> For the complete documentation index, see [llms.txt](https://docs.neutral.trade/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.neutral.trade/curators/trading-firms.md). # 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. {% hint style="info" %} **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. {% endhint %} ### What we publish for every firm | Field | What it tells you | | ----------------- | -------------------------------------------------------------------------- | | 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 | [hyperithm.com](https://www.hyperithm.com/) | ### 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 | [veloxtrading.ai](https://www.veloxtrading.ai/) | *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 | {% hint style="info" %} 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. {% endhint %} ### 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. {% hint style="warning" %} Figures such as AUM are firm-reported and verified at onboarding; they change over time and are refreshed periodically, not in real time. {% endhint %}