institutional clients and HNWIs from Seoul and Tokyo. Real name, not an alias.
Founded
February 2018
Live track record
Flagship market-neutral fund managed since March 2020 (firm founded 2018)
Team
37 people — 33 in Seoul, 4 in Japan — including an 11-person investment team
Based in
Asia Pacific
Est. AUM
$430M+ across funds and on-chain products (as of June 2026)
Team background
Founders and executives from Morgan Stanley, Mirae Asset Private Equity, Dominus Investment, Coinone, and LINE; quantitative researchers include national mathematics and informatics olympiad medalists
Backed by
Coinbase Ventures, Samsung Next, Kakao Investment, Naver, Hashed, GS Futures
Strategy on Neutral Trade
Systematic Alpha (CTA)
Website
Velox
Quantitative trading firm specializing in cross-exchange arbitrage and delta-neutral execution across major centralized and decentralized venues.
Strategy on Neutral Trade
Delta Neutral Arbitrage
Website
Detailed firm profile coming soon.
Vision Research
Proprietary trading firm combining high-frequency trading signals with market making on major centralized exchanges, running 100+ substrategies built on machine-learning factor models.
Founded
2025
Live track record
Live since 2025
Team
4 — two portfolio managers (arbitrage / non-arbitrage) and two engineers (off-chain / on-chain)
Based in
Asia Pacific
Est. AUM
Not disclosed
Team background
Prior experience at Blackstone, Crypto.com, ByteDance, a New York asset manager, and a systematic crypto fund; includes a former Columbia University lecturer. Quantitative research, low-latency execution architecture, and protocol-level on-chain engineering.
Strategy on Neutral Trade
HFT Multi-factor
Xanthas
Specialist crypto-derivatives options market-making firm, providing liquidity across major venues with a focus on short-dated BTC volatility.
Founded
2025
Live track record
Live since August 2025
Team
8 people (quant research, execution engineering, trading operations, risk management)
Based in
Global
Est. AUM
$5M – $10M across client accounts
Team background
Options market making, volatility trading, systematic execution, quantitative research, institutional risk management
Strategy on Neutral Trade
Options Market Making — short-dated BTC volatility selling with delta-neutral perpetual hedging
D* Research
Cross-asset volatility trading desk running systematic options and futures arbitrage strategies.
Founded
Withheld at the firm's request
Live track record
Live on Neutral Trade since 2026
Team
Withheld at the firm's request
Based in
Asia Pacific
Est. AUM
Withheld at the firm's request
Team background
Systematic cross-asset volatility and derivatives arbitrage
Strategy on Neutral Trade
Multi-Asset Volatility Arbitrage
This firm has asked us not to publish its corporate details. That request does not change what we verified: full KYB on the legal entity, a track record checked against exchange records, and read-only monitoring of the live vault. The vault's own performance is on-chain and updates in real time on the strategy page.
AdverseGuard Alpha
Proprietary trading firm focused on mid-frequency market making on major centralized exchanges.
Founded
2021
Live track record
Live since 2021
Team
20 people
Based in
Asia Pacific
Est. AUM
$50M
Team background
Traditional finance and digital assets
Strategy on Neutral Trade
Mid-frequency Market Making
Atlas Research
Systematic CTA group running adaptive trend and momentum models across major crypto assets.
Founded
2022
Live track record
Since March 2024 (28+ months live)
Team
4 members (Quant, AI, Data Engineering, Execution Specialist)
Based in
Asia Pacific
Est. AUM
$10M+
Team background
Experienced professionals from traditional finance, quantitative research, AI engineering, and institutional digital asset trading. Ex-Hanwha AM, Incept Financial and AP Capital.
Strategy on Neutral Trade
CTA – Adaptive Alpha
C* Research
(Upcoming — CTA Longshort Alpha) Systematic CTA running long/short directional models on crypto majors.
Founded
2024
Live track record
Live book since October 2024
Team
Small research-and-engineering team (headcount withheld at the firm's request)
Based in
Asia Pacific
Est. AUM
~$10M
Team background
Researchers and engineers with 8+ years' trading experience, from WorldQuant and crypto prop trading
Strategy on Neutral Trade
CTA Longshort Alpha
How Neutral Trade verifies these claims
Every figure on this page is checked during onboarding and monitored on an ongoing basis:
Track record — daily timestamped PnL and historical trade logs, cross-checked against exchange statements; read-only exchange API access for larger allocations.
Live monitoring — Neutral Trade holds read-only visibility into vault trading accounts; positions and PnL are reconciled daily.
Legal — full KYB on the legal entity behind every alias, beneficial-ownership disclosure, and signed commercial agreements before any capital is allocated.
Figures such as AUM are firm-reported and verified at onboarding; they change over time and are refreshed periodically, not in real time.