# Introduction *Allocators can invest in Strategies, Traders can raise on-chain capital with Neutral Strategy Vaults.* **Neutral Trade** is the platform for curated systematic strategies for Allocators, and a Capital Formation Infrastructure for Trading firms. We offer systematic strategies across centralized and decentralized venues, offering transparent, permissionless access to approaches traditionally reserved for professional trading desks. Our team combines experience from Goldman Sachs and a top-three global hedge fund with deep expertise in DeFi protocol mechanics. #### **Allocate**
CategoryWhat it meansRisk profile
EarnUSDC lending aggregation across Solana protocolsConservative/pages/spiOQwxaGRLbbjwkJKPz
Market Neutral

These strategies aim to minimize directional market risk.

These products cater to users who prioritize consistency and capital preservation.

Low - Moderate/pages/dAtwVI38ev8p3Cz6UDUi
Directional

These strategies take directional positions based on quantitative signals.

Unlike market-neutral approaches, these strategies carry some correlation to broad crypto market movements.

Moderate - High/pages/DAUSBO0oSwmyn1X2IIfR
#### **Curate**
Learn what it takes to partner with Neutral Trade, and how to get started./pages/5r6FLfEAj3A2WWnV0Boh
#### **Trusted by leading Solana protocols and Investors** * Kamino: [NT USDC Max Yield](https://kamino.com/lend/B2Lgk7i468Epkwpg8YtRyWkr87GENZwsgQmX8qEjryHa)
# Our Thesis > **"This is a game where normal people lose... because you're competing with professional traders and quants." — Derek, CEO of Neutral Trade** Crypto markets have a structural asymmetry. On one side: systematic hedge funds running delta-neutral, arbitrage, volatility, and momentum strategies at institutional scale, with the infrastructure, venue access, and operational machinery to compound their edge. On the other side: everyone else, taking directional bets into liquidity those funds provide and adverse selection those funds capture. Neutral Trade exists to close that gap. We give allocators direct access to these strategies through a vehicle purpose-built for on-chain capital. *** ### The allocator problem Today, an allocator who wants exposure to professional systematic crypto trading has two paths, and both are expensive in ways that have nothing to do with performance. **Path 1: Direct access via managed accounts.** This means opening accounts on each venue the trading team uses, completing KYC on every exchange, setting up API keys and IP whitelists, and granting trading permissions. The trading team will typically only accept this structure with a $1M+ minimum, because operating a sub-account per LP per exchange carries fixed operational cost regardless of ticket size. Performance fee settlement happens via monthly invoice, calculated against a high-water mark that no third party verifies. The allocator is trusting the trading team's NAV math, their HWM accounting, and their willingness to invoice accurately. There is no independent fund administrator in this loop. **Path 2: A traditional fund vehicle.** Setup costs run into six figures before a single trade is placed: legal entity formation, fund administrator, auditor, custodian, banking relationships, prime broker, regulatory filings. Subscription cycles are monthly or quarterly. Redemption notice periods are 30 to 90 days. Minimums start at $100K and frequently sit at $1M+. Reporting is delivered as a monthly statement, weeks after the period closes. **Path 3\*:** Neutral Trade's Neutral Strategy Vaults, replace the entire stack above with a stablecoin deposit on Solana. Access the same strategy types: cross-exchange arbitrage, funding rate capture, CTA, volatility arbitrage, mid-frequency market making, through audited smart contracts. NAV is calculated on-chain with daily updates. Performance fees are charged automatically against your individual high-water mark, per wallet, with no commingled accounting and no shared loss carry-forward. Minimum deposits start at $5 with no accreditation gate. *** ### The trading team problem The mirror image of the allocator problem exists on the manager side. A systematic trading team with a working strategy and a track record faces a build-vs-trade decision that has very little to do with their edge. **Path 1:** The separately managed-account path means running an operation: a sub-account per investor per exchange, monthly HWM calculation per LP, monthly invoicing, follow-up on unpaid fees, individual reporting. It works at a $1M+ minimum and breaks below it. It also leaves the trading team exposed on settlement, they have no enforcement mechanism if an LP simply does not pay the performance fee owed. **Path 2:** The fund path means becoming a fund manager. Legal setup, ongoing compliance, investor relations, capital raising, fund administration oversight, custody arrangements, bank relationships. Work that competes directly with research and execution time, the only activities that actually generate alpha. **Path 3\*:** Neutral Trade is the strategy marketplace and the operational layer underneath it. Curators offer strategies through Neutral Strategy Vaults and manage capital via API. We handle exchange access (prime relationships with major venues), custody (off-exchange settlement for CEX positions), per-wallet high-water-mark fee automation, sub-account and margin management, depositor onboarding, and reporting. Performance fees settle automatically. No invoicing, no collection risk. *** ### What this changes The strategies that historically required a $1M ticket, a fund subscription, and a multi-month onboarding now require a wallet and a deposit transaction. The operational stack that historically required a fund manager to spend more time on administration than on alpha now runs as protocol infrastructure. The trust assumptions that historically required taking a trading team's word for their NAV now resolve to on-chain state. # Neutral Trade Points & Referrals
*Season 2 is the current active rewards period.* ## NT Points **NT Points** track your contribution to the Neutral Trade protocol. The more capital you deposit and the longer you keep it working in Neutral Strategy Vaults, the more points you accumulate. **The goal of NT Points is simple:** Align user incentives with protocol growth. Reward those who provide liquidity and support Neutral Trade's sustainable scaling. NT Points track your cumulative contribution to the protocol. Their future utility has not yet been announced. → View your points balance: [neutral.trade/points](https://www.neutral.trade/points) ### How You Earn NT Points There are two ways points accrue, both run simultaneously. **1. Deposit points (daily)** Every day you have funds in a Neutral Strategy Vault, you earn points based on your deposit size, adjusted by that vault's multiplier. Larger deposit × longer duration × higher-multiplier vault = more points. **2. Fee points (monthly)** When your vault activity generates fees, you earn an additional allocation of points based on your share of total protocol fees that month. These are calculated at month-end and distributed daily over the following month. This means active depositors in higher-performing vaults earn points from two sources simultaneously. ## Referrals When someone joins using your code, they become your **referee**, and you are registered as their **referrer**. Referrers earn **10% of the NT Points** earned by the users they refer. → View your referrals: ### Distribution Schedule Referral-based NT Points are included in **daily TVL point distributions**: * Each day, the system snapshots total TVL (including referee deposits). * Points are distributed alongside all other daily rewards. ### Rules & Validations * Users **cannot refer themselves**. * Each user can **apply one** referral code only, once applied, it’s permanent. * Referral codes can be applied **any time**, even after a user has already deposited. * Invalid or duplicate codes trigger a simple error notification. # Neutral Autopilot One deposit. Neutral Trade's strategies, managed for you. ## Overview Neutral Trade Autopilot is Neutral Trade's multi-strategy vault, built around a market-neutral core. A single USDC deposit gives you a professionally managed portfolio spanning several of the platform's strategies. It is primarily market-neutral, with up to 5% allocated to directional strategies when the risk-adjusted case is compelling. Autopilot aims to earn steadily whether crypto is rising or falling.
DEPOSIThttps://www.neutral.trade/strategies/nt-master-usdc-bundle
*Live since July 2026* *New deposits pay no management fee for their first month! A 1% service fee applies after.* ## **Why Autopilot?** Neutral Trade offers a growing set of strategies: funding arbitrage, cross-exchange arbitrage, market making, and more. Each is strong on its own, but choosing and managing them yourself is harder than it looks. * **Which do you pick?** Every strategy earns differently, so choosing well means learning how each one actually makes money. * **The lead keeps changing.** The strategy that leads this month may trail the next, so keeping up means watching all of them and moving your capital at the right time. * **Concentration is a gamble.** Put everything in one strategy and you're exposed to its slow stretches, with no clear signal for when to switch. For most people, that's more time and attention than it's worth. **Autopilot removes the guesswork.** A single deposit puts your capital to work across a diversified mix of Neutral Trade's strategies, and the allocation engine manages it from there. It weighs how the strategies behave together, leans toward the strongest risk-adjusted performers, and adds new strategies to its opportunity set as they release. The opportunity set is primarily market-neutral, with up to 5% allocated to directional strategies when the risk-adjusted case is compelling.
What you get: * **One position, broad exposure.** One position, broad exposure. A diversified, primarily market-neutral portfolio, without choosing a single strategy. * **Managed for you.** Rebalanced and kept current automatically, with nothing to track, time, or switch. * **Yield, not direction.** Yield-led. Returns come mainly from structural sources like funding, spreads, and arbitrage, with a small directional sleeve (up to 5%) for added upside when the risk-adjusted case is there. Diversification cushions any single strategy's slow stretches. **Access, without the overhead.** Reaching these strategies directly has typically meant high minimum deposit requirements and even quarterly redemption periods. Autopilot replaces that with a simple USDC deposit on Solana. The same strategy types, with a much shorter redemption period, made accessible through audited smart contracts. [See Our Thesis for the full picture.](/getting-started/our-thesis) ## How it works
1. **Deposit USDC.** You make a single USDC deposit into the Autopilot vault. 2. **Your capital goes to work.** It's spread across a selection of Neutral Trade's live strategies, primarily market-neutral with up to 5% directional, and rebalanced between them as conditions change, so your money keeps working in the strongest performers instead of sitting in one bet. 3. **You earn, hands-free.** Yield from those strategies builds your balance while you do nothing. No strategies to pick, no timing, no rebalancing on your end. 4. **Withdraw when you're ready.** Redeem on the vault's redemption schedule. Full deposit and withdrawal mechanics are on [How They Work](/neutral-strategy-vaults/how-they-work). ## Performance Between November 2024 and June 2026, Autopilot returned +35.0%, and it did so with very little downside: its deepest fall from a high point was just 2.2%, and annualized volatility was 4.3%. That works out to a Sharpe ratio (return relative to risk) of 4.28. **Ahead of stocks and crypto, with a fraction of the swings.** Over the same period, the S\&P 500 returned +24% (with a 19% drop along the way), and Bitcoin ended down 19%, having climbed as high as +65% before a 51% peak-to-trough fall. Autopilot compounded steadily through both, which is the point. It doesn't need the market to go up.
**Positive in 19 of its 20 months.** No single month fell more than 1.2%, and the 2.2% above is the deepest high-to-low slide across the whole period, not any one month. That month-to-month consistency is what compounds into the steady overall climb.
## Risk Factors Autopilot is primarily market-neutral, but it is not risk-free. As a multi-strategy vault, it takes on the risks of the strategies it allocates to. The main ones: * **Strategy risk.** Each underlying strategy has its own risks, such as funding rates turning negative, forced liquidation or auto-deleveraging on leveraged positions, and adverse selection on market-making trades. Up to 5% of the portfolio may be allocated to directional strategies, which carry market-direction risk and can lose value if the market moves against that position. The 5% cap limits the impact of this sleeve on the vault as a whole. Spreading capital across several strategies, venues, and curators limits the impact of any single strategy, but does not remove these risks. * **Allocation risk.** The allocation engine leans toward recent risk-adjusted performers, so it can lag a sudden change in market conditions. Allocations are monitored and adjusted continuously. * **Centralized-exchange counterparty risk.** Some strategies trade on centralized exchanges, which exposes them to venue failure, insolvency, or disruption. Positions there utilize off-exchange custody and settlement. * **On-chain and smart-contract risk.** Other strategies trade directly on on-chain venues such as Hyperliquid, Jupiter, and Lighter, inheriting the smart-contract, oracle, and protocol risk of those venues. A bug, exploit, or failure at a venue or in the vault's own contracts could cause loss, and this cannot be eliminated entirely. * **Operational risk.** Execution depends on the continuous availability of trading infrastructure, exchange APIs, and custody integrations. Disruption at any of these can delay rebalancing. ## Trust & Security Curators cannot withdraw client assets. Every movement is restricted, programmatically, to pre-approved contracts and venues. On-chain operations run through Fordefi, which includes its MPC workspace, policy engine, admin quorum, and a 12-hour timelock on smart contract changes. Centralized-exchange positions settle off-exchange via Copper (ClearLoop) and Ceffu (MirrorX), reducing exposure to exchange insolvency. Independent audits: **Offside Labs · Quantstamp · Halborn** reports are public on the [Security](/neutral-strategy-vaults/security) page. **Who runs the strategies.** Neutral Trade's own strategies are managed in-house by a team with Goldman Sachs and top-tier hedge-fund backgrounds. Third-party strategies are run by independent curator teams, each admitted only after Neutral Trade's [Curator Selection](/curators/curator-selection) review, which includes a verifiable track record, documented risk and leverage limits, and an operational check; teams with unverifiable records are declined. {% hint style="info" %} **On the roadmap (not live yet)** Autopilot is planned to become Neutral Trade's first tokenized vault. Your position becomes a transferable, composable token you can hold, move, or use across DeFi while it keeps earning. While it isn't available today, follow the Neutral Trade official [X](https://x.com/TradeNeutral) account to stay informed for when it launches. {% endhint %} > ### Ready to start? > > [Autopilot →](https://www.neutral.trade/strategies/nt-master-usdc-bundle) > > Fees, minimum deposit, and the redemption schedule for this vault are shown in the app. *Products referenced are not intended for individuals in the United States, Mainland China, Hong Kong, sanctioned, or other restricted jurisdictions. This page is for informational purposes only and does not constitute an offer, solicitation, or recommendation to buy or sell any financial instrument. Digital-asset strategies involve significant risk, including possible loss of principal. See the* [*Risk Warnings and Disclaimers Statement*](/legal/risk-warnings-and-disclaimers-statement)*.* # Market Neutral **Discover Market Neutral Strategies** Market-neutral strategies hold offsetting long and short positions designed to produce returns independent of broad market direction. Yield comes from spread capture, funding rate differentials, basis arbitrage, and volatility risk premia rather than from price appreciation. # Mid-frequency Market Making Mid-Frequency Market Making ## Overview This is a mid-frequency market-making strategy designed to generate steady returns by providing liquidity to Binance Perpetual Futures markets. It continuously adjusts its quote pricing and activity based on current conditions. The excess return stems from both the predictive power of a proprietary fair price model, as well as high-quality trade execution capability. When risk increases, it scales back to protect capital.
DEPOSIThttps://www.neutral.trade/strategies/adverseguard-alpha
*Live since April 23, 2026* ## How it works **Spread capture** — The system continuously quotes both sides of the ETHUSDT perpetual futures order book on Binance. By maintaining active bid and ask quotes, it earns the spread between buy and sell prices and collects maker rebates. **Fair price model** — At the core of the strategy is a proprietary model that estimates the true fair price of ETHUSDT in real time. By positioning quotes relative to this fair price rather than the midpoint of the current spread, the strategy improves the profitability of each filled trade. **Adverse selection detection** — A second predictive model monitors for signs of large incoming directional moves and detects adverse selection, the risk of being on the wrong side of a significant price shift. When these signals trigger, quoting activity is automatically scaled back or paused until conditions normalise. The result is an asymmetric return profile: consistent spread income in stable conditions, with automated pullback when conditions deteriorate. #### Venues **Centralized:** Binance ### Yield Sources * Bid-Ask spreads * Maker rebate * Short-term market inefficiencies
## Risk Management The strategy employs a stop-loss framework designed to catch risk at both the execution and portfolio level. **Trading System Controls** The first layer operates directly within the trading application. It monitors real-time position exposure and triggers automated stop-loss actions at the strategy level, responding to adverse price moves before losses compound. **Drawdown Profile** The maximum observed drawdown was -5.42%, recorded on October 10 of last year. The strategy has not breached this level since. **Dynamic Risk Scaling** Beyond stop-loss controls, the strategy's predictive model continuously monitors for adverse selection and directional risk. When risk conditions elevate, quoting activity is automatically scaled back or paused, prioritizing capital preservation over incremental spread capture. ## Why AdverseGuard Alpha? AdverseGuard Alpha operates at the intersection of traditional finance and digital assets, deploying a multi-strategy quantitative framework across global markets. Their edge is built on a world-class team with deep roots in high-frequency trading, asset management, and exchange infrastructure. They bring decades of combined institutional experience from industry titans including Tower Research, Citadel, Susquehanna (SIG), Kronos Research, Point72, State Street, RBC, and J.P. Morgan. This institutional pedigree allows them to bridge the gap between legacy financial rigor and the frontiers of digital asset liquidity. {% hint style="info" %} We’ve excluded AdverseGuard Alpha’s full name to mitigate alpha leaking. Neutral Trade has completed thorough due diligence, including real-money testing. {% endhint %} # Delta Neutral Arbitrage ## Overview Delta Neutral Arbitrage is a market-neutral strategy arbitrage vault curated by Velox Trading Group. The strategy seeks to maximize absolute returns while mitigating downside expressed in broader crypto markets. To meet this objective the strategy deploys capital across four arbitrage pillars: low-latency exchange arbitrage, funding and basis arbitrage, DeFi-centric market making.
DEPOSIThttps://www.neutral.trade/strategies/velox-cross-usdc-bundle
*Live on Neutral Trade: 2026-06-09* *Past performance is not indicative of future results.* ## How it works The strategy operates four complementary arbitrage pillars concurrently. * **Low-latency exchange arbitrage** * **Funding and basis arbitrage** * **DeFi-centric market making** The portfolio targets a cash leverage rate of 1.5x in addition to the on exchange and derivative leverage. This is a long term target using leverage from prime brokers to enhance the overall return profile. #### Venues **Centralized:** Binance, OKX, Bybit, Gate **Decentralized:** Hyperliquid, Lighter For a subsequent phase: * KuCoin ### Yield Sources * Cross-venue pricing inefficiencies captured through simultaneous offsetting trades * Funding rate and basis spreads captured through delta-neutral positioning * Short-term dislocations around market events ## Risk Factors **Counterparty and exchange risk** — Trading across exchanges creates exposure to venue-level failure, insolvency, or operational disruption. Mitigations include: off-exchange custody and settlement via Copper (ClearLoop) and Ceffu (MirrorX) for centralised exchange trading, and diversification across six venues at launch with additional venues planned. **Liquidation and ADL risk** — The strategy operates at 1.5x leverage. Sharp price moves or correlated venue stress can trigger forced liquidation or Auto-Deleveraging on perpetual futures positions. Mitigations include: a conservative leverage profile relative to typical arbitrage strategies, continuous position monitoring, and trading in liquid markets where rebalancing is reliable. **Execution and market microstructure risk** — Market making and short-horizon strategies are sensitive to execution quality. Adverse selection, being filled on the wrong side of a directional move, can erode spread income. **Smart contract risk** — DeFi-centric market making involves interaction with on-chain protocols and inherits the smart contract risk of those venues. This risk cannot be eliminated entirely. **Operational risk** — Multi-venue, multi-strategy execution depends on the continuous availability of trading infrastructure, exchange APIs, and custody integrations. Disruption at any layer can prevent timely rebalancing. ## Custody & Security For positions on centralised exchanges, we use Copper (ClearLoop) and Ceffu (MirrorX), institutional off-exchange settlement providers, reducing exposure to exchange-level insolvency. On-chain vault infrastructure, covering deposits, withdrawals, and on-chain operations, operates under Neutral Strategy Vaults standard multi-party approval framework, independent of the centralised exchange custody arrangements. Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). ## Why Velox Trading Group? [Velox Trading Group](https://www.veloxtrading.ai/) is a digital asset quantitative investment and technology firm. The team comprises traders, engineers, mathematicians, and data scientists with specialisation in crypto market microstructure across both centralised and decentralised venues. # Hyperliquid Funding Arb ## Overview The Hyperliquid Funding Arb vault earns yield by capturing funding rate imbalances in perpetual futures markets on Hyperliquid. The strategy holds offsetting spot and perpetual positions to remain delta-neutral. Yield is generated by the structural demand for leverage from perpetual market participants. A separate 10% allocation to the Hyperliquidity Provider (HLP) vault diversifies yield sources and provides additional return stability during periods of extreme bearish market volatility.
DEPOSIThttps://www.neutral.trade/strategies/hlfundingarb
*Live since June 11, 2025* ## How It Works The vault takes simultaneous long positions in spot and short positions in perpetual futures on the same asset, targeting a zero net directional exposure. Funding payments flow from the short perpetual position to the vault when funding rates are positive, which is the case when the market is net long (the structural majority of market conditions). **Example:** * Long 1 HYPE in spot → delta = +1 * Short 1 HYPE in perpetual futures → delta = −1 * **Net delta = 0** * Funding payments from the short perp position accrue to the vault The system rebalances positions automatically to maintain delta-neutrality as prices move and as the asset mix shifts. **HLP allocation:** 10% of USDC reserves are allocated to Hyperliquid's native HLP vault, which earns yield from Hyperliquid's market-making activity, liquidation fees, and platform fees. . ## Yield Sources * **Perpetual funding payments** — paid by leveraged long participants to short holders * **Spot-perp price inefficiencies** — additional spread captured when spot and perpetual prices diverge * **HLP returns** — market-making income, liquidation fees, and platform fees ## Risk Factors **Funding rate risk** — Rates can turn negative, in which case the vault pays funding rather than receives it. Positions are adjusted when the net yield no longer justifies the cost. **HLP risk** — During severe market dislocations, HLP can incur losses from market-making exposure. The 10% allocation cap limits the impact on overall vault performance. **Liquidation risk** — The vault operates with low leverage. Margin health is monitored continuously with automated rebalancing before liquidation thresholds are approached. **Smart contract risk** ## Custody & Security Vault assets operate under Neutral Strategy Vaults standard walled garden framework: multi-party approvals for all fund movements, whitelisted withdrawal addresses only, and no single key holder able to authorise transactions unilaterally. Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). # Multi-Asset Volatility Arbitrage Neutral Trade's first non solely crypto strategy — a systematic, cross-asset volatility strategy. ### Overview * Captures global volatility risk premia through systematic relative value and volatility arbitrage strategies across traditional and alternative markets * Systematically scans across highly liquid equity and fixed income instruments, as well as VIX derivatives and identify most efficient instruments for expressing volatility views * Special focus on digital assets as a structurally rich volatility risk premia asset class, providing unique, underexploited opportunities * Trading digital asset US equity proxies such as Bitcoin ETF, Microstrategy, Coinbase and BTC Index, enabling efficient access to digital asset volatility through regulated, liquid instruments.
DEPOSIThttps://www.neutral.trade/strategies/volatility-alpha-strategy-1
*Live since March 30, 2026* *** ### Performance
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | | ---- | ----- | ----- | ------ | ------ | ----- | ----- | ----- | ----- | ------ | ------ | ----- | ----- | ---------- | | 2026 | 1.75% | 1.55% | — | — | — | — | — | — | — | — | — | — | **3.33%** | | 2025 | 1.47% | 0.31% | -1.15% | -0.16% | 2.09% | 1.27% | 1.30% | 1.15% | 1.99% | 1.99% | 1.37% | 1.48% | **13.88%** | | 2024 | 1.15% | 1.07% | 1.06% | 0.48% | 1.36% | 1.05% | 1.12% | 1.51% | -0.42% | -0.71% | 2.49% | 0.97% | **11.67%** | #### Performance Statistics | Metric | Value | | ----------------------- | ------ | | Annualized Return (Net) | 13.43% | | Sharpe Ratio | 2.96 | | Max Drawdown | -1.3% | | Annualized Volatility | 3.01% | > Past performance is not necessarily indicative of future results. Estimated returns are provided for informational purposes only and may not reflect actual performance. Returns are before applicable fees and expenses charged by Neutral Trade. *** ### Risk Management The risk management framework prioritizes capital preservation through rigorous diversification and strict liquidity mandates. Portfolio construction is governed by disciplined concentration limits across both traditional and digital assets, ensuring that exposure remains diversified and restricted to highly liquid, large-cap instruments. Financial stability is maintained through a conservative leverage profile and proactive margin management, leaving significant headroom to absorb sudden market shifts. To mitigate downside risk, the strategy employs dynamic drawdown triggers, continuous stress testing against extreme market scenarios, and daily position adjustments to keep the overall risk profile aligned with long-term stability goals. *** ### Subscription Terms on Neutral Trade | Parameter | Details | | ---------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------- | | Strategy | Multi-Asset Volatility Arbitrage | | Curator | D Research | | Subscription Currency | USDC | | Minimum Subscription | USDC 50,000 | | Minimum Redemption | USDC 50,000 | | Annual Service Fee | 1% | | Commission | 0% | | Subscription Frequency | Monthly (5 business days before first business day of each calendar month) | | Redemptions | Quarterly, first Business Day of each calendar quarter. Settlement time is within 11 business days. USDC is returned within 3 days post-settlement. | | Redemption Notice | 30 days advance notice required, before the first Business Day of each calendar quarter | | Redemption Gate | Capped at 25% of the products AUM ($200M) per quarter | | Broker & Custodian | NASDAQ, NYSE, CME |
*** ### Why Neutral Trade Selected This Strategy Neutral Trade has vetted and curated this opportunity through a rigorous due diligence process before selecting it as the first not solely crypto related strategy on our platform. Key factors in our selection: * **Track Record:** Consistent positive monthly returns since April 2025 inception, with pre-launch backtest and internal trading extending to January 2024. The strategy has demonstrated strong risk-adjusted performance. * **Risk Framework:** Institutional-grade risk controls including hard leverage limits, dynamic drawdown reduction, daily stress testing, and conservative margin management. * **Structural Alpha Source:** Volatility risk premia represent a well-documented and persistent source of returns. The strategy's ability to trade across both traditional and digital asset volatility markets provides a differentiated and underexploited opportunity set. *** ### Disclaimers This material is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or strategy. Past performance is not necessarily indicative of future results and there can be no assurance that the strategy will achieve comparable results or that target returns will be met. Investing in volatility strategies involves significant risks, including the risk of loss of principal. The value of investments may fluctuate and investors may not receive back the amount originally invested. Digital asset-related instruments carry additional risks including regulatory uncertainty and heightened volatility. Neutral Trade does not provide investment, legal, or tax advice. Prospective investors should consult their own professional advisors before making any investment decisions. # Options Market Making ## Overview Options MM is a market-neutral strategy vault managed by Xanthas, an institutional crypto options market maker. The strategy targets volatility and relative-value opportunities through continuous options market making and multi-leg options trading, supported by systematic risk management and a low-latency execution stack. Returns are driven by volatility and relative-value capture rather than the direction of the underlying.
DEPOSIThttps://www.neutral.trade/strategies/options-mm-z
*Live on Neutral Trade: 14 July 2026* *Past performance is not indicative of future results.* ## How it works Xanthas runs an automated options market-making system that generates systematic quoting signals across the Bitcoin volatility surface, with a particular edge in multi-leg structures including calendars, butterflies, verticals, and risk reversals, sourced through institutional RFQ networks alongside central-limit-order-book (CLOB) quoting. Directional exposure from the options book is hedged via perpetual futures to maintain a delta-neutral posture. The core engine is built around an arbitrage-free eSSVI volatility surface and a Bates-Kou jump-diffusion model calibrated to Bitcoin's asymmetric return profile. ### **Venues** **Centralized:** OKX ### Yield Sources * **Variance risk premium:** captured through short-dated volatility selling. * **Relative-value capture:** edge from trading multi-leg options structures: calendars, butterflies, verticals, and risk reversals, sourced via institutional RFQ networks alongside CLOB quoting. ## Risk Factors **Volatility and jump risk:** The strategy is delta-neutral to BTC price direction but retains exposure to changes in implied volatility (vega) and to large sudden price moves (gamma and jumps). A volatility spike or a sharp BTC move can produce mark-to-market losses. Mitigations: a Bates-Kou jump-diffusion model calibrated to Bitcoin's asymmetric return profile prices the likelihood of sharp moves, and the risk framework includes dedicated vega management. **Adverse selection risk:** As a market maker, the strategy can be filled on the wrong side of an informed move, eroding spread income. Mitigations: a jump-diffusion pricing model reduces pricing error on out-of-the-money options, directly reducing adverse selection on wing trades. **Hedging and funding risk:** Directional exposure is hedged with perpetual futures. The hedge incurs funding costs that can be positive or negative, and hedge adjustments incur transaction costs. Perpetual future positions are also subject to exchange margin requirements and Auto-Deleveraging (ADL). Mitigations: charm-aware hedging reduces the frequency of hedge adjustments (reduced costs), and the risk framework includes funding rate hedging. **Counterparty and exchange risk:** Trading on a centralised venue creates exposure to venue-level failure, insolvency, or operational disruption. Mitigations: off-exchange custody and settlement via Copper, so assets remain with the custodian rather than on the exchange balance sheet. **Operational and execution risk:** The strategy runs as automated software executing via API on the exchange account, and depends on continuous availability of connectivity, exchange APIs, and infrastructure. Disruption at any layer can prevent timely quoting or hedging. Mitigations: a defence-in-depth control stack including exchange-native market-maker-protection groups and cancel-on-disconnect at the lowest latency layer, and independent software circuit breakers above it. # Jupiter JLP Delta Neutral ## **Overview** The Jupiter JLP Delta Neutral (JLP-DN) vault. Earn the top stablecoin-denominated delta-neutral yield, powered by Jupiter and its traders. Jupiter’s JLP liquidity provider token is the foundation of Jupiter's JLP Delta Neutral (JLP-DN) strategy, transforming JLP into a powerful delta-neutral yield product. Managed by Neutral Trade, the strategy systematically neutralizes the directional exposures of JLP (underlying volatile assets & trader PnL) while preserving and amplifying its underlying yield sources through prudent leverage with institutional-grade risk management. ### **Goal** * **Permit** liquidity provision to JLP without taking market exposure * **Provide** stable sustainable USDC yield, powered by JLP + delta-neutral hedging * **Protect** through institutional custody and operational safeguards ### **Fees** * **Performance Fee:** 25% * **Withdrawal Fee:** 0.3% (provided to existing depositors) ### **Redemptions** **Withdrawal:** 3 - 4 Days ## **Strategy Design (Permit)** ### **Acquiring and Leveraging JLP** 1. **JLP Acquisition** * Mint / Burn via Jupiter Perps Program 2. **JLP Collateralization & USDC Borrowing** * Deposited as collateral in Jupiter [JLP Loan](https://jup.ag/perps/jlp-loans). * USDC is borrowed against the collateral. 3. **JLP Looping** * Additional JLP is purchased with the borrowed USDC. * The process repeats, targeting a **65% LTV target**. 1. **Effective Leverage** 1. The resulting structure achieves approximately **1.9× exposure**, optimizing yield while maintaining safe liquidation buffers.
### **Delta Neutral Hedging** JLP holds exposure to its **underlying volatile assets** **(SOL, BTC, and ETH)** & **Trader PnL.** JLP DN systematically neutralizes these directional exposures. #### **JLP DN Automated Hedging Engine** 1. Borrowed USDC is sent to Ceffu custody. 2. USDC balance is mirrored to Binance. 3. JLP directional exposures are monitored (SOL, BTC & ETH, Trader PnL) 4. Perpetual futures short positions are opened to hedge these exposures. 5. Weights adjusts dynamically based on: * JLP composition * JLP collateral value * Market conditions 6. Targets **net-zero delta** across all three tokens.
## **Yield (Provide)** JLP Delta Neutral is designed to provide delta-neutral and predictable yield relative to traditional JLP. Yield is generated from: ### **JLP Native Yield** 1. Opening/closing fees. 2. Price impact. 3. Trading fees. 4. Borrowing fees. JLP earns 75% of the fees generated from these components. ### **Leverage Amplification** * JLP looping **increasing effective yield**. ### **Funding Rates** * Depending on market conditions, hedging position funding rates can amplify yield. This can also be a cost. ## Insititional-Grade Security Jupiter JLP DN operates exclusively under an institutional-grade model within a walled garden framework with multi-party policies, role-based approvals, and no single key or entity able to move funds. #### NT Vault * JLP is held within a NT Vault with strict transaction policies - No single team member or entity can move funds without multiple approvals * Withdrawal addresses are *strictly whitelisted within the NT Vault Infrastructure.* * Token list is restricted, preventing low-liquidity manipulation - only interactions with Jupiter Perps Program are permitted. * Admin Quorum prevents single-member policy changes
#### **Ceffu Custody/Settlement** * Borrowed USDC is routed to **Ceffu**, an institutional custody & settlement network. * These assets remain **isolated and in MPC (Multi-Party Computation) custody**. **Mirrored Binance Sub-Account** * The equivalent USDC balance is reflected on a Binance sub-account. * The sub-account is **co-managed by Jupiter and Neutral Trade**. **Daily PnL Settlement** * Unrealized PnL of hedging positions are settled **daily** between Binance and Ceffu. * Settlement ensures: * Hedging collateralization remains safe * No counterparty exposure accumulates * Primary collateral **never leaves custody** This framework isolates trading risk and mitigates exchange counterparty exposure. ### **Address & Token Whitelisting** * Only pre-approved smart contracts & addresses can receive/withdraw funds * Only specific tokens are permitted ($JLP - $USDC) * Prevents unauthorized token movements and pump-and-dump vectors ### **NAV (Net Asset Value) & Oracle Verification** To ensure fair pricing: 1. Neutral Trade independently computes NAV 2. Jupiter independently computes NAV 3. **Both teams match values daily** 4. Oracle update is only pushed after validation 5. Any discrepancy triggers **manual verification**
### **Vaults Audits** Audits by **Quantstamp, Halborn, and Offside Labs** confirm: * Correctness of financial logic * Integrity of share accounting * Robust access controls * Safe deposit/withdraw flows This provides the institutional-grade foundation that makes the JLP Delta Neutral vault secure, predictable, and transparent. ## **Risk Analysis** Even with heavy mitigation, all financial products carry risk. ### **Key Risk Domains:** #### **JLP Token Risk** Exposure to JLP mechanics, including trading activity, margining, and token price behaviour. JLP’s peg may fluctuate relative to its underlying tokens in fast markets (market price vs. virtual price). There is also a threshold for being fully delta-neutral, since rebalancing hurts yields. #### **Exchange Liquidity & Settlement Risks** Although minimized via Ceffu, Binance perpetual contracts carry: * Liquidity risk * Market dislocation risk * Settlement behaviour (e.g., ADL) #### **Operational Risks** Mainly relating to: * Off-chain delta calculations * Transfers between Ceffu and the on-chain Fordefi vault * Daily PnL settlement mechanics ### **Liquidation Protection** #### **Track Record** * Over **16 months** running the same strategy fully on-chain on Drift. Returned 31.81% since 6/11/2024. * Zero liquidation events * Survived major volatility regimes: * Trump token launch volatility * Trump tariff announcement shock * October 10th Black Swan event * Multiple SOL/BTC/ETH volatility spikes Margin buffers are designed to absorb extreme conditions. #### **Why Liquidation Risk is Low** The structure benefits from a critical property: * If short hedges rise in value, the underlying JLP also rises. Thus collateral value grows in tandem with hedge losses, allowing us to: * Send more USDC to Ceffu * Strengthen collateral * Maintain safe LTV # HFT Multi-factor ## Overview The HFT Multi-factor strategy generates market-neutral returns by combining high-frequency trading with market making on major centralized exchanges. The system runs 100+ substrategies built upon machine-learning factor models — multi-factor time-series models that are iteratively refined based on market structure. Alpha is sourced evenly across the two engines: roughly 50% from high-frequency trading signals and 50% from market making. The strategy focuses on major liquid assets and perpetual futures, validated under market stress conditions, with institutional-scale trading volume supported by in-house execution infrastructure.
DEPOSIThttps://www.neutral.trade/strategies/hft-multi-factor
## How it works **Machine-learning factor framework** — At the core of the strategy is a library of multi-factor time-series models. Signals are researched, deployed, and iteratively refined based on observed market structure, allowing the system to adapt as market regimes shift. **Diversified alpha signals** — The 100+ substrategies combine market-making, momentum, and mean-reversion dynamics. Diversification across signal families and assets reduces reliance on any single source of return. **Maker-dominant execution** — Approximately 90% of trade execution is placed as maker orders. The strategy earns bid-ask spread and maker rebates while minimizing taker fees and market impact, supported by high-turnover, institutional-scale execution infrastructure. **Leverage** — The strategy operates within a 0.7x to 5x leverage range. The Neutral Trade vault mandate runs at 4.5x. ### **Venues** **Centralized:** Binance ### Yield Sources * Bid-ask spread capture and maker rebates * Short-horizon alpha signals (momentum and mean reversion) * Short-term market inefficiencies *** ## Risk Management **Quantitative Risk Framework** — A multi-layer risk framework integrates volatility clustering, drawdown limits, correlation stress tests, and scenario simulations to maintain robust performance under varying market conditions. **Exposure & Monitoring Controls** — Real-time exposure controls are paired with independent monitoring and audit mechanisms to enforce trading constraints, support transparent oversight, and navigate liquidity and volatility shifts. **Counterparty Risk Management** — Counterparty risk is managed through a structured execution and custody framework across exchanges, on-chain infrastructure, and institutional providers, mitigating concentration risk. **Operational Risk Management** — Strict operational safeguards — permission controls, workflow separation, automated reconciliation, and wash-trading prevention — minimize execution errors and enhance system reliability. ## Why Vision Research? Vision Research combines institutional asset-management pedigree with deep crypto-native engineering: * **Arbitrage portfolio management** is led by a former Blackstone quant and portfolio manager at a long-standing systematic crypto fund, with expertise in arbitrage strategies and DeFi trading, and a former lecturer at Columbia University. * **Alpha research and strategy design** is led by a quantitative strategist with 5+ years across centralized-exchange and on-chain markets, previously at Crypto.com after a multi-billion-dollar asset manager. * **Off-chain systems** are built by a former CTO of a New York asset-management firm, specializing in low-latency architecture and high-frequency trading systems for institutional-grade execution. * **On-chain engineering** is led by a full-stack developer with 8+ years of experience, including four in Web3 and prior work at Bytedance, focused on on-chain strategy engineering and protocol-level integration. {% hint style="info" %} Vision Research is an alias. We've excluded the curator's full name to mitigate alpha leaking. Neutral Trade has completed thorough due diligence on the team and its strategy. {% endhint %} # Directional Directional strategies take systematic positions based on quantitative signals, momentum, mean reversion, and volatility regime detection. Unlike market-neutral approaches, these strategies carry some correlation to broad crypto market movements. All strategies on this track are run by external curator teams that have passed Neutral Trade's vetting process, including performance track record review, Sharpe ratio assessment, and operational due diligence. # CTA - Adaptive Alpha ## Overview CTA-Adaptive Alpha is a fully automated quantitative strategy that extracts short-term alpha from structural inefficiencies in crypto derivatives markets. Unlike the market-neutral vaults on this platform, this strategy is **directional.** It takes long and short positions based on real-time market signals, and returns will correlate to market conditions to some degree. The strategy adapts dynamically between trend-following and mean-reversion positioning depending on prevailing market conditions, rather than maintaining a fixed directional bias.
DEPOSIThttps://www.neutral.trade/strategies/cta-adaptive-alpha
## How it works The strategy continuously monitors price action and order-flow signals across a universe of liquid crypto derivatives. It identifies short-term mispricings created by volatility expansions, positioning imbalances, and behavioural patterns inherent in leveraged crypto markets. Positions are taken on both the long and short side, governed by strict price-based and time-based exit rules that enforce disciplined exposure at all times. When signals are weak or market conditions deteriorate, the strategy scales back activity rather than maintaining exposure. ### Alpha Source * Opportunistic entries during volatility-driven drawdowns (particularly following forced liquidations) * Short-term trend capture during strong directional continuation phases * High-Frequency Signal Processing * Continuous monitoring of price action and order-flow-derived signals * Behavioural Market Inefficiencies * Leveraged retail trading behaviour unique to crypto derivatives markets **Asset universe:** BTC, ETH, XRP, SOL — adjustable based on market conditions **Activity:** \~6 trades per asset per day, \~20× monthly turnover, 24/7 ## Risk Controls **Daily Maximum Drawdown Target:** \~10%, supported by layered risk constraints designed to limit adverse exposure.\ \ **Systematic Exit Discipline:** All positions are governed by automated price-based and time-based exit rules, ensuring exposure is reduced when predefined risk thresholds are reached.\ \ **Dynamic Risk Allocation:** Capital allocation and strategy weights are adjusted dynamically in response to evolving market conditions, volatility, and signal quality. **Portfolio-Level Safeguards:** A hard drawdown protection cap of 20% on a daily basis, is enforced at the portfolio level. Upon reaching this threshold, the strategy is paused and subjected to a full risk review and recalibration.\ (This safeguard is intended for extreme scenarios and has not been triggered historically.) ## Why Atlas Research? A Quantitative team with extensive experience in traditional finance, including multi-year backgrounds as fund managers, analysts, and proprietary traders. Deep specialization in crypto-specific market micro-structure. Proven track record of low-drawdown, high-alpha strategies. \ Conservative philosophy focused on risk first, returns second. {% hint style="info" %} We’ve excluded Atlas Research’s full name to mitigate alpha leaking. Neutral Trade has completed thorough due diligence, including real-money testing. {% endhint %} # Third Eye Flagship ## Overview Third Eye Flagship is a directional and market-neutral liquid fund strategy curated by Third Eye. The strategy seeks to generate alpha in both up and down markets through a combination of relative value, event-driven, and carry trades across spot, perpetuals, options, overlaid with selective directional positioning driven by macro, narrative, and fundamental theses. The strategy is designed to thrive in high-volatility environments and is positioned as a higher-octane complement to lower-variance market-neutral vaults on Neutral Trade.
DEPOSIThttps://www.neutral.trade/strategies/third-eye-flagship
*Live on Neutral Trade: \[DATE TO BE CONFIRMED]* *Past performance is not necessarily indicative of future results.* ## How it Works Third Eye Flagship combines a directional and market-neutral trading, alongside a set of opportunistic trading sleeves. #### Trading Styles * **Relative value** — Long/short positioning in spot and perpetuals to express views on outperformers versus underperformers within and across asset baskets. * **Directional overlay** — Selective directional positioning expressed through large-cap perpetuals and options, driven by macro, narrative, and fundamental theses. * **Event-driven** — Trading altcoins around catalysts, narratives, and idiosyncratic events. * **Carry** — Funding rate arbitrage, deployed to generate yield on excess cash with minimal risk. #### Other Trading Strategies * **Liquidity provision and quasi market-making** — trades servicing flow across the crypto ecosystem. * **On-chain flow analysis** — tracking and trading notable wallet activity and protocol-level signals. ### Yield Sources * Cross-asset relative value spreads within crypto. * Directional alpha from discretionary macro and narrative-driven positioning. * Funding rate, basis, and on-chain carry on idle balance sheet. #### **Venues** **Centralized:** Binance ## Risk Factors **Discretionary risk** — A meaningful portion of returns is driven by discretionary positioning on macro, narrative, and event-driven theses. This introduces manager judgment risk. **Concentration and event risk** — Event-driven and special situations trades can be concentrated in single names or single catalysts, with binary outcomes and limited liquidity around the event window. **Counterparty and exchange risk** — Exposure to venue-level failure, insolvency, or operational disruption. Mitigations include: Off-exchange custody and settlement via Ceffu (MirrorX) for centralised exchange trading. **Operational risk** — Strategy execution depends on the continuous availability of trading infrastructure, exchange APIs, and custody integrations. **Leverage and liquidation risk** — Use of perpetuals and options introduces leverage. Sharp adverse moves can trigger forced liquidations or margin calls. ### Risk Management The strategy operates within a defined risk framework: * **Leverage limits** — Maximum 200% net leverage and 600% gross leverage relative to NAV. * **Position sizing** — Limits applied to mid-cap and small-cap token exposures to manage concentration and liquidity. * **Short constraints** — Short positions are prohibited on small-cap tokens, including synthetic short exposure expressed through TradFi instruments or option greeks. ## Custody & Security Ceffu (MirrorX) is used for institutional off-exchange custody/settlement. On-chain vault infrastructure, covering deposits, withdrawals, and onchain operations, operates under Neutral Strategy Vaults standard multi-party approval framework, independent of the centralised exchange custody arrangements. Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). ## Why Third Eye? [Third Eye](https://www.third-eye.co/) is a discretionary and systematic liquid fund focused on directional and market-neutral strategies. The team combines TradFi derivatives and credit experience with crypto-native trading and special situations experience. **Tian Zeng (CEO/CIO)** brings 15 years of TradFi experience trading macro and credit derivatives at Citigroup, Citadel Securities, and Deutsche Bank, and founded Phoenix Digital, a distressed and special situations fund active in FTX claims and event-driven crypto opportunities. **Federico Natali (Portfolio Manager / Head of Risk)** is a buy-side trader focused on derivatives, alternatives, and distressed opportunities across crypto markets, with prior experience at JPMorgan Exotics Trading and as founder of a Solana-based DeFi protocol. Third Eye Flagship adds a directional and event-driven sleeve to a Neutral Trade strategy shelf that has been predominantly market-neutral. It is designed for allocators seeking concentrated alpha exposure alongside lower-variance core holdings. # CTA - Systematic Alpha ## Overview Systematic Alpha is a systematic strategy on US equities that combines two complementary signals, mean-reversion and trend-following, into a single system. Unlike the market-neutral vaults on this platform, this strategy is **directional**: it carries directional long exposure to US equities (long-only, no short selling). Because the two signals operate in different market environments, at least one engine aims to be generating alpha in any market regime. The strategy is built for allocators operating on a quarterly-to-annual horizon, not those reacting to a few days of NAV movement, and its primary objective is minimizing drawdown, not maximizing return.
DEPOSIThttps://www.neutral.trade/strategies/systematic-alpha
*Live on Neutral Trade: July 6, 2026* *Past performance does not guarantee future results.* ## How it works The strategy does not depend on a single market, a single signal, or a single trading pattern. A single source of alpha disappears when market structure shifts, so the strategy runs two complementary signals simultaneously. ### **Mean-reversion** When price diverges from a reference level, the strategy scales in at pre-defined ratios proportional to the size of the divergence, and exits as price reverts toward the reference. It generates alpha in volatile, range-bound, and corrective regimes. ### **Trend-following** When the market forms a trend, the strategy scales in and scales out, closing at target profit or on a regime change. It generates alpha when the market moves strongly in one direction. ### **Per-asset models** Each asset differs in volatility, mean-reversion strength, and trend persistence. Rather than applying one model to all assets, the strategy runs separately-validated parameter sets per asset. ### **Position holding** Positions are typically held 3 to 5 days and are not structurally locked in for long periods. The strategy is long-only and does not take short positions. ### **Adaptive capital deployment** The strategy is not always fully exposed to the market. Capital exposure automatically expands and contracts with signal strength and market conditions. * Typically around 30% of capital is exposed on average. * Allocation expands only in strong-signal regimes. * In weak-signal regimes most capital is held in cash or interest-bearing instruments. This structure is the strategy's first margin of safety: under a market shock, partial rather than full exposure limits losses. ### Venues **Traditional:** Nasdaq, NYSE **Centralized:** Binance ### **Asset universe** The most liquid ETFs and equity index futures listed on the Nasdaq. The universe is structured to expand with market conditions and alpha validation. #### **Liquidity and capacity** The strategy's underlying assets trade in some of the world's deepest liquidity pools, and every entry and exit size is small relative to market depth. Because the strategy does not depend on micro-alpha or capacity-bound inefficiencies, alpha decay with AUM growth is structurally small. Some sector ETFs are relatively shallow, so the strategy operates within a manageable capacity range and adjusts its instrument mix as scale grows. ## Risk Factors **Directional and market risk.** The strategy carries directional long exposure and can lose money in a sustained, structural bear market in US equities. Its partial average exposure (around 30%) and regime-based entry control are designed to limit losses under market stress but do not remove directional exposure. **Drawdown risk.** Layered risk controls are designed to keep deep drawdowns infrequent, but drawdowns cannot be eliminated. **Leverage and derivative risk.** Where the strategy uses leveraged or derivative instruments (leveraged ETFs or index futures), additional risks apply, such as margin and daily-reset decay, which the strategy is designed around but does not eliminate. **Smart contract risk.** Deposits, withdrawals, and vault accounting run through on-chain smart contracts, which carry inherent risk that cannot be eliminated entirely. ## Risk Management The strategy's primary objective is minimizing drawdown, not maximizing return, and it targets a single-digit average drawdown. Risk is controlled through three layers: * **Regime-based entry control.** Each asset builds positions only within a pre-defined regime. This is the most powerful drawdown-reduction mechanism, keeping the strategy out of the worst historical stretches of the underlying. * **Conservative cross-asset sizing.** The most liquid ETFs tend to fall together under market stress. Rather than assuming diversification, the strategy sizes under the conservative assumption that they decline together. * **Partial exposure.** Since only around 30% of capital is exposed on average, a market shock structurally limits losses relative to full exposure. ## Custody & Security For positions on centralised exchanges, we use Copper (ClearLoop) and Ceffu (MirrorX), institutional off-exchange settlement providers, reducing exposure to exchange-level insolvency. On-chain vault infrastructure, covering deposits, withdrawals, and on-chain operations, operates under the Neutral Strategy Vaults standard multi-party approval framework. Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). # CTA - Longshort Alpha ## Overview CTA Longshort Alpha is a systematic book that takes long and short positions across crypto perpetual futures. Rather than betting on market direction, it builds an offsetting portfolio across a broad universe, so that returns from different factors are combined and hedged for a higher sharpe ratio. The edge is contrarian: the strategy profits from **market crowdedness and extreme sentiment shifts**, positioning against the crowd when it is offside and exiting as prices normalise. Signals are cross-validated across multiple trading venues and asset classes. The curator monitors over 500 symbols and trades a universe of roughly the top 30 perpetuals. The book has recorded a **single-digit correlation to peer crypto funds**, making it a genuine diversifier alongside both directional and market-neutral allocations. ## How it works Several uncorrelated return drivers run in parallel, and new ones are added over time to reduce reliance on any single market regime. ### Active strategies | Strategy | What it does | | ----------------------------------------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Intra-day momentum** | Captures inefficiencies during periods of market crowdedness. Robustness cross-validated across multiple trading venues for consistent risk-return. | | **Funding collection** | Systematically harvests funding-rate spreads across perpetual futures. | | **Mean reversion and volatility selling** | Captures mean-reversion patterns within a risk-constrained universe, generating returns in low-volatility regimes while avoiding left-skewed adverse selection. | ### In development * **Higher-frequency alpha** — shorter-term momentum signals, particularly effective during persistent intraday price movement. * **Cross-asset / cross-exchange alpha** — extends signal generation across asset classes to identify intermarket dislocations and liquidity flows. ### Trading Profile | Metric | Detail | | -------------------------------- | ------------------------------------------------ | | Primary venue | Binance perpetual futures | | Trading universe | \~Top 30 perpetuals (over 500 symbols monitored) | | Correlation to peer crypto funds | Under 10% | | Trading hours | Continuous, 24/7 | *** ## Risk Management **Model-level risk diversification.** The book is run largely long-short, minimising net directional beta so returns are driven by a combination of hedged factors rather than market direction, keeping correlation to crypto beta low. A proprietary Barra-style risk model continuously monitors factor loadings, maintaining smart-beta exposure tilted toward yield-generating factors while limiting unintended systematic risk. **24/7 monitoring.** A fully tested real-time alerting system provides round-the-clock surveillance of all positions and system health. Discretionary intervention is applied only in a disciplined and conservative manner, as a safety measure rather than a source of returns. **Stress-tested through live events.** The book traded through the October 2025 market-wide liquidation cascade — the largest in crypto history — which stress-tested its execution infrastructure, and through the July 2024 altcoin drawdown of over 40%, which tested cross-sectional positioning and risk controls. | Risk parameter | Value | | -------------------- | ----- | | Vault drawdown limit | `15%` | | Vault leverage | 2x-3x | ## Custody & Security Depositor capital never leaves institutional custody. Funds are mirrored into a dedicated execution-only sub-account that the curator trades, but cannot be withdrawn to any external address. | Layer | Detail | | ---------------- | --------------------------------------------------------------------------------------------------------- | | Custody | Ceffu (MirrorX) — Binance | | Execution venue | Binance perpetual futures | | Account model | Managed sub-account — the curator trades at its own fee tier; margin remains within the custody perimeter | | Vault accounting | Fully on-chain: NAV, share mint/burn, high-water marks, fee accrual | | Blockchain | Solana | | Bundle program | NT Bundle V1 (audited by Quantstamp, Halborn, Offside Labs) | Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). ## Risk Factors * **Long-short is not risk-free.** The book minimises net directional beta, but relative-value positions can move against the strategy. Drawdowns are expected, and larger losses remain possible. * **Model risk.** Returns depend on statistical relationships — crowdedness and mean-reversion signals — that can degrade or break down as market structure changes. * **Leverage risk.** Leverage amplifies both gains and losses; vault drawdown scales roughly linearly with the leverage applied. * **Liquidity and adverse selection risk.** In stressed markets, positions may not be exitable at expected prices. Liquidation cascades can widen realised losses beyond modelled levels. * **Short track record.** The live book launched in October 2024, a relatively short history covering a limited range of market regimes. * **Discretionary intervention.** While the strategy is systematic, the team may intervene manually in exceptional circumstances, introducing a degree of human judgement. * **Execution, technology and venue risk.** The strategy depends on connectivity, exchange availability and correct system behaviour, and concentrates execution on a single primary venue. * **No guarantee of returns.** Target figures are objectives, not commitments. ## Why C Research? C Research is a quantitative digital-asset trading team based in Asia. The team formed in mid-2024 and launched its live book in October 2024, and trades predominantly its **own capital** — roughly 90% of the book is proprietary, aligning the team directly with allocator outcomes. The team's background is in systematic quantitative research at established global quant funds, spanning equities and commodities as well as digital assets, and it applies that institutional research framework to crypto markets. {% hint style="info" %} C\* Research is an alias. We've excluded the curator's full name to mitigate alpha leaking. Neutral Trade has completed thorough due diligence on the team and its strategy. {% endhint %} {% hint style="info" %} Neutral Trade conducts due diligence on every curator, but does not guarantee strategy performance. Allocate only what you can afford to have at risk. {% endhint %} # NT Earn NT Earn is a USDC lending aggregator built on Neutral Strategy Vaults infrastructure. It automatically allocates your USDC across Solana's leading lending protocols, optimizing for risk-adjusted yield rather than raw APY. **No fees. Withdrawals available within 1 hour.**
DEPOSIThttps://www.neutral.trade/earn
*Live since August 2025.* ## How it works When you deposit USDC, NT Earn distributes it across a curated set of Solana lending markets. The allocation isn't static, the system continuously monitors borrowing demand, utilization rates, and pool depth, then rebalances toward the markets earning the most without taking on excess concentration risk. This differs from depositing directly into a single protocol. A single-protocol deposit is fully exposed to that protocol's utilization swings and smart contract risk. NT Earn holds allocations across multiple protocols simultaneously and exits positions automatically when utilization reaches stress thresholds. ## Current lending markets | Protocol | Details | | -------------- | ---------------------------------------------------------------------------------------------- | | Kamino Finance | Neutral Trade USDC Max Yield vault: allocates across multiple isolated Kamino lending markets. | | Jupiter Lend | Part of the Jupiter ecosystem, powered by Fluid with unified pools. | ## Allocation methodology Rather than chasing the highest listed APY, the allocation engine weighs multiple factors before deploying capital. **Protocol and market selection criteria:** | Factor | What we assess | | ------------------ | ----------------------------------------------------------------- | | Utilization rate | High utilization reduces liquidity available for withdrawals | | Borrowing demand | Capital only flows to pools with active borrowers | | Pool depth | Shallow pools or lender-concentrated pools create withdrawal risk | | Supply/borrow caps | System models post-deposit impact before allocating | | Collateral quality | Issuer risk, credit risk, and liquidation bad debt potential | | Oracle quality | Price feed reliability and manipulation resistance | ### **Allocation logic:** 1. Rank available markets by current APY 2. Check entry-blocking rules (utilization thresholds, cap limits) 3. Simulate post-deposit market impact, capital is only deployed where borrowing demand can absorb it without significantly diluting yield 4. Allocate to the highest-APY market up to its capacity cap, then flow remaining capital to the next highest **Withdrawal sequencing:** When you redeem, the system exits the lowest-APY positions first, preserving your highest-yielding allocations for as long as possible. ### Automated exit strategy The system monitors utilization continuously and exits positions in a graduated sequence if stress conditions develop, you don't need to monitor this yourself. | Pressure level | Response | | -------------- | -------------------------- | | Light | Partial position reduction | | Medium | Increased exit ratio | | Critical | 100% immediate exit | New deposits are blocked entirely if any market's utilization exceeds the exit threshold. This prevents deploying fresh capital into a stressed pool. ## Risks NT Earn holds USDC throughout and takes no directional exposure to crypto prices. However, it carries risks specific to DeFi lending: **Smart contract risk** **Oracle risk** — Lending protocol liquidations depend on price oracles. Manipulation or failure of oracle feeds could cause bad debt in the underlying pools, affecting lender returns. **Liquidity risk** — In extreme market conditions, high utilization across multiple protocols simultaneously could delay withdrawals beyond the standard 1-hour window. The automated exit strategy is designed to reduce this risk, but cannot eliminate it entirely. # Risk Overview What can go wrong, who bears it, and where each risk is addressed. Every strategy on Neutral Trade involves risk. The [Security](/neutral-strategy-vaults/security) and [Vault Protections](/neutral-strategy-vaults/vault-protections) pages describe the controls that protect your capital at the infrastructure level. This section covers the other half of the picture: the risks that remain after those controls — the ones you accept when you allocate to any strategy. {% hint style="warning" %} Nothing on Neutral Trade is a savings account, an insured deposit, or a guaranteed-return product. Every strategy can lose money, including in calm market conditions. Only deposit what you can afford to place at risk. {% endhint %} ### The Five Risk Categories | Category | What it covers | Where it's addressed | | ---------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Market & strategy risk** | The strategy itself loses money: spreads move the wrong way, funding rates flip, execution slips, models misfire. | [Market & Strategy Risk](/for-capital-allocators/risk-overview/market-and-strategy-risk) | | **Venue & counterparty risk** | An execution venue, exchange, external protocol, or curator fails while holding or managing deployed capital. | [Venue, Counterparty & Curator Risk](/for-capital-allocators/risk-overview/venue-counterparty-and-curator-risk) | | **Liquidity & redemption risk** | Your exit takes longer, or completes at a worse price, than you expected — lockups, redemption periods, and stressed markets all affect timing. | This page, below | | **Platform & smart contract risk** | A flaw in the vault contracts, key compromise, or an error in NAV reporting. | [Security](/neutral-strategy-vaults/security) and [Vault Protections](/neutral-strategy-vaults/vault-protections) | | **Regulatory & external risk** | Changes in law or regulation restrict access, assets, or venues. | [Regional Availability](/legal/regional-availability) and the [Risk Warnings and Disclaimers Statement](/legal/risk-warnings-and-disclaimers-statement) | ### Risk Differs by Product **Market Neutral strategies** hedge directional price exposure and earn returns from spreads, funding rates, and volatility premia. They are designed for lower volatility — but hedging removes market direction, not risk. Their main exposures are basis divergence, funding reversals, and counterparty risk on the venues where they execute. **Directional strategies** (CTA and momentum-based vaults) take deliberate market exposure. Drawdowns are a normal part of how these strategies operate, and returns depend on the manager's signals being right more often than wrong. Expect materially higher variance than market neutral products. **NT Earn** aggregates USDC lending across Solana protocols. It carries no trading risk, but it is exposed to the smart contract and solvency risk of the underlying lending protocols and to falling lending rates. **Neutral Autopilot** allocates across multiple Neutral Strategy Vaults. Diversification reduces the impact of any single strategy underperforming — but Autopilot inherits every risk of the vaults it allocates to. It diversifies strategy risk; it does not remove it. ### Liquidity & Redemption Risk Deposits and withdrawals are batched and processed on each vault's schedule, not instantly. Some vaults have lockup periods; all have redemption periods, and some (such as [Multi-Asset Volatility Arbitrage](/for-capital-allocators/market-neutral/multi-asset-volatility-arbitrage)) redeem quarterly with notice requirements. Between submitting a withdrawal request and receiving funds, your capital remains in the strategy and its value continues to move with performance. Requests cannot be cancelled once submitted, and in stressed markets a strategy may need to unwind positions at worse prices to meet redemptions. The per-vault liquidity reserve is designed to absorb normal redemption flow — it is not a guarantee that every exit completes on the usual schedule in every market condition. Always check the lockup, redemption period, and any notice requirements in the vault's details tab before depositing. ### What Our Controls Do — and Don't Audits, institutional custody, programmatic vault protections, and curator vetting exist to control operational and platform risk: they constrain where funds can move, who can act, and how fast parameters can change. What they cannot do is make a losing strategy profitable, keep an external venue solvent, or guarantee liquidity on demand. When you allocate, you are taking strategy and counterparty risk in exchange for the returns the strategy targets. For the complete legal disclosure, read the [Risk Warnings and Disclaimers Statement](/legal/risk-warnings-and-disclaimers-statement) before depositing. # Market & Strategy Risk Why market neutral does not mean risk-free, and how strategies can lose money. Every vault on Neutral Trade is an active trading strategy. Returns come from real market sources — funding rates, price spreads between venues, volatility premia, or directional signals — and each of those sources can stop paying, or reverse, at any time. This page explains how strategies lose money, so you can judge whether a strategy's risk profile fits your own. {% hint style="warning" %} Market neutral means a strategy hedges directional price exposure — it is not positioned to profit or lose simply because the market goes up or down. It does not mean the strategy cannot lose money. {% endhint %} ### How Market Neutral Strategies Lose Money **Basis and spread risk.** Strategies that trade the gap between two related prices — spot versus perpetual, one venue versus another — profit when that gap converges. Gaps can widen before they converge, and can stay dislocated longer than a position can be economically held. **Funding rate reversal.** Funding-rate strategies collect payments while funding is positive. Funding can flip negative and remain negative for extended periods, turning a yield source into a running cost. **Execution risk.** Hedged strategies hold at least two legs. When legs fill at different times or prices — which is most likely in fast markets — the strategy briefly carries the exposure it was designed to avoid, and slippage eats into the spread being captured. **Liquidity risk.** Displayed order-book depth is not committed capital. In stressed conditions, liquidity tends to disappear from all venues at once — exactly when a strategy most needs to adjust or exit positions. **Leverage.** Some strategies use leverage to make thin spreads economic. Leverage amplifies every one of the risks above, and adds liquidation risk if collateral values move sharply. **Model and data risk.** Strategies run on automated systems fed by market data. Stale prices, venue outages, or model assumptions that stop holding can produce losses before a human intervenes. ### Directional Strategies Are Different CTA and momentum-based vaults take deliberate market exposure — that is the strategy. Drawdowns are an expected part of their return profile, not a malfunction: these strategies typically lose small amounts repeatedly while waiting for the large moves that drive their returns. Review each vault's maximum drawdown and volatility figures, and treat them as a preview of what holding the strategy through a bad stretch feels like. ### What Mitigates These Risks Every curator passes our [vetting framework](/curators/copy-of-strategy-curator-vetting-framework) before managing capital, which scores risk management — leverage limits, daily loss thresholds, drawdown response procedures, and position concentration caps — as a heavily weighted dimension. Curators report positions through API access, and vault-level guardrails ([bounded NAV updates, the liquidity reserve, and the emergency circuit breaker](/neutral-strategy-vaults/vault-protections)) contain the damage an anomaly can do. Allocating across strategies — directly or through Neutral Autopilot — reduces dependence on any single strategy's performance. ### What Remains None of the above guarantees that a spread converges, that a hedge stays available, or that an exit completes at the expected price. Published metrics — APY, Sharpe ratio, maximum drawdown — are historical measurements, not forecasts; see [APY and APR Calculations](/additional-info/apy-and-apr-calculations) for how they are computed. Past performance does not indicate future results, and a strategy with years of steady returns can still have its worst month next month. # Venue, Counterparty & Curator Risk Where your capital sits while a strategy runs, and what a venue or counterparty failure would mean. When you deposit into a vault, your capital does not sit idle in the vault contract. It is deployed to the venues where the strategy executes — DeFi protocols, decentralised exchanges, and for some strategies centralised exchanges, sometimes across multiple chains. While deployed, your capital is exposed to those venues and to the counterparties involved in running the strategy. This page explains where it sits and what a failure would mean. ### Where Your Capital Sits **On-chain venues.** Capital deployed to Solana programs and other DeFi protocols is managed through [Fordefi](https://fordefi.com) MPC wallet infrastructure, with movements restricted to pre-approved contracts and venues. **Centralised exchange legs.** Strategies that execute on centralised exchanges use off-exchange custody and settlement — [Copper](https://copper.co) (ClearLoop) and [Ceffu](https://ceffu.com) (MirrorX) — so that collateral is held with the custodian rather than deposited directly on the exchange. {% hint style="warning" %} Off-exchange custody reduces exchange counterparty exposure — it does not eliminate it. Open positions, unsettled profit and loss, and anything inside a settlement cycle still depend on the exchange's continued operation. {% endhint %} ### Exchange Counterparty Risk If a centralised exchange used by a strategy were to halt withdrawals or become insolvent, the capital at risk is the exposure inside the exchange at that moment: open positions and any value not yet settled back to custody. Off-exchange settlement keeps that exposure materially smaller than depositing directly on the exchange, and venue usage is monitored on an ongoing basis — but no monitoring can guarantee enough warning to exit a failing venue before it stops honouring obligations. ### External Protocol Risk Strategies that deploy into DeFi protocols take on those protocols' own risks: smart contract exploits, oracle failures, and economic design flaws. The [audits](/neutral-strategy-vaults/security) covering Neutral Strategy Vaults apply to our vault infrastructure — they do not extend to the external protocols a strategy interacts with. NT Earn, which allocates across Solana lending protocols, carries this risk as its primary exposure. ### Asset Risk Vault deposit assets and strategy collateral are typically stablecoins. A stablecoin losing its peg — temporarily or permanently — would directly affect vault value, independent of how the strategy is performing. Issuer solvency and redemption mechanics differ by asset. ### Curator Risk Curators — the trading firms managing strategies — operate under hard structural limits: they have API access to trade, but [no ability to withdraw or redirect user funds](/neutral-strategy-vaults/vault-protections). What the structure cannot prevent is a curator trading badly, breaching its own risk discipline, or suffering an operational failure. Every curator is scored through the [Strategy Curator Vetting Framework](/curators/copy-of-strategy-curator-vetting-framework) before onboarding — track record verification, risk management, team and operations, and legal standing — and monitored on an ongoing basis afterwards. Vetting raises the bar; it does not guarantee future performance or operational integrity. ### What a Failure Would Mean for You In the worst case — an exchange insolvency or an external protocol exploit while a strategy has capital deployed there — the affected portion of the vault's capital could be partially or entirely lost, and the vault's share price would reflect that loss across all depositors in the vault. The [emergency circuit breaker](/neutral-strategy-vaults/vault-protections) can recall deployed capital and halt flows to contain exposure, but it cannot recover value from a failed counterparty. Counterparty risk is a real, priced-in part of what these strategies earn. Size your allocation on that basis, and read the [Risk Warnings and Disclaimers Statement](/legal/risk-warnings-and-disclaimers-statement) for the full disclosure. # Deprecated Vaults In this section, you’ll find a list of **deprecated vaults** — strategies that are no longer active or maintained on Neutral Trade. These vaults have either completed their lifecycle, been upgraded, or replaced by more optimized models. While they are no longer available for new deposits or interaction, this archive is provided for **transparency, historical reference, and performance review**. # Cross-Exchange Arb \[Closed] ## Overview The Cross-Exchange Arb Vault is designed to generate stable, risk-controlled yield by deploying market-neutral strategies that monetize structural inefficiencies in crypto markets. Powered by Hyperithm, the vault operates on a delta-neutral basis, aiming to minimize directional exposure to underlying asset price movements while capturing non-directional sources of return. Capital is dynamically allocated based on expected yield, execution costs, and margin efficiency. Hedging positions are monitored and rebalanced continuously to maintain minimal net delta exposure, with leverage and position sizing adjusted systematically in response to changing market conditions.
DEPOSIThttps://www.neutral.trade/strategies/hyperithm1
*Live since January 2026* ## How it works Funding rates on perpetual futures markets frequently diverge across venues. When one exchange's perpetual is trading at a significant premium to another, the strategy exploits the differential, earning the spread while remaining market-neutral. The strategy operates across a dynamically selected universe of assets and exchanges (decentralized, centralized, and traditional) where opportunities are present. Asset selection and position sizing are governed by real-time monitoring of funding rates, borrow rates, and margin efficiency across all active venues. #### **Venues** **Decentralized:** Lighter, Hyperliquid **Centralized:** OKX, Binance, Gate, Bybit **Traditional:** CME, Nasdaq, NYSE ### Yield Sources * **Perpetual funding payments** * **Spot-perp price inefficiencies** * **Borrow rate differentials** ## Risk Factors **Liquidation and ADL risk** — Extreme price movements can trigger forced liquidation or Auto-Deleveraging on futures venues, even with delta-neutral positioning. Mitigation: constant position rebalancing to manage ADL rank and cross-margin interaction monitoring. **Funding rate risk** — Funding rates can compress, turn negative, or shift regime rapidly. Mitigation: The strategy monitors rates continuously and adjusts positions when net expected yield no longer justifies execution costs or margin usage. The system is designed to adapt to crowding dynamics. **Counterparty and operational risk** — **Counterparty and exchange risk** — Exposure to venue-level failure, insolvency, or operational disruption. Mitigations include: Off-exchange custody and settlement via Ceffu (MirrorX) for centralised exchange trading. **Operational risk** — Multi-venue, multi-strategy execution depends on the continuous availability of trading infrastructure, exchange APIs, and custody integrations. Disruption at any layer can prevent timely rebalancing. **Smart contract risk** ## Custody & Security For centralised exchange trading, Copper (ClearLoop) and Ceffu (MirrorX) are used for institutional off-exchange custody/settlement. On-chain vault infrastructure, covering deposits, withdrawals, and onchain operations, operates under Neutral Strategy Vaults standard multi-party approval framework, independent of the centralised exchange custody arrangements. Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). # Indexes {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} In the **Indexes** section on Neutral Trade, we offer a growing suite of **on-chain index products** designed to help you express your market views, manage risk, and gain diversified exposure — all through a single, simplified allocation. Whether you're bullish on Bitcoin dominance, optimistic about altcoin season, or just looking to ride the meme cycle with proper structure, our index vaults are built to offer **targeted exposure with automated rebalancing, real-time transparency, and no manual trading required**. Why Indexes on Neutral Trade? * **Strategy Diversity**: Access structured exposure across multiple market segments without needing to manage individual positions. * **Fully On-Chain & Transparent**: NAVs, rebalances, and asset compositions are visible in real time — no hidden allocations, no opacity. # Moon LP ### Introduction The Solana perp ecosystem is expanding rapidly, but liquidity fragmentation remains one of the biggest barriers to sustainable growth. Individual venues compete for deposits, creating shallow markets and inconsistent execution. Moon LP solves this by acting as a cross-venue liquidity engine, automatically allocating capital across Adrena, Flash Trade, and Jupiter. This not only improves LP returns but also strengthens the overall health of Solana’s perpetual futures markets. ***
### Why Moon LP Matters for the Solana Ecosystem * **Unified Liquidity Across DEXes:** Instead of competing for isolated pools, Moon LP brings capital into a single strategy that feeds multiple perp markets at once. This creates deeper orderbooks, better trade execution, and reduces slippage for traders across Solana. * **Resilient Market Structure:** By dynamically rebalancing liquidity, Moon LP helps avoid the fragility of over-concentration on one venue. A healthier distribution of capital = less systemic risk. * **Ecosystem Alignment:** Moon LP is jointly incentivized with Flash Trade and Adrena, aligning stakeholders to grow the entire perp market rather than just individual platforms. ```mermaid graph TD A[Moon LP Vault] --> B[Adrena Perps] A --> C[Flash Trade Perps] A --> D[Jupiter Perps] B -->|Deeper books| E[Better Trade Execution on Solana] C -->|Reduced slippage| E D -->|Stronger markets| E ``` *** ### Why Moon LP is Good for Depositors For LPs, the value proposition is clear: 1. **Diversified Exposure = Reduced Counterparty Risk:** Traditional LPing concentrates deposits into one venue, leaving users exposed if that DEX underperforms or faces operational risk. Moon LP spreads deposits dynamically, lowering the chance of adverse outcomes from any single venue. 2. **Optimized Yield Through Dynamic Allocation:** Instead of chasing yield manually, Moon LP automatically allocates where utilization is highest. This ensures LPs capture the best available returns in real time without active management. 3. **Passive Strategy, Professional Execution:** Depositors don’t need to monitor spreads, rebalance, or shift liquidity between venues. Moon LP handles the execution with a professional-grade algorithm. 4. **Short-Term Boost With Incentives:** Early adopters gain access to **$2,000 in $ADX** and **$2,000 in $FAF** rewards distributed over 2 weeks, further amplifying initial yield. ```mermaid flowchart LR A[Depositor Funds] --> B[Moon LP Strategy] B -->|Dynamic Allocation| C[Multiple Venues] C --> D[Reduced Counterparty Risk] C --> E[Optimized LP Yield] D --> F[Safe + Sustainable Returns] E --> F ``` *** ### Incentive Program * **Total Incentives:** $2,000 in $ADX and $2,000 in $FAF * **Duration:** 2 weeks (from launch) * **Distribution:** Pro-rata based on user deposits This incentive program is designed as a short-term catalyst — seeding initial TVL, attracting depositors, and providing valuable data to evaluate long-term sustainability. ```mermaid gantt title Moon LP Incentive Campaign dateFormat YYYY-MM-DD section Timeline Launch & Deposits Open :a1, 2025-09-29, 1d Incentives Active :a2, after a1, 14d ``` *** ### Benefits * **For Solana Perps:** Deeper liquidity, tighter spreads, and healthier markets. * **For Adrena & Partners:** Coordinated incentives highlight collaboration, not competition. * **For Depositors:** Safer, smarter, and more profitable LPing. Moon LP represents the next evolution of liquidity provision on Solana: capital-efficient, risk-aware, and ecosystem-aligned. *** ### Launch date - 29th September 25' # The Great Debasement {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} ### Dodge Debasement, Deposit Here {% hint style="info" %} {% endhint %} ## Introduction
In a world of accelerating money printing and persistent inflation, preserving purchasing power has become harder than ever. Fiat currencies steadily lose value, while investors search for assets that can hold their ground over long time horizons. The Great Debasement Vault is built as a direct response to this reality. It maintains a simple, disciplined structure: 50% exposure to zBTC via [Zeus Network](https://app.zeusnetwork.xyz/mint) and 50% exposure to tokenized gold via [Oro](https://www.oro.finance/). Rebalancing is executed through [Titan Swap](https://titan.exchange/swap), ensuring the vault consistently targets a 50:50 allocation. Trade execution is handled by Neutral Trade’s randomized DCA algorithm, which fragments orders over time to minimize slippage and reduce the risk of front-running. By combining the hardest digital asset with the oldest monetary hedge, the vault offers a modern defence against currency debasement. ## Strategy
* **Balanced Risk Profile:** A 50/50 allocation reduces reliance on any single asset behaving perfectly. If volatility hits crypto markets, gold provides stability; if digital assets outperform, BTC captures that upside. * **Passive Protection Strategy:** Depositors don’t need to rebalance, time markets, or react to macro headlines. The vault maintains its allocation automatically, removing emotional decision-making. ## Why The Great Debasement Vault Matters * **A Hedge for the Modern Monetary Era:** Instead of betting on a single narrative, the vault balances two historically resilient assets. Bitcoin captures the upside of digital scarcity, while gold anchors the portfolio with centuries of debasement hedging reliability. * **Simplicity Over Speculation:** No leverage, no complex rotations, no chasing. The vault’s design focuses on long-term protection rather than chasing short-term performance. * **On-Chain, Transparent Exposure:** By using tokenized representations of BTC and gold, the vault delivers traditional store-of-value exposure in an on-chain environment. ## Incentives To bootstrap early participation, Zeus Network and Oro will jointly seed $3,000 in incentives for early depositors. These incentives are compounded within the vault, and reflected in the share price. **Total Incentives:** $3,000\ **Distribution:** Pro-rata based on deposits\ **Target:** Early participants during the initial launch phase These incentives are designed to reward early conviction while the vault establishes its initial capital base. # Aster Funding Arb (USDT)
Earn sustainable, hedged yield — on your $USDT by capturing funding inefficiencies across Aster’s perpetual markets. Built by quant researchers, automated for everyone.
*** ### How the Strategy Works Put your $USDT to work in a smarter way. The **Aster Funding Arbitrage Strategy** is built to capture funding rate inefficiencies on Aster’s perpetual markets — delivering sustainable, market-neutral yield. No chasing token emissions. No guessing market direction. Just real returns from real market structure. *** ### How It Works This strategy runs a fully automated, **delta-neutral arbitrage model**. In plain terms: we balance spot and perpetual futures positions so price swings don’t matter — only funding payments do. When traders pile into one side of the perp market, they pay a funding fee to the other side. Our system makes sure you’re always on the right side of that equation. * If funding is **positive** → Long spot / Short perp * If funding is **negative** → Short spot / Long perp A hedged portfolio that earns from the demand for leverage, not from speculating on direction. *** ### Why Delta-Neutral? Delta-neutral means your exposure to the underlying asset is basically flat: * Long 1 ASTER spot → +1 delta * Short 1 ASTER perp → –1 delta * Net = 0 That neutrality is what lets us isolate and harvest funding fees, regardless of whether the market is mooning or tanking. *** ### Plug & Play for Depositors Here’s what you do: * **Deposit USDT** → that’s your ticket in. * **Wait** → the system handles execution, rebalancing, and risk. * **Withdraw** → once the cycle completes (typically 1–3 days). It’s fully automated. *** ### Built for Safety & Efficiency It’s structured like a professional trading desk: * Real-time rebalancing to keep delta flat * Smart execution to reduce slippage and protect yield * Low-leverage logic with liquidation buffers The goal is simple: consistent, sustainable returns with controlled risk. *** ### Where Yield Comes From The yield here is 100% structural: * **Funding payments** from perp markets (paid by overleveraged traders) * **Spot-perp price gaps** that our system arbitrages automatically No inflationary rewards. Just the natural flow of perp markets. *** ### Fees & Withdrawals * **Performance Fee:** 25% (only if the strategy makes money) * **Management Fee:** Zero * **Withdrawals:** Typically 1–3 days depending on cycle/liquidity * **Deposit Lock:** 3 days *** 📅 **Aster Funding Arbitrage Strategy Launch —** # CTA-Momentum (R\* Research) \[Closed] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} #### Disclaimer (R\* Research) {% hint style="info" %} We’ve excluded R\* Research’s full name to mitigate alpha leaking. Neutral Trade has already completed thorough due diligence, including eight solid months of live, real-money testing. {% endhint %} ## Overview The **CTA-Momentum Strategy** is a multi-asset, machine learning-driven trading strategy operated by Neutral Trade in collaboration with R\* Research. It is designed to capture **short-term momentum and mean-reversion inefficiencies** in highly liquid digital assets. The strategy is executed on two of the most liquid centralized exchanges globally, providing the lowest available trading fees and superior execution quality. It is structured with robust institutional-grade risk controls and custody and settlement architecture, enabled by our strategic partnerships. R\* Research CTA-Momentum embodies Neutral Trade’s mission to bring **hedge-fund-quality strategies** to on-chain users. ## Strategy Design CTA-Momentum's objective is to generate consistent, risk-adjusted returns by identifying short-term mispricings across highly liquid digital assets. It aims to deliver uncorrelated alpha that is resilient across varying market regimes. #### Alpha Source * **Momentum + Mean Reversion** patterns in L2 order book data and price action * **High-Frequency Signal Generation** (every minute) * **Alternative Data** for sentiment and behavioral insight #### Asset Coverage * BTC * ETH * SOL * BNB * XRP * DOGE #### Frequency & Turnover * **Median Holding Period:** \~1–3 hours * **Trades:** 3-5 per asset per day * **Monthly Turnover:** Up to 1000x TVL #### Risk Controls * **Target Volatility:** 15% * **Dynamic Position Sizing:** If risk thresholds are breached, positions are reduced by 50% * **Drawdown Protection Cap:** 20% * Full strategy pause and reevaluation if a drawdown exceeds 20% * **Max** **Historical Drawdown:** 15% ### Custodial Infrastructure #### Copper/CEFFU Custody & ClearLoop/MirrorX Settlement * Assets remain in Copper and CEFFU cold wallets * Reduced counterparty risk - PnL and margin are net settled to OKX and Binance via ClearLoop & MirrorX * Protected by English Law trust structure * 2-of-3 MPC security infrastructure (ensuring funds are never exposed to a single private key being compromised) ### Execution #### OKX & Binance * Market Maker Tier Accounts (VIP 7 for OKX and MM-1 for Binance) * Institutional-grade liquidity and speed * Minimal fees * Strategy executes via an externally managed Neutral Trade account * Protects trader alpha ### Why R\* Research? * **Extensive Hedge Fund Experience** * **Proprietary ML Engine** tuned for real-time crypto markets * **Diversification:** Adds uncorrelated alpha to Neutral Trade's strategy mix * **On-Chain Transparency** and operational alignment with Neutral Trade ### Historical Performance #### Backtest Results (1x leverage, 2bps fees) | Asset | Sharpe | APR | Max DD | Median Holding | | ----- | ------ | ---- | ------ | -------------- | | BTC | 3.5 | 150% | 10% | 2 hours | | ETH | 3.5 | 200% | 12% | 3 hours | | SOL | 4.0 | 300% | 15% | 1 hour | #### **Live Trading on OKX**
### Monthly OKX & Binance Reports {% hint style="info" %} {% endhint %} *** CTA-Momentum (R-Research). Launch Date - 4 July 2025 # JLP Delta Neutral on Drift - \[Deprecated] Highest USDC real yield in the market. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} {% hint style="info" %} Video Explanation: {% endhint %} ## Strategy Description The JLP Delta-Neutral (JLP DN) Strategy provides a unique way to earn yield using advanced quantitative and systematic methods. This strategy allows users to generate steady yields by collecting fees from Jupiter perpetual traders. And under certain market conditions, it can also boost its yield through funding fees from hedging positions.
## Strategy Design The JLP Delta Neutral strategy earns yield from JLP (Jupiter Liquidity Provision). This is from traders trading on Jupiter. Through dynamic hedging, JLP's directional exposure is removed. The strategy is monitored 24/7 systematically and dynamically leveraged based on predicted fees with minimum delta exposure. ### Yield Sources: * JLP * Opening/closing fees * Borrowing fees * Trading fees * Price impact * Funding Rates * BTC (If positive) * SOL (If positive) * ETH (If positive) ### Hedging Targets: * BTC, SOL, ETH * Unutilized volatile assets within JLP * Active trader positions * PnL of Jupiter traders' ### Exposures: * JLP Yield * Funding Rates * Borrow Costs ### Flow:
## Performance The JLP DN Strategy generated a real yield of over 70% APY for the first 3 months after going live. This came primarily from trading, borrowing, and liquidation fees earned from traders using Jupiter perps. This strategy offers one of the best risk-adjusted returns in the market and works alongside trusted platforms such as Drift and Jupiter, both known for their strong audits and reliability. Unlike other yield farming opportunities, the JLP DN Strategy offers a unique and reliable way to earn high returns natively without the need for incentives.
*** ## Risks {% embed url="" %} *** JLPDN launch date - 1 Oct. JLPDN (Drift) V2 launch date - 12 Nov. JLPDN (Drift) V3 launch date - 23 Dec. JLPDN (Drift) V4 launch date - 2025-01-23 JLPDN (Drift) V5 launch date - 2025-01-24 # JLP Delta Neutral on Drift (JLP in-kind) - \[Deprecated] JLP Delta Neutral (Deposit JLP) - Ideal for JLP holders. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} ## Strategy Description Neutralized JLP offers great benefits for JLP holders during the short, medium, and long term. Deposit JLP and earn Jupiter Perps fees while staying hedged against market exposure. Same 1:1 strategy as our USDC Staking (JLP Delta Neutral), just denominated in JLP and with a management fee instead of a performance fee. Though the strategy is the same as JLP DN (USDC), being JLP-denominated changes a few aspects and alters some use cases **Let’s learn about JLP DN (JLP-Denominated)!**
## JLP-Denominated Strategy Differences To begin, let's observe the image above. In this vault, your **JLP balance moves with JLP's price**. Though the JLP balance may increase or decrease depending on the price of JLP, the **USDC value of the position remains steady** (while receiving yield from Jupiter perpetual fees). ### Potential Use Case: As this vault is denominated in JLP, you can utilize it to capitalize on JLP price movements! #### Bearish sentiments rising? * Simply make a deposit and gain additional JLP on price downtrends. #### Hit the pico bottom, feeling bullish now? * Make a withdrawal to regain directional exposure, with more JLP than you began with! With a short 1-hour redemption period, you stay fully flexible with your plans. ## Strategy Design While this strategy is denominated in JLP, the same JLP DN strategy is being executed. Read more about this strategy's design here: {% hint style="info" %} {% endhint %} ### Fees & Withdrawals 7% service fee (charged by the time period the deposits are in the vault). A short 1-hour withdrawal redemption period applies. ## Deposit Links Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} ### Check Trades Here (Drift) {% hint style="info" %} {% endhint %} *** ## Risks {% embed url="" %} *** Launch date: 2025-02-13 # Yield Enhancement {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} In this section, you’ll unlock access to a powerful suite of **yield-enhancing strategies** designed to put your assets to work — with optimized models tailored specifically for **SOL**, **BTC**, and **ETH (And more soon)**. Through our innovative **Super Staking** strategies, Neutral Trade goes beyond traditional staking by integrating advanced quantitative techniques to enhance your returns without compromising on security or liquidity. Whether you're holding blue-chip crypto or building a diversified yield portfolio, these strategies are built to deliver more from what you already own. These strategies are designed for crypto holders who want more than passive returns — offering enhanced yield opportunities while maintaining exposure to premium assets. # SOL Super Staking - \[Deprecated] Highest SOL real yield in the market. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} ## Explanation of the SOL Super Drift Staking The **SOL Super Drift Staking** stands as a foundational cornerstone for enhancing economic security on Solana and liquidity on Jupiter Perp DEX. We acquire and collateralize dSOL, earning SOL LST yield, then open borrow positions to run delta neutral strategies on top of our dSOL collateral. ## Where does the yield come from? Let’s explore the key sources of yield for the staking vault: 1. JLP fees —17.59% APY as of 09/12/2025 (75% of trading fees, borrowing fees, mint/burn fees, liquidation fees from traders trading on Jupiter Perp DEX) 2. dSOL staking, earning Solana’s inflation rewards, priority fees, and MEV opportunities  — 7.52% APY as of 09/19/2025 3. Funding fees from Perpetual Shorts on ETH, BTC, and SOL (Longs usually pay shorts perps funding) —  \~7.92% APR, \~11.20% APR, and \~3.02% APR as of 09/19/2025 This strategy allows you to maintain Solana exposure while earning an impressive \~15.98% APR of real yield on your SOL. It’s a powerful solution for maximizing yield while staying aligned with Solana’s ecosystem, supporting the economic security of Solana while providing liquidity to Jupiter and Drift.
## What is dSOL? dSOL (Drift SOL) is a SOL liquid staked token (LST) of the decentralized exchange (DEX) Drift. As a staker, you earn yield from multiple sources: Solana’s inflation rewards, priority fees, and MEV opportunities. If you’re familiar with JitoSOL, think of dSOL as its direct counterpart, but designed specifically by Drift DEX. > More info about what is LST:\ >
At the time of writing, the APY for dSOL sits at a competitive 7.52% APY as of 09/19/2025. > ## Traditional SOL staking options * JitoSOL yield loop on Kamino (Depeg risks) — 13.05% APY * Pure staking on JitoSOL, JupSOL, dSOL — \~8% APY * SOL lending — \~4% APY The Sol Super Drift Staking sets itself apart from the competition, offering a unique approach to maximizing returns. ## What are the risks compared to the original JLPDN vault? In addition to the risks outlined in [this](https://neutraltrade.medium.com/risks-of-the-jlp-delta-neutral-strategy-294d0899ece4) article, we want to emphasize that depositors are fully exposed to SOL’s market performance. This means you have the potential to capture both upside gains and downside losses depending on SOL’s price movements. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** ## Risks {% embed url="" %} *** Sol Super Staking launch date - 21 Oct. # ETH Super Staking - \[Deprecated] Highest ETH real yield in the crypto space. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} ## Explanation of the ETH Super Staking ETH Super Staking empowers Ethereum holders with a robust liquidity-enhancing strategy, improving decentralized exchange resilience, especially on Jupiter Perp DEX. We acquire and collateralize wETH, then open borrow positions to run delta neutral strategies on top of our wETH collateral. ## Where does the yield come from? Let’s explore the key sources of yield for the staking vault: 1. JLP fees — 17.59% APY as of 09/12/2025 (75% of trading fees, borrowing fees, mint/burn fees, liquidation fees from traders trading on Jupiter Perp DEX) 2. Funding fees from Perpetual Shorts on ETH, BTC, and SOL (Longs usually pay shorts perps funding) —  \~7.92% APR, \~11.20% APR, and \~3.02% APR as of 09/19/2025. Combined, these sources deliver the yield, allowing you to gain pure ETH exposure and rewards. ## What is wETH? Wrapped Ethereum (wETH) is a tokenized version of Ethereum (ETH) that operates on other blockchains, such as Ethereum and Solana, pegged 1:1 to Ethereum’s value. This allows ETH holders to engage with DeFi apps without selling their Ethereum, unlocking access to a range of protocols and liquidity options beyond the Ethereum mainnet network. ## Traditional ETH Staking Options * **Pure ETH staking** on common DEXs: \~5% APY * **ETH lending** on platforms: \~2% APY ETH Super Staking is built to outperform, offering an enhanced yield that traditional ETH staking options can’t match. ## Lock Up Period & Withdrawals Our ETH Super Staking vault applies a 20% commission on profits, along with a 1% service fee, ensuring aligned incentives. To optimize liquidity and returns, withdrawals come with a brief 1-day redemption period. ## What are the risks compared to the original JLPDN vault? In addition to the risks outlined in [this](https://neutraltrade.medium.com/risks-of-the-jlp-delta-neutral-strategy-294d0899ece4) article, we want to emphasize that depositors are fully exposed to ETH’s market performance. This means you have the potential to capture both upside gains and downside losses depending on ETH’s price movements. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** ETH Super Staking launch date - 17 Nov. # BTC Super Staking - \[Deprecated] Highest BTC real yield in the crypto space. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} ## Explanation of the BTC Super Staking BTC Super Staking empowers Bitcoin holders with a robust liquidity-enhancing strategy, improving decentralized exchange resilience, especially on Jupiter Perp DEX. We acquire and collateralize wBTC, then open borrow positions to run delta neutral strategies on top of our wBTC collateral. ## Where does the yield come from? Let’s explore the key sources of yield for the staking vault: 1. JLP fees — 17.59% APY as of 09/12/2025 (75% of trading fees, borrowing fees, mint/burn fees, liquidation fees from traders trading on Jupiter Perp DEX) 2. Funding fees from Perpetual Shorts on ETH, BTC, and SOL (Longs usually pay shorts perps funding) —  \~7.92% APR, \~11.20% APR, and \~3.02% APR as of 09/19/2025. Combined, these sources deliver the yield, allowing you to gain BTC exposure and rewards.
## What is wBTC? Wrapped Bitcoin (wBTC) is a tokenized version of Bitcoin (BTC) that operates on other blockchains, such as Ethereum and Solana, pegged 1:1 to Bitcoin’s value. This allows BTC holders to engage with DeFi apps without selling their Bitcoin, unlocking access to a range of protocols and liquidity options beyond the Bitcoin network. With wBTC, users can move seamlessly between Bitcoin’s value stability and Solana’s high-speed, low-cost DeFi ecosystem. When users want to redeem BTC, wBTC is burned and the equivalent BTC is released, ensuring full transparency and 1:1 backing through on-chain reserves. ## Traditional BTC Staking Options * **BTC lending** on platforms: \~0.5% APY BTC Super Staking is built to outperform, offering an enhanced yield that traditional BTC staking options can’t match. ## Fees & Withdrawals Our BTC Super Staking vault applies a 20% commission on profits, along with a 1% service fee, ensuring aligned incentives. To optimize liquidity and returns, withdrawals come with a brief 1-day redemption period. ## What are the risks compared to the original JLPDN vault? In addition to the risks outlined in [this](https://neutraltrade.medium.com/risks-of-the-jlp-delta-neutral-strategy-294d0899ece4) article, we want to emphasize that depositors are fully exposed to BTC’s market performance. This means you have the potential to capture both upside gains and downside losses depending on BTC’s price movements. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** ## Risks {% embed url="" %} *** BTC Super Staking launch date - 11 Nov. # Private Credit On **Neutral Trade**, we periodically offer access to **exclusive private credit deals** — structured for users seeking higher yields, token exposure, low-risk or unique opportunities that go beyond traditional DeFi savings. These are **not open-to-all lending pools**. They are **high-conviction, selectively curated offerings** that often include features like: * **Attractive APYs**: Above-market returns tailored to compensate for credit exposure and structure complexity. * **Token Incentives & Airdrops**: Additional upside potential via token allocations, early-stage deal access, or ecosystem rewards. * **Short-Term or Flexible Terms**: Deals may be structured with varying maturities or liquidity features, providing users with optionality. Every opportunity is vetted through a multi-layered framework — including counterparty evaluation, collateral assessment, legal structure checks, and stress-testing of deal terms. Only partners with strong fundamentals and verifiable track records make it through. We don’t chase the highest yields — we focus on **best risk-to-reward**. That means choosing partners who align with our security standards and have the infrastructure to deliver. Where possible, deals are executed via smart contracts for transparency, immutability, and auditability. Users maintain full visibility into capital flow and returns. # TermMax (Closed) {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
With the **TermMax Private Credit Vault**, you can earn **\~18%–27% APY on USDC** while gaining exposure to the upside of a promising DeFi protocol — all through Neutral Trade’s first private credit product. ### Why This Deal Matters for Stablecoin Holders Still parking USDC in a lending protocol earning 3–4%? Or worse, letting it sit idle in your wallet? This vault offers a smarter way to earn: * **\~18% APY** on your USDC over \~4 months * **Bonus upside** through $TMX token exposure * **TGE unlocks before VCs** — you get in earlier * **Short-term lock** — funds are deployed and returned by **mid-October 2025** Think of it as VC-style exposure with **lower downside** and **passive returns** — a rare combination in DeFi. ### About TermMax Finance TermMax is a fixed-rate, fixed-maturity **lending AMM protocol** designed for professional traders and market makers in DeFi. #### Key Features * **Custom Rate Curves**: Makers post dynamic lending rates (forward curve style), improving capital efficiency. * **ERC-4626 Vaults & One-Click Leverage**: Power users can scale positions instantly, while passive users benefit from strategy-managed vaults. #### Backed by Tier-One Investors TermMax is built by the team behind [TermStructureFi](https://twitter.com/TermStructureFi), which recently raised **$4.45M** from top funds including: * @Cumberland * @HashKey\_Capital * And other leading DeFi investors ### Deal Structure: Where the Yield Comes From Here’s how the \~18% APY is constructed: | Component | Yield (%) | Details | | -------------- | --------- | ------------------------------------------------------------- | | Base Yield | \~4% | From USDC vault on TermMax (variable, daily accrual) | | TMX Airdrops | \~6% | Daily incentives, unlocked at TGE, no vesting | | Yield Backstop | \~8% | TermMax tops up any shortfall to reach 18% total APY (in TMX) | #### Extra Rewards for Larger Depositors * Additional **6–9% APY** in bonus $TMX for larger allocations * No cliff, linear vest over 6 months * Rewards claimed and managed on your behalf * TGE expected **Q3–Q4 2025** ### Campaign Timeline (Step-by-Step) 1. **Now → Day 7**: Deposit window open 2. **Day 8**: Vault goes live, funds bridged to Ethereum 3. **Month 4**: Capital unlock + unwind phase begins 4. **Post-TGE**: $TMX token rewards distributed in USDC equivalent (pro-rata) ### Timeline Summary | Phase | Timeline | | --------------------- | ------------------------------- | | Deposit Window | Now → Day 7 | | Vault Activation | Day 8 | | Maturity & Withdrawal | Month 4 (October 2025) | | TMX Distribution | After TGE (Q3–Q4 2025 expected) | ### Risks to Know * **Smart Contract Risk**: TermMax contracts audited by **Spearbit x Cantina** * **Yield Variability**: Base APY + token rewards may fluctuate with market conditions * **TGE Timing**: Target is Q3–Q4 2025, subject to market shifts * **Withdrawal Timing**: Capital is actively deployed; unwinding may require time and coordination ### TMX Token Valuation (Estimate) * Target FDV: **$60M** * Estimated Token Price: **$0.06** * Vault participants get exposure before VCs unlock ### Performance Fee We charge a 20% commission on profits earned. * **No upfront fees** * **Principal never touched** * **Fee is calculated on net gain** * **Deducted automatically at withdrawal** If you don’t earn, we don’t earn. Incentives are fully aligned. ### Summary | Feature | Details | | -------------- | ----------------------------------------------------- | | APY | 18%–27% (USDC + TMX exposure) | | Lockup | \~4 months | | Token Exposure | $TMX airdrops + bonus pool | | TGE | Expected Q3–Q4 2025 | | Risks | Smart contracts, token price, withdrawal coordination | | Commission | 20% on profit only | # Neutral Trade: Lighter LLP (Closed) {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
## Lighter Liquidity Provider The Lighter Liquidity Provider (LLP) pool is coming to Solana! Available on Neutral Trade! Through the Neutral Trade LLP vault, capital is deployed to LLP, which executes **protocol-run market-making strategies** and serves as Lighter’s **insurance fund**. ### Returns Having provided a staggering 24.31% APR (Estimated Moving Average of pools' returns), LLP yield is derived from: * Protocol-run market-making * Liquidation fees ### Risks It’s important to note that this is not a delta-neutral product! While daily returns have been predominantly positive, depositors may experience losses during extreme liquidation events. This occurs when accounts go underwater faster than they can be profitably liquidated. The maximum drawdown experienced by LLP has been 8.94%. ## Lighter Lighter is a high-performance decentralized trading platform. It's the first exchange to provide fully verifiable order matching and liquidations! Its open-sourced and audited circuits let anyone verify trading, risk, and liquidation processes. Built as an Ethereum L2, it combines the speed and liquidity of centralized exchanges with the security, transparency, and self-custody of DeFi. All while retaining the ability to handle \~500 million transactions daily while keeping Ethereum’s security intact! ## Fees * **Commission** - 0% * **Annual Service Fee** - 2% * **Withdrawal Fee** - 0.2% ## Deposit ## Trade On Lighter [app.lighter.xyz/?referral=NEUTRAL](https://app.lighter.xyz/?referral=NEUTRAL) # Hyper JLP - \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} ## Strategy Description Holding $JLP but not a fan of ETH, SOL (non-LST), wBTC, idle stablecoins, or Trader PnL? We’ve got something special just for you. **Meet Hyper JLP!** A yielding index based on JLP, but reimagined from the ground up.
## Strategy Design Hyper JLP is a basket of top-performing assets. Designed as a yield-bearing product, Hyper JLP provides exposure to top cap tokens while earning yield on top. ### Index Holdings: * **HYPE**: Top-performing asset in a fast-growing ecosystem. * **cbBTC**: BTC exposure with reduced counterparty risk via cbBTC. * **dSOL**: Yield-bearing SOL LST. * **JLP DN:** Delta-neutral strategy earning trading, liquidation, and borrowing fees. ### Yield Sources: * Lending * Staking * Delta-neutral strategy ### Full Upside In Bull Markets • **No trader PnL drag** **Hyper JLP** has no trader PnL exposure. This means in a rising market, you capture the full upside of the underlying tokens without subsidizing traders' gains.
## Deposit Link: {% hint style="info" %} {% endhint %} ### Check Trades (Drift): {% hint style="info" %} {% endhint %} *** Hyper JLP launch date — 3rd May 2025 # Drift Funding Arb (USDC) - \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
Unlock consistent yield with the Drift Funding Arb vault, offering 7.98% APY on your USDC. {% hint style="info" %} Video Explanation: {% endhint %} ## Explanation of the strategy Basis trading is a trading strategy used in financial markets, particularly with commodities, futures, or other derivatives. The idea is to take advantage of the price difference between the current price of an asset (called the spot price) and its future price (called the futures price). The strategy arbitrage **Sanctum Infinity ($INF),** loops it and dynamically hedges by shorting SOL-PERP on Drift. ## Where does the yield come from? **The USDC Basis Vault** capitalizes on arbitrage opportunities from **$INF** yields from SOL LSTs staking (looped), trading fees, and funding fees from SOL-PERP on Drift. 1. **INF staking (looped 2x), earning Solana’s inflation rewards, priority fees, and MEV opportunities — 20,43% APY as of 11/26/2024** 2. **Funding fees — 61.12% APY for SOL-PERP as of 11/26/2024** ## What is Sanctum Infinity ($INF) token? Sanctum Infinity ($INF) is a curated basket of SOL-staked LSTs, designed to grow in value over time. Simply holding INF lets you earn passive profits, fueled by aggregated SOL staking yields, MEV opportunities and trading fees. {% hint style="info" %} {% endhint %}
## Fees & Withdrawals 25% performance fee on profits our trading made for you. To optimize liquidity and returns, deposits come with a brief 1-day redemption period. ## Risks Since we're buying INF with SOL, there's no liquidation risk under normal circumstances. Liquidation is only possible if the borrowing rate for SOL exceeds the INF yield. However, our strategy is designed to automatically unwind the INF loop if this condition arises. Here’s how the strategy adapts: * *Positive funding:* Focuses on basis trading and $INF loops. * *Positive funding, but high SOL borrowing rate:* Switches to basis trading alone. * *Negative funding for 5+ days:* The strategy continues $INF loops and reverse the basis positions. * *Negative funding, but high SOL borrowing rate:* Switches to basis trading alone. * *Both conditions unfavorable:* The strategy holds USDC. This dynamic approach ensures the strategy remains efficient and avoids unnecessary risks. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** USDC Basis launch date - 28 Nov. # USDC Basis (PerpsBasket) - \[Deprecated] The USDC Basis strategy has achieved incredible success, making it a standout approach for earning yield in both bull and bear markets. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
This strategy applies the winning principles across a diverse set of assets for more stability and growth potential. With this new product, we’re broadening the scope of our proven USDC Basis strategy. By spreading funds across multiple assets, **USDC Basis (PerpsBasket)** enhances resilience and minimizes risks, delivering consistently high returns. ## Why the USDC Basis Strategy This strategy is a **yield-generating powerhouse**, delivering consistent returns every hour. Unlike many other strategies, it shines in all market conditions. Whether it’s a bull or bear market, USDC Basis capitalizes on arbitrage opportunities with precision and low risk.
It’s all about exploiting funding rate inefficiencies. For instance, analyzing **SOL-PERP funding rates on Drift** reveals some impressive stats: * Positive funding rates for **91.5% of the past year** * An **average annualized funding return of 30%** By arbitraging funding differences between assets, the strategy provides not just consistent yields but also ensures reduced risk through dynamic hedging.

Strategy backtest for SOL-PERP on Drift

## How It Works: A Quick Breakdown **Basis trading** involves capturing the price difference between an asset’s **spot price** and its **futures price**. In the USDC Basis strategy, this means: 1. **Shorting multiple liquid PERPETUAL FUTURES CONTRACTS on Drift** 2. **Buying spot positions dynamically** This combination delivers robust and stable yields through funding fees.
**Execution Logic:** * *Positive funding:* Run the basis position. * *Negative funding for 5+ days:* Reverse the basis position. The strategy ensures adaptability across market scenarios, leveraging dynamic hedging and diversification. By staying nimble and analyzing funding rates, the strategy reduces risk while maximizing returns. ## Fees & Withdrawals This vault has zero service fees or commission. Withdrawals are subject to a brief 1-day redemption period. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** USDC Basis (Perps Basket) launch date - 9th December # Fuel MAXI - \[Deprecated] Earn Drift FUEL with MAXIMUM efficiency! {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
Do you think Drift’s FUEL drop will be significant? Up to 7.82% of total DRIFT supply allocated this season! Need more FUEL? Deposit USDC and let us provide you a boost, \~7.5x more FUEL! This vault is for those looking for maximized Drift FUEL rewards, all while your USDC position remains hedged. ## How does it work:
First, deposit USDC in the vault. The USDC is then swapped to AUSD on Jupiter, earning a 5x FUEL multiplier. AUSD is collateralized on Drift, earning lending yield. SOL is then borrowed and swapped into dSOL, earning a 5x FUEL multiplier too while dSOL staking yield and AUSD lending yield cover the SOL borrowing. This strategy's position of both AUSD & dSOL, strategically leveraged through Drift’s borrow & lending market, provides \~7.5x the FUEL rewards boost for every $1 of USDC you deposit! > ## What is dSOL?
dSOL (Drift SOL) is a liquid staked Solana (LST) on Drift DEX. If you’re familiar with JitoSOL, think of dSOL as its direct counterpart, but designed specifically by Drift DEX. ## What is AUSD?
AUSD is a digital dollar minted 1:1 with USD fiat. It’s designed to be a secure digital currency, utilizing one of the world’s largest custodian banks to secure assets, a big 4 auditor and a top tier fund manager. > ## Fees & Withdrawals 20% commission on profits our trading made for you. To optimize liquidity and returns, withdrawals are subject to a brief 1-day redemption period. A 1-day withdrawal redemption period applies. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** Fuel MAXI launch date - 28 Feb. # Traders Print Vault -\[Deprecated] GAMBLE ALERT {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
## Explanation of the Traders Print Vault Don't just hold JLP and risk missing out if traders crush the market. This vault lets you bet on Jupiter traders winning - offering a hedge to JLP losing when traders win. By copying profitable traders on the Jupiter Perp DEX, you will follow the smart traders that have captured 169m profits YTD (25 Nov), while earning a share of trading, borrowing, and performance fees when they trade. When the crowd is winning, so are you — this vault is your way to ride alongside their gains. ## What Can You Win? **Traders Print** is the flip side of **Traders REKT**, letting you bet on trader wins instead of losses. When traders profit, so do you — plus you’ll earn an estimated 30% APY from trading, liquidation, and borrowing fees collected on Jupiter Perp DEX. Once you deposit, you’re automatically positioned to gain whenever traders succeed, with fully hedged JLP assets for extra security. Your APY moves with the traders' skill, giving you a unique way to win alongside the crowd.

Traders have made a profit of 169m at the expense of JLP holders (as of 25 Nov)

Vault profitability mirrors the Trader's NET PnL line on this chart, moving in perfect sync. > ## What are the risks? This is a high-stakes betting vault — your gains ride on trader performance. Depending on how traders perform, you could see significant profits or lose. It’s all about timing and strategy: assess the market, weigh the risks, and place your bet for a chance at high rewards. *** Traders PRINT launch date - 27th Nov. # Inverse JLP DN - \[Deprecated] Yeah I'm sure of the math! {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
On Drift, with the expansion of JLP delta neutral strategies that acquire yield from JLP itself, OI has tended to lean short. This is due to these strategies utilizing perpetual shorts to hedge their JLP position. Could there be a way to profit on OI during these periods? The Big Short, the INVERSE JLP Delta Neutral vault! Through collateralizing USDC, shorting JLP utilizing the lending/borrowing market, and hedging JLP’s volatile assets and Trader PnL with perpetual longs, this vault captures yield while staying within a delta neutral structure. In times of negative funding rates, this strategy captures yield with both its USDC lending position and from funding with its perpetual long positions.
Leveraging Drift and Jupiter, this strategy aims to provide steady yield in times of uncertainty. Funding rates causing diminished returns on perpetual short structured delta neutral strategies? Not here! With The Big Short (Inverse JLP Delta Neutral ) vault you can look forward to steady yields during these conditions.
## Fees & Withdrawals 20% commission on profits our trading made for you. To optimize liquidity and returns, withdrawals are subject to a brief 1-day redemption period. ## Risks {% embed url="" %} *** Launch date: 2025-02-15 # CTA SOL Strategy \[Deprecated] HIGH RISK {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
**Overview** This **CTA-SOL strategy** is managed by **Marco**, an external quant trader who has passed due diligence by the Neutral Trade team. The strategy leverages advanced machine learning and alternative data to exploit momentum and mean reversion in digital assets like $SOL. While it delivers a high Sharpe ratio and strong returns, the risk level can be significant. Maximum drawdowns can reach 15% or more. Invest wisely. #### **Key Highlights** * **Asset Focus:** Solana ($SOL) * **Trading Frequency:** High-frequency, intra-day trading * **Holding Period:** \~1 hour (median) * **Execution Platforms:** Drift on Solana * **Leverage:** Adaptive, based on market conditions * **Risk Controls:** 15% target volatility *** ### **Strategy Edge** #### **1. Continuous Trading & High Adaptability** * Generates trading signals **every 1 minute** to quickly react to market regime changes. * Ensures execution efficiency by constantly adjusting to new data. #### **2. Machine Learning & Alternative Data Utilization** * **Market Sentiment & Investor Behavior Analysis** to capture hidden signals. * ML-driven expected return estimations optimize **position sizing & trade execution**. #### **3. Back-Tested and Live-Trading Proven Performance** * **Back-Test Results for $SOL:** * **Sharpe Ratio:** 3-5 * **Annualized Returns (APR):** 250-300% * **Maximum Drawdown (MDD):** 15% (after 2bps fee) * **Turnover:** 5x daily * **Holding Period:** \~1 hour * **Neutral Trade Live Trading Validation:** * **90-day live monitoring on CEXs and Drift.** * Consistent profitability while adhering to **strict risk parameters**.

Neutral Vault Live Tracking since Jan 2025

*** ### **Due Diligence & Selection Process** Neutral Trade conducted a rigorous **due diligence process** before onboarding Marco as an external trader for the CTA SOL Strategy. Key steps include: #### **1. Strategy Evaluation** * **Back-test verification:** Ensured risk-adjusted returns align with expectations. * **Live tracking (90 days):** Performance monitoring across centralized exchanges and Drift. * **Risk model review:** Assessed robustness against changing market conditions. #### **2. Risk Management & Portfolio Fit** * **Target 15% volatility** ensures controlled risk exposure. * **Diversification:** Uncorrelated returns complement Neutral Trade’s existing strategies. * **Scalability analysis:** Assessed liquidity constraints and execution efficiency. #### **3. Transparency & Operational Alignment** * **On-chain tracking:** Allows real-time monitoring of positions. * **Trade execution controls:** Ensures orders are within risk and liquidity parameters. ### **Risk Management on Neutral's side** Neutral Trade will constantly track the volatility and daily maximum drawdown on the vault - if it exceeds the historical numbers of the strategy, the team would cut half of the position size, and if it is above our maximum theshold %, we will stop the algo and unwind positions, and conduct prompt reevaluation on the strategy. The risk management procedure allows the maximum drawdown of our users to be less than 20%. ## Fees & Withdrawals 25% commission on profits our trading made for you and 2% management fee. To optimize liquidity and returns, withdrawals are subject to a 7-day redemption period. *** ### **Why We Chose Marco** ✅ **Proven Track Record:** Extensive hedge fund experience in multi-strategy trading.\ ✅ **ML & Data-Driven Edge:** Advanced use of alternative data to extract alpha.\ ✅ **Uncorrelated Alpha:** Provides diversification benefits to Neutral Trade.\ ✅ **Transparent & Accountable:** Willingness to operate with **on-chain monitoring**. *** ### **Next Steps & Implementation** 🔹 Marco’s CTA SOL Strategy is **now live** and actively trading on Neutral Trade ()\ 🔹 We continue to monitor **performance and risk metrics** to ensure long-term sustainability.\ 🔹 Ongoing collaboration with Neutral Trade to refine execution strategies. Stay updated on performance and insights as we scale our Solana trading strategies! ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} # Memes ETF (Generational Wealth) \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
**The Solana Memes ETF** is a diversified, actively managed index vault built to capture the explosive potential of top-tier Solana memecoins. As community hype and market interest around memecoins grow, this vault gives you structured exposure to a handpicked basket of what we see as the blue chips of the Solana meme world. Want to bet on memes without doing hours of research? We've got you. The Memes ETF includes the most popular Solana memes, weighted by market cap and optimized for diversification — so you don’t have to overthink it. Just ape in. **BONK, FART, WIF, PENGU, POPCAT** — and that’s just the beginning. The ETF will keep evolving, adding new meme heavyweights as the ecosystem grows. ## Explanation of the Memes Index Vault
#### Why hold just one memecoin when you can ride the whole wave? Picking the next big memecoin is a gamble — one might moon, others might flop. That’s why we built **Memes ETF**. ### What Memes ETF does: * **Diversifies your capital** across top-tier Solana memecoins * **Curates the best picks** — like BONK, FART, WIF, PENGU, and POPCAT * **Captures upside efficiently**, based on market cap weightings ### How it works: You deposit USDC.\ We allocate it across memecoins via spot buys.\ Each meme’s weight (e.g., BONK getting the largest share) reflects its market dominance — all while earning additional lending fees from Drift traders as a small bonus on top. ### Rebalanced for the Meme Meta: **Memes ETF** isn’t static. As new opportunities arise, our team of quants and pro traders constantly re-evaluates and rebalances — adding high-potential memecoins to keep your exposure optimized. ## Fees & Withdrawals 10% commission on profits our trading made for you. 2% annual service fee (charged by the time period the deposits are in the vault; Daily 0.00548% on your principal). Withdrawals are subject to a 1-day redemption period. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} *** Memes Index launch date — 14 May 2025 # Flexible Savings \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} Neutral Trade’s **Flexible Savings** products are designed for users who want to earn **stable, low-risk returns** on their capital without giving up liquidity or control. Whether you’re holding **blue-chip assets** like BTC and SOL, or simply parking stablecoins like **USDC**, our Flexible Savings vaults offer a seamless way to put your idle funds to work — with real yield and on-chain transparency Here’s what makes Flexible Savings different: * **Stable Yield**: These strategies are built to prioritize capital preservation while offering consistent APYs. Ideal for users who want to avoid high-volatility, high-risk exposure. * **Blue-Chip Optimization**: Instead of letting your ETH or BTC sit idle, you can earn passive returns through structured, risk-managed strategies that optimize these assets in the background. Save smart with Neutral Trade. # USDC/SOL/BTC/ETH Savings \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
## Explanation of Savings Savings Vaults earn yield from Drift traders, including Neutral Trade’s strategies. Your assets are borrowed for a fee that changes, so the APY varies too. The best way to earn yield on **blue-chip assets** — perfect for those seeking **stable, low-risk returns**.
Deposit USDC, SOL, ETH, or BTC into our Savings Vaults and lock in yield. The new Savings tab is live on our site. Current Rates (2025/03/11): * USDC: 4.27% APY * SOL: 12.22% APY * ETH: 6.87% APY * BTC: 0.43% APY Earn stable yields and stack NT Points on top. ## Redemption Period Savings vaults feature no withdrawal redemption period, allowing funds to be accessed and withdrawn immediately. ## Risks While savings are considered low-risk and drawdown protected, certain risks remain, primarily stemming from counterparty exposure on Drift’s decentralized exchange (DEX). The key risk lies in Drift’s overall financial stability. If the exchange faces solvency issues, funds stored in its accounts may be at risk. *** Launch date: 2025-03-11 # SOL / ETH Flip \[Deprecated] Bet on Solana outperforming ETH in price. {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
## Explanation of the strategy Pairs trading typically involves simultaneously buying one asset and selling another correlated asset to profit from their relative price movements, regardless of market direction. This pairs trading vault keeps you market neutral while hedging against market volatility. The only factor you’re exposed to is the price of SOL relative to ETH, instead of the market-wide volatility. The strategy aims to hold 50% in long Solana exposure (while collecting LST yield from dSOL (7.52% APY as of 09/19/2025)), and maintaining an equal dollar amount of ETH perps shorts (to collect positive funding yield while maintaining ETH short exposure). The strategy rebalances daily or when there's a big mismatch between SOL long exposure and ETH short exposure. Built for true Solana believers, this vault is your bet on a future where Solana outshines Ethereum. If Solana outperforms ETH, you win. If opposite, you lose. With the latest developments and growing enthusiasm around Solana, the momentum seems undeniable. **Recent bullish catalysts for SOL:** * Upcoming SOL ETF * $TRUMP and $MELANIA launching memecoins on Solana * DEX volume reached 17.5bn in a day, handling the highest volume onchain trading day on any chain ever. * Real Economic Value (TX Fees + MEV Tips) at ATH, reaching 55m a day.
More people are becoming bullish on Solana’s potential, while Ethereum’s dominance starts to feel less secure.

https://x.com/ryanwatkins_/status/1856351983268983145?s=46&t=6JwvRcZS51bj9Gcn25o7GA

SOL/ETH weekly chart since 2022

{% embed url="" %} Solana outperforming Ethereum on all meaningful metrics () {% endembed %} {% embed url="" %} It's not a matter of IF, but WEN {% endembed %} {% embed url="" %} Delphi Digital is bullish on Solana {% endembed %} There is a big upside on betting SOL would flip ETH eventually. It is approximately 30% of Ethereum's.

https://marketcapof.com/solana/ethereum/

While ETH Foundation is dumping on their holders. {% embed url="" %} The running joke being EF "use Ethereum a lot" to dump ETH for stables to pay their employees.
{% embed url="" %} {% embed url="" %} **Deposit at Neutral Trade to support SOL on flipping ETH eventually, while being resistant to general market volatility.** **Fees:** * 10% commission * 2% annual service fee **Withdrawal Lockup:** * 1 days ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} # Traders Rekt Vault \[Deprecated] GAMBLE ALERT {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
{% hint style="info" %} Video Explanation: {% endhint %} ## Explanation of the Traders REKT Vault YAHTZEE! Do you always feel that the market is against you? Do you always buy high and sell low? Do you see gamblers beating the casino? Bet on traders losing on Jupiter Perps. Deposit USDC into this vault to bet AGAINST the traders who are trading on Jupiter, WHILE earning 17.59% APY as of 09/12/2025 from JLP trading fees, borrowing fees, and liquidation fees.

Screenshot from Bitmex Trollbox when Arthur Hayes was telling to one of his moderators to Run the stops of the remaining 'plebs' (his customers)

## What Can You Win? Traders REKT vault is reflecting the aggregated inverse positions of all traders on Jupiter perps. After a deposit, you automatically take the opposite side of the trade from all of the traders. While the underlying assets of JLP are fully hedged, the overall APR is correlated to Trader PnL. Plus, you’ll earn JLP yield originating from trading fees, liquidation fees, and borrowing fees collected from traders — providing a 17.59% APY as of 09/12/2025. Below is the latest graph of the Traders Realized PNL, credit to [flyingfish](https://flipsidecrypto.xyz/flyingfish/q/wQomCMyxh3mu/traders-daily-pnl/visualizations/v2/2bc87b14-620c-4408-9e94-e8743ff94e5e). If you think traders would lose eventually, now is the time to deposit USDC into our JLP Traders Rekt Vault.
> ## What are the risks? This is a high-stakes betting vault — your gains ride on trader performance. Depending on how traders perform, you could see significant profits or lose. It’s all about timing and strategy: assess the market, weigh the risks, and place your bet for a chance at high rewards. ## Check Trades Here (Drift) {% hint style="info" %} {% endhint %} ## Deposit Links: Neutral Trade Website (Main): {% hint style="info" %} {% endhint %} Drift Website (Backup): {% hint style="info" %} {% endhint %} *** Traders REKT launch date - 31st Oct. # HYPE/SOL \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
A high-conviction, trend-following trade: long HYPE, short SOL. Requested by community. Use the Neutral Trade referral link when signing up on Hyperliquid to get LOWER TRADING FEES and unlock FUTURE PERKS: {% hint style="info" %} Use the Neutral Trade referral link when signing up on Hyperliquid to get LOWER TRADING FEES and unlock FUTURE PERKS: {% endhint %} *** ### SUMMARY: * **Long HYPE** (spot exposure, not staked) * **Short SOL** (via perpetuals – earns funding yield) * Rebalanced daily to keep position sizes matched * Bet is simple: **HYPE will outperform SOL** ### The Idea You're not betting on the whole crypto market — just that **HYPE outpaces Solana**. * HYPE is **exploding**: volume up, new all-time highs, major buzz * SOL is the **benchmark**: still strong, but slowing — perfect to short * Shorting SOL earns you **positive funding** ➡️ The vault rides **HYPE > SOL** performance, with daily balancing to keep exposure sharp. *** ### Position Breakdown | Leg | Asset | Allocation | Yield | | ----- | -------------- | ---------- | ------------ | | Long | HYPE (spot) | 50% | None | | Short | SOL perpetuals | 50% | Earn funding | * Rebalanced daily or when one leg moves >5% * Execution via TWAP with tight slippage controls *** ### Why HYPE > SOL? | Metric | HYPE | SOL | | ------------ | ---------------- | ------------------ | | Market Cap | $4.5B | $88B | | Volume (24h) | $490M | $3.7B (DEX only) | | Hype Level | 🔥 High | 🧘 Steady | | Narrative | Upstart breakout | Established leader | 🧠 If HYPE captures even a **fraction** of SOL’s cap, the upside is huge. *** ### Risks * **If SOL outperforms HYPE**, vault takes a hit * You're making a directional bet on HYPE vs. SOL But: * Short earns **positive** **funding yield** * HYPE momentum is **strong** *** ### Vault Terms | Item | Detail | | ----------- | -------------- | | Commission | 10% of profits | | Service Fee | 0 | *** ### Who’s This For? * HYPE bulls who want a focused relative trade * Degens chasing **trend-driven alpha** * Allocators looking to diversify beyond broad market beta *** ## DEPOSIT HERE: {% hint style="info" %} {% endhint %} *** **Launch date — 10 Jule 25'** # \[Hyperliquid] BTC Dominance \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
Neutral Trade is now live on Hyperliquid — starting with our [Funding Arb](/for-capital-allocators/market-neutral/hyperliquid-funding-arb) strategy and expanding with two brand-new Dominance Vaults, built directly on Hyperliquid’s native vault infrastructure. {% hint style="info" %} Save more on Hyperliquid! Use our Referral Code: {% endhint %}
## 🤔 What is Dominance? Dominance shows how much of the total crypto market is allocated to a specific asset — **BTC** or **Altcoins.** ### ➗Formulas: $$ \text{Dominance}*{BTC} = \frac{\text{Market Cap}*{BTC}}{\sum\_{i=1}^{N} \text{Market Cap}\_i} $$ This ratio reflects capital flows: * **BTC Dominance ↑** → Capital is rotating into Bitcoin (risk-off) * **BTC Dominance ↓** → Capital is rotating into altcoins (risk-on) **ALT Dominance** is simply the inverse: $$ \text{Dominance}*{ALT} = 1 - \text{Dominance}*{BTC} $$ *** ## 1. BTC Dominance Vault
This vault captures **Bitcoin strength relative to altcoins**. It goes: * **Long BTC** * **Short a diversified altcoin basket on Hyperliquid** You profit when Bitcoin **outperforms** alts — even in flat or declining markets (You are market-neutral) ### 1.1 Mechanics and features * **1x notional exposure** — fully collateralized, no leverage * **Daily rebalancing** using float-adjusted market caps * Automated algorithms (No manual rebalancing) ### 1.2 BTC Dominance Vault Flow ```mermaid flowchart TD A[User deposits USDC] --> B(BTC Dominance Vault) B --> C(Long BTC) B --> D(Short Alt Basket) C & D --> E{Daily
Rebalance} E --> F[Vault P&L] ``` ### 1.3 Live Allocation (The latest snapshot) | Asset | Direction | % of Vault AUM | | ---------------- | --------- | -------------- | | **BTC** | Long | 51% | | ETH | Short | 19.9% | | XRP | Short | 8.8% | | BNB | Short | 6.1% | | SOL | Short | 5.2% | | *Rest of top-20* | Short | 8.0% | ### 1.4 Weights Visualization (The latest snapshot) ```mermaid pie title BTC Dominance Vault – Weights "BTC Long" : 51 "ETH Short" : 19.9 "XRP Short" : 8.8 "BNB Short" : 6.1 "Other Alts Short" : 14.2 ``` *** ## How You Make Money Crypto doesn’t just move up or down — it **ROTATES** Sometimes Bitcoin leads. Sometimes altcoins run. That back-and-forth creates one of the most reliable patterns in the market — and **Dominance Vaults** are built to capture it ### Here's how you benefit: #### 1. **Profit from Capital Rotation** Markets frequently rotate between **risk-on** (focused on altcoins) and **risk-off** (focused on Bitcoin) phases, representing two flip sides. You make money when one side **outperforms** the other, even if overall prices stay flat.
#### 2. Risk-controlled investment The vaults spread your position across a carefully selected basket of assets — including L1s, DeFi, memes, and majors — to reduce the impact of any single token blowing up or underperforming ### TLDR: * **BTC Dominance Vault** → Long BTC / Short Alts → Works best during BTC rallies or corrections * **ALT Dominance Vault** → Long Alts / Short BTC → Works best during altcoin season * 100% market-neutral, daily-rebalanced and auto-optimized * Easy to use *** ## Fees & Withdrawals 10% commission on profits our trading made for you. *** ## Deposit Links: Neutral Trade website: {% hint style="info" %} [https://www.app.neutral.trade/strategies/](https://www.app.neutral.trade/strategies/hyperjlp) {% endhint %} Hyperliquid directly: > BTC Dominance Vault: ## Check Positions Here (Hyperliquid) {% hint style="info" %} BTC Dominance Vault: {% endhint %} *** ### Launch date - 25th June 25' # \[Hyperliquid] ALT Dominance \[Deprecated] {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %}
Neutral Trade is now live on Hyperliquid — starting with our [Funding Arb](/for-capital-allocators/market-neutral/hyperliquid-funding-arb) strategy and expanding with two brand-new Dominance Vaults, built directly on Hyperliquid’s native vault infrastructure. {% hint style="info" %} Save more on Hyperliquid! Use our Referral Code: {% endhint %}
## 🤔 What is Dominance? Dominance shows how much of the total crypto market is allocated to a specific asset — **BTC** or **Altcoins.** ### ➗Formulas: $$ \text{Dominance}*{BTC} = \frac{\text{Market Cap}*{BTC}}{\sum\_{i=1}^{N} \text{Market Cap}\_i} $$ This ratio reflects capital flows: * **BTC Dominance ↑** → Capital is rotating into Bitcoin (risk-off) * **BTC Dominance ↓** → Capital is rotating into altcoins (risk-on) **ALT Dominance** is simply the inverse: $$ \text{Dominance}*{ALT} = 1 - \text{Dominance}*{BTC} $$ ## 1. ALT Dominance Vault
#### This vault targets **altcoin strength relative to BTC** — also known as ALT SEASON It goes: * **Long top-20 altcoins** (ETH, SOL, meme coins, etc.) * **Short BTC** as the hedge You earn when altcoins **outperform Bitcoin**, regardless of market direction ### 1.1 Mechanics and features * Fully collateralized, 1× notional exposure * Cap-weighted altcoin basket updated daily * Automated algorithms (No manual rebalancing) * Market-neutral (You are only exposed to BTC/ALT dominance) ### 1.2 ALT Dominance Vault Flow ```mermaid flowchart TD A[User deposits USDC] --> B(ALT Dominance Vault) B --> C(Short BTC) B --> D(Long Top Alts Basket) C & D --> E{Daily
Rebalance} E --> F[Vault P&L] ``` ### 1.3 Live Allocation (The latest snapshot for example) | Asset | Direction | % of Vault AUM | | ----------- | --------- | ------------------ | | Top-20 Alts | Long | 49% (cap-weighted) | | BTC | Short | 51% | ### 1.4 Weights Visualization (The latest snapshot) ```mermaid pie title ALT Dominance Vault – Weights "Top 20 Alts Long (ETH, XRP, BNB, SOL..)" : 49 "BTC Short" : 51 ``` *** ## How You Make Money Crypto doesn’t just move up or down — it **ROTATES** Sometimes Bitcoin leads. Sometimes altcoins run. That back-and-forth creates one of the most reliable patterns in the market — and **Dominance Vaults** are built to capture it ### Here's how you benefit: #### 1. **Profit from Capital Rotation** Markets frequently rotate between **risk-on** (focused on altcoins) and **risk-off** (focused on Bitcoin) phases, representing two flip sides. You make money when one side **outperforms** the other, even if overall prices stay flat.
#### 3. Risk-controlled investment The vaults spread your position across a carefully selected basket of assets — including L1s, DeFi, memes, and majors — to reduce the impact of any single token blowing up or underperforming ### TLDR: * **BTC Dominance Vault** → Long BTC / Short Alts → Works best during BTC rallies or corrections * **ALT Dominance Vault** → Long Alts / Short BTC → Works best during altcoin season * 100% market-neutral, daily-rebalanced and auto-optimized * Easy to use *** ## Fees & Withdrawals 10% commission on profits our trading made for you. *** ## Deposit Links: Neutral Trade website: {% hint style="info" %} [https://www.app.neutral.trade/strategies/](https://www.app.neutral.trade/strategies/hyperjlp) {% endhint %} Hyperliquid directly: > ALT Dominance Vault: ## Check Positions Here (Hyperliquid) {% hint style="info" %} ALT Dominance Vault: {% endhint %} *** ### Launch date - 25th June 25' # Bet In this section, you’ll find all Bet Strategies available exclusively on Neutral Trade, created to help you turn crowd psychology and market sentiment into a real trading edge. Bet Strategies go further than traditional models by letting you take positions on outcomes you have conviction in. * Trade on Sentiment: Bet with confidence on your market views by using models that track traders' positioning, leverage levels, and emotional extremes. * Take Advantage of Market Trends: Choose to move with or against the majority in trending markets. Perfect for users looking to profit from **the behavior of others.** Bet Strategies introduce a new dimension to trading, where **understanding crowd dynamics becomes a strategic advantage**. # \[Hyperliquid] The Big Short {% hint style="danger" %} **⚠️ Deprecated vault — historical reference only.** This vault has been deprecated and is no longer active on Neutral Trade. It is not accepting deposits and is not part of the current product line-up. Do not present this strategy as available or current. For live vaults and current data, see the active strategies and the API reference at . {% endhint %} Everyone talks about token unlocks — but only a few know how to trade them correctly. We built a strategy that shorts overvalued tokens that are likely to drop when unlock pressure hits.
{% hint style="info" %} Use the Neutral Trade referral link when signing up on Hyperliquid to get LOWER TRADING FEES and unlock FUTURE PERKS: {% endhint %} ***
## Strategy Description Every day, **millions of tokens are unlocked**. In an illiquid market, that’s forced selling. We track these unlocks and identify when **$500K+ USD in tokens are to hit** the market. With this information, we find short candidates.
## Strategy Design ### Inflation Coefficient (IC) $$ IC = Unlock Amount / Market Cap $$ * This formula tells us which token will most likely lose value. * **Higher IC → higher pressure → better short candidate.** ### Weight Assignment * Each token’s short weight is **based on its IC**. * **Higher inflation → higher short weight.** * The portfolio **constantly adjusts** as fresh data arrives. ### Rebalancing Logic Every hour, the algorithm checks **current positions** and **target weights**: * **If any gap > $20** * Rebalance Every day, when **new capital enters**: * **If deposit > $5 K** * Add proportionally to short positions, respecting current weights. ## Why Hyperliquid Vaults? * Native way to run automated on-chain strategies **without managing bots or infra**. * **Trust-minimized**, gasless for users. * Executes on Hyperliquid’s order book for fast, efficient execution at scale.
## Deposit Here: > #### *** Launch date - 9th June 25' # JLP Delta Neutral Enhanced \[Closed] ## **Overview** The JLP Delta Neutral Enhanced vault earns yield from Jupiter's JLP liquidity provision while systematically hedging all directional exposure to SOL, BTC, and ETH. Net delta is continuously targeting zero, returns are driven by JLP trading fees and borrowing fees, not by price direction.
DEPOSIThttps://www.neutral.trade/strategies/jlpdn
## **How it works** ### **Leveraging JLP** JLP is Jupiter's liquidity provider token, earning 75% of all Jupiter Perps platform fees, opening and closing fees, price impact, trading fees, and borrowing fees. The vault amplifies this yield through a looping process: 1. USDC deposits are used to mint JLP via the Jupiter Perps Program 2. JLP is deposited as collateral in [Jupiter JLP Loans](https://jup.ag/perps/jlp-loans) 3. USDC is borrowed against that collateral and used to acquire more JLP
### **Delta Neutral Hedging** JLP holds exposure to SOL, BTC, and ETH, through its token composition, and trader PnL. An automated hedging engine neutralises this: 1. Borrowed USDC is sent to Ceffu custody and mirrored to a Binance sub-account co-managed by Jupiter and Neutral Trade 2. JLP directional exposures are continuously monitored 3. Perpetual futures short positions are opened on Binance to offset exposure 4. Hedge weights adjust dynamically based on JLP composition and market conditions
## Yield Sources * **JLP native yield** — 75% of all Jupiter Perps platform fees * **Leverage amplification** — the looping structure increases effective yield relative to an unlevered position * **Funding rates** — hedging position funding rates may add yield depending on market conditions; they can also be a cost ## Risk Factors **JLP token risk** — JLP's market price may fluctuate relative to its virtual price during fast-moving markets. Rebalancing the hedge also incurs costs that create a threshold below which full delta-neutrality is not maintained. **Exchange and settlement risk** — Hedging positions are held on Binance. Liquidity, market dislocation, and ADL risks apply. Centralized exchange custody risk is mitigated by Ceffu off-exchange custody/settlement. Collateral isn't held on Binance's balance sheet. **Operational risk** — Off-chain delta calculations and daily PnL settlement between Ceffu and the on-chain vault are operational dependencies, managed under Neutral Strategy Vaults multi-party approval framework. **Smart contract risk** ## Custody & Security The vault operates under Neutral Strategy Vaults standard walled garden framework. Multi-party approvals for all fund movements, whitelisted addresses only, and no single key holder able to act unilaterally. Collateral held in Ceffu MPC custody and never on exchange balance sheets. Vault infrastructure has been audited by Quantstamp, Halborn, and Offside Labs. Full details: [Security](https://docs.neutral.trade/vault-infrastructure/security). # How They Work The Ultimate Strategy Execution Layer for Yield, Alpha, and Degen Plays - Across DeFi and CeFi. Neutral Strategy Vaults are the infrastructure layer that connects your deposit to the strategies run by Neutral Trade and its curators. This page explains how deposits and withdrawals work, and what happens to your capital between the two. ### What Curators Can and Can't Do You deposit on Solana. That's the only chain you interact with, no bridging, no additional wallets. Behind the scenes, the vault deploys capital to execution venues (centralised exchanges, decentralized exchanges, DeFi protocols, or all), sometimes across various chains depending on the strategy. The vault operates within a walled garden, neither Neutral Trade nor any curator can move your funds to arbitrary external addresses. Curators, the trading teams who manage strategies within Neutral Strategy Vaults, have API access to execute trades on your behalf. They can adjust positions, rebalance, and manage the strategy. All movements are restricted to pre-approved contracts and venues. They cannot withdraw or redirect your assets. For a full breakdown of the protections in place: [Vault Protections](/neutral-strategy-vaults/vault-protections).
### Depositing **1. Connect your wallet** Connect a Solana-compatible wallet. Most major wallets are supported via ReOwn. **2. Submit a deposit request** Enter the amount you want to deposit and submit the request. A few things to be aware of: > ⚠️ **Deposit requests cannot be cancelled once submitted.** Review the amount carefully before confirming. > ⚠️ **If the vault has reached its TVL cap, your request will be rejected.** Check the vault's current capacity on the app before submitting. Minimum deposit amounts vary by vault. While a deposit is pending you can still add to it (top it up) with another deposit request, but you cannot request a withdrawal until your pending deposit has been processed. **3. Your deposit is processed and shares are issued** Deposits are batched and processed together. Once processed, your funds are deployed into the strategy and you receive vault shares representing your proportional ownership of the vault's total assets. Your share price moves with the strategy's performance from this point forward. ### While Your Capital Is Deployed Once deployed, your capital is actively managed by the strategy. Share prices update as the strategy earns or loses. Fees are deducted periodically. Some vaults have a lockup period before you can request a withdrawal, after which there is a redemption period, these are listed in each vault's details tab in the Neutral Trade app. ### Withdrawing **1. Submit a withdrawal request** You can request a withdrawal after any applicable lockup period has ended. There exist exceptions such as with [Multi-Asset Volatility Arbitrage](/for-capital-allocators/market-neutral/multi-asset-volatility-arbitrage), which has a quarterly redemption period and notice requirements. See the vaults details tab in the app for all such details. > ⚠️ **Withdrawal requests cannot be cancelled once submitted.** You can only have one withdrawal request in flight at a time, so you cannot submit another until this one is processed. You can, however, still make a deposit while a withdrawal is pending. **2. Redemption period** After submitting, the redemption period begins. The length of this period varies by strategy and is listed in each vault's details tab in the Neutral Trade app. **3. Funds are returned to your wallet** After the redemption period, your funds are automatically returned to your wallet, net of any applicable withdrawal fees, service fees, and commission. Your vault shares are burned, reflecting your exit from the vault. ### Switching between vaults If you want to move from one vault into another that uses the same deposit asset (for example, from one USDC vault to another), you can switch directly instead of withdrawing to your wallet and depositing again. A switch follows the source vault's normal redemption timing — the same lockup and redemption period apply. At the end of that period your capital moves straight into the destination vault, where it is deployed and issued new shares. You don't pay a redundant withdrawal fee: the only withdrawal-side cost is the difference if the source vault's withdrawal fee is higher than the destination's. The destination vault's deposit fee still applies. If the destination vault can't accept the funds when the switch completes — for example it is paused, or the amount is below its minimum or above its remaining capacity — your capital is returned to your wallet instead. # Vault Protections When you deposit into Neutral Strategy Vaults, several independent layers of protection govern how your capital is held, moved, and priced. This page explains each of them in plain terms. ## Your funds can only move to pre-approved places Neither Neutral Trade nor any strategy curator can withdraw your funds to an arbitrary external wallet. Every asset movement is restricted, programmatically, to a fixed set of pre-approved addresses and programs. Curators have API access to manage strategy execution, but no access to withdraw or move user assets. ## Redemptions don't force the strategy to unwind Each vault maintains a liquidity reserve so that redemption requests can be processed without immediately unwinding active positions. This protects both the depositor redeeming and the depositors who remain, neither is penalised by the timing of the other's exit. ## Vault pricing is protected against manipulation Each vault's share price (NAV) combines the assets held on-chain with the value of positions deployed to external venues, which is reported on-chain by a permissioned keeper. Every price update is bounded: it can only move within a fixed buffer around the previous value, it cannot be pushed through more often than a set minimum interval, and it can only be applied while deposits and withdrawals are paused, so no one can transact against a mid-update price. An update that falls outside the allowed range is rejected by the program and must be reviewed before it can be applied. Together these controls guard against oracle manipulation, flash-loan attacks, and erroneous pricing data affecting your position. ## Deposits and withdrawals batching Rather than processing each transaction individually, deposits and withdrawals are collected and netted against each other once per day before execution. This has two benefits: it reduces unnecessary capital movement, and it prevents MEV bots from exploiting millisecond-level differences between vault pricing and external market rates. ## Fees are hard-capped, and vault-term changes are timelocked The smart contract enforces a hard ceiling on every fee, no matter who is managing the vault: deposit and withdrawal fees can never exceed 50%, the performance fee can never exceed 75%, and the annual management fee can never exceed 20%. Live vaults run far below these ceilings — the caps exist only as a backstop that no configuration can breach. Beyond those ceilings, the smart contract enforces a 12-hour timelock on every material change — fee adjustments, withdrawal settings, or strategy allocations — so a change is registered on-chain and only takes effect once the delay has elapsed. Those changes are made through the vault's manager authority, held under Neutral Trade's multi-party approval process (see [Security](/neutral-strategy-vaults/security)), so no single individual can enact them unilaterally. ## There is an emergency circuit breaker In the event of extreme market conditions or a detected smart contract anomaly, an emergency function can be triggered to immediately halt new deposits and withdrawals, and recall all deployed capital back to the base vault contract. This is a last-resort protection designed to contain exposure during tail-risk events while keeping your funds within the audited vault perimeter. # Security Your Funds. Our Priority. Neutral Trade's security approach operates across three layers: audited smart contract infrastructure, institutional custody for off-exchange CEX positions, and operational controls that prevent unilateral action by any single party. *** ### Smart Contract Audits The vault infrastructure (Neutral Strategy Vaults) underpinning all Neutral Trade strategies has been independently audited by three security firms. Reports are publicly available. | Auditor | Date | Scope | Report | | ---------------- | ----------------- | ----------------------------------- | ------------------------------------------------------------------------------------------------------------------------- | | **Halborn** | January 21, 2025 | Neutral Trade Vaults Infrastructure | [View Report](https://www.halborn.com/audits/neutral-trade/neutral-trade---smart-contract-assessment-0777aa) | | **Quantstamp** | June 25, 2025 | Neutral Trade Vaults Infrastructure | [View Certificate](https://certificate.quantstamp.com/full/neutral-trade/52a6403b-648c-4ea6-be5e-c8b525acc9b7/index.html) | | **Offside Labs** | December 11, 2025 | Neutral Trade Vaults Infrastructure | [View Report](https://drive.google.com/file/d/11Ck5gkVXLot_se_hxPRWUU_FT_vjsrar/view?usp=sharing) | Audits assess code for vulnerabilities, economic design flaws, and unintended behaviours. They do not eliminate all risk, see [Risk Warnings and Disclaimers](/legal/risk-warnings-and-disclaimers-statement) for a full disclosure. ### Institutional-Grade Custody How your assets are held depends on where the strategy executes. **On-chain positions — Fordefi MPC** For all on-chain vault operations and Solana-side management, Neutral Trade uses [Fordefi](https://fordefi.com), an institutional MPC (Multi-Party Computation) wallet infrastructure.This protects the Neutral Strategy Vaults and all on-chain capital movements from both external attack and internal misuse. **Centralised exchange positions — Copper and Ceffu** For strategies that execute on centralised exchanges, Neutral Trade uses [Copper](https://copper.co) (ClearLoop) and [Ceffu](https://ceffu.com) (MirrorX) for off-exchange custody and settlement. Copper and Ceffu custody applies only to strategies with centralised exchange execution legs. *** ### Operational Security **Multi-party approvals** Critical operations, including vault configuration changes, whitelisting new addresses, and policy updates, require approval from multiple authorised team members. No single individual can take unilateral action on user funds. **Least privilege access** Team members have access only to the systems required for their role. Access is reviewed regularly and revoked when no longer needed. *** ### Vault-Level Protections Beyond custody and audits, the vault smart contracts themselves include several built-in protections: bounded NAV updates to resist price manipulation, transaction batching to prevent MEV exploitation, hard caps on every fee parameter, a 12-hour timelock on parameter changes, and a pause (circuit breaker) on deposits and withdrawals. Parameter changes are additionally subject to multi-party approval (see Operational Security above). These are explained in plain language on the [Vault Protections](/neutral-strategy-vaults/vault-protections) page. *** ### Risk Disclosures While we take every precaution to protect your funds, no security framework eliminates all risk. It is important to understand that investing in DeFi carries inherent risks. Please read our [Risk Warnings and Disclaimers Statement](/legal/risk-warnings-and-disclaimers-statement) carefully before depositing. *** *Neutral Trade – Building the Future of Yield* # Copy of Neutral Strategy Vaults The Ultimate Strategy Execution Layer for Yield, Alpha, and Degen Plays - Across DeFi and CeFi. ### 1. Key Features **Hands-Free Execution. Fully Automated Infrastructure** * Every step is fully automated and optimized. This includes bridging and deploying capital, managing live positions, and executing exits. * Utilizes institutional-grade signals and real-time monitoring systems to pursue optimal yield and exposure consistently. * Reduces the need for human input and lets strategies operate around the clock. This enables scalable and cost-effective execution. **From Solana to Everywhere. Strategies Without Limits** * Solana acts as users’ single deposit touchpoint - no bridging, no juggling wallets. * Access highly curated, diverse CeDeFi strategies spanning every major chain and trading venue * Flexibility to deploy capital where conditions are optimal, tapping into the deepest liquidity for better pricing, lower slippage, and higher yield. **Institutional-Grade Infrastructure. On-Chain Transparency** * Assets are held through trusted institutional-grade off-exchange settlement providers, including Copper and CEFFU. * Transactions, strategy actions, and capital movements are recorded on-chain, ensuring transparency and verifiability. ### 2. System Design
#### 2.1 Core Roles In The System * **User:** Users deposit into or withdraw from the Neutral Vault. Their data and performance metrics (e.g., high-water mark, shares owned) are recorded and updated on-chain * **Neutral Vault (NV):** Acts as the central pool, facilitating the flow of capital between users and strategy executors. The Neutral Vault maintains all core operational data, including total shares, pending deposits/withdrawals, deposit cap, and Net Asset Value (NAV) * **NV Master:** Holds protocol-level authority to whitelist and manage NV managers. * **NV Manager:** Can create and configure NVs, update strategy parameters (e.g., fee structures), manage keepers and executors, and withdraw accrued management and performance fees. * **NV Keeper:** Handles routine operations such as batching deposit and withdrawal requests, deploying capital to executors, calculating fees, and updating NAV records. * **Strategy executors:** Receive funds from the NV and deploy them into trading venues based on real-time trade signals. * **Automated monitoring system:** Automated Monitoring System: Encodes strategy logic, monitors live trading conditions, generates trade signals, and manages operational flows, including sending instructions to unwind positions, bridging and moving funds between NVs and executors. * **Protocols and exchanges:** Execution venues where strategies are implemented. CeFi venues are accessed via secure off-exchange settlement providers like Copper and CEFFU. #### 2.2 Operation Cycle 1. Users initiate deposit or withdrawal requests through the platform interface. 2. NV Keeper temporarily pauses new requests periodically, preparing for batch processing of deposit and withdrawal requests. 3. NV Keeper processes pending deposit and withdrawal requests in batches using the latest Net Asset Value (NAV). Withdrawals are prepared by unwinding positions as needed. 4. Processed deposits are allocated to strategy executors, who then deploy funds across protocols and trading venues based on the NV’s allocation ratio to executors 5. Once processing is complete, the NV Keeper unpauses and reopens the NV for new deposit and withdrawal requests. #### 2.3 Fee Types * **Service fees:** Charged based on the elapsed time and the NV’s set service fee rate. These fees are deducted in the form of shares, reducing the user’s share balance. NV managers can withdraw the accumulated service fee shares at any time. * **Commission:** Charged when the current share price exceeds the user's high-water mark (HWM). The fee is calculated on the profit above the HWM using the predefined performance fee rate. The user’s HWM is then updated to the new share price. Suppose a new deposit is made when the current share price is below the existing HWM. In that case, the HWM is recalculated as a weighted average between the previous HWM (applied to existing shares) and the new deposit’s entry price. Like service fees, commissions are charged in shares and reduce the user’s balance. NV managers may withdraw the accrued commission shares at any time. * **Deposit fees:** Deducted from the deposited amount before NV shares are issued, resulting in a lower net deposit credited to the user. * **Withdrawal fees:** Applied to the amount redeemed. The net funds returned to the user are reduced by the applicable withdrawal fee. ### 3. Deposit And Withdrawal #### 3.1 Deposit And Withdrawal Process **1. Connect wallet** * Connect using your preferred Solana-compatible wallet * We support most major wallets via ReOwn. **2. Submit deposit request** * Users can request to deposit into a NV * All requests are typically processed within 24 hours * Deposits must meet the minimum required amount * Requests may be rejected if the NV’s TVL cap has been reached * While a deposit request is pending it can be topped up with additional deposits, but a withdrawal cannot be requested until the pending deposit has been processed. Deposit requests cannot be cancelled after submission **3. Deposit processing and share issuance** * Deposits (net of any applicable deposit fees) are processed in batches. * Funds are deployed into the strategy once processing is complete * Users receive NV shares that represent their proportional ownership of the NV’s assets **4. Post-deposit** * Share price changes based on the performance of the underlying strategy * A lockup period may apply before withdrawals can be requested * Service fees and commissions (if applicable) are periodically charged. **5. Submit withdrawal request** * Users can request to withdraw their share of the NV’s assets * Requests may be subject to a cooldown period, which can vary depending on the strategy * During this cooldown period, the NV manager prepares the necessary assets by unwinding positions as needed * Only one withdrawal request can be in flight at a time, so another cannot be submitted until the current request is processed — though a deposit can still be made while a withdrawal is pending. Withdrawal requests cannot be cancelled after submission **6. Withdrawal processing and share redemption** * After the cooldown period, users automatically receive their share of the NV assets (net of any applicable withdrawal fees, service fees, and commissions) * NV shares are burned once withdrawal process is complete, reflecting the reduction in total ownership * Withdrawals are typically processed automatically and sent to your wallet within 24 hours after the cooldown period has ended # Curator Selection Neutral Trade only lists strategies run by trading teams that pass a standardized vetting framework. Every prospective curator is assessed across **six weighted dimensions**, scored on a common scale, and reviewed against a fixed decision matrix. The framework is designed to prioritize the factors most critical to risk management and yield quality for depositors. {% hint style="info" %} **What this means for depositors:** every vault on Neutral Trade is backed by a trading team that has passed verified track-record checks, risk-control review, and operational due diligence — not just a pitch deck. {% endhint %} ### Scoring Methodology Each dimension is scored 1–5 and combined into a weighted average: | Rating | Score | Description | | ------------ | ----- | --------------------------------------------- | | Excellent | 5 | Exceeds requirements, institutional-grade | | Strong | 4 | Meets all requirements with notable strengths | | Acceptable | 3 | Meets minimum requirements | | Marginal | 2 | Below requirements, requires remediation | | Unacceptable | 1 | Fails to meet standards | **Minimum passing score: 3.5 / 5.0 (70% weighted average).** Teams below this threshold are not onboarded. ### The Six Evaluation Dimensions #### 1. Strategy & Track Record — 25% The most heavily weighted dimension, together with risk management. * **Live trading duration** — 3+ years of live trading scores highest; under 6 months fails. Backtests alone are never sufficient. * **Performance quality** — annualized return, Sharpe ratio (1.5+ expected; 2.0+ strong), max drawdown (under 15% preferred), win rate, and month-to-month return consistency. * **Strategy clarity** — a clearly articulated edge, an appropriate asset universe, and a fully systematic execution model. Manual components require explicit justification. **Verification is mandatory, not optional.** We require daily PnL with timestamps and historical trade logs, and for larger allocations, read-only exchange API access. Third-party audited returns are strongly preferred. Self-reported spreadsheets are not accepted as sole evidence. > Strategies with an exceptional decorrelation profile against our existing vault line-up may qualify with a lower Sharpe ratio than the standard threshold. #### 2. Risk Management — 25% * **Exposure controls** — defined gross exposure limits (leverage up to 3–4× is acceptable with a clear rationale; undefined limits fail), a stated net exposure range consistent with any market-neutral claim, and single-asset concentration limits (below 30% preferred). * **Drawdown management** — hard daily loss limits, weekly escalation thresholds, documented de-risking procedures, and clear re-entry criteria after a drawdown. * **Operational risk** — system redundancy and failover, multi-venue execution to reduce counterparty risk, manual override capability for automated systems, and a clean (or transparently explained) incident history. #### 3. Infrastructure & Technology — 15% * **Execution** — proprietary execution infrastructure scores highest; latency and order-type support must match the strategy type; slippage management must be documented. * **Research process** — quality of data sources, systematic strategy development, backtesting rigor (out-of-sample testing, regime analysis), and a sensible model-update cadence. * **Security** — withdrawal-disabled API keys with IP whitelisting, version-controlled code with access controls, and complete audit trails. #### 4. Operational Maturity — 15% * **Team** — depth beyond a single key person, relevant quant/crypto experience, clear roles, and continuity provisions. Single-operator teams face heightened key-person-risk scrutiny. * **AUM & capacity** — meaningful existing AUM, a realistic stated capacity for the strategy, and room to absorb a Neutral Trade allocation without performance degradation. * **Reporting** — daily reporting preferred (weekly minimum), standardized formats, responsive communication, and willingness to provide read-only API visibility in real time. #### 5. Counterparty & Legal — 10% * Appropriate legal entity structure and jurisdiction, regulatory status, and operational history. * Documentation review: entity formation documents, beneficial ownership disclosure, AML/KYC policies, and insurance coverage. * Reference checks with existing investors, exchange relationships, and service providers. #### 6. Alignment & Fit — 10% * **Portfolio fit** — diversification benefit to the existing vault line-up, low correlation to current allocations, and limited asset overlap. We often prefer a genuinely uncorrelated niche strategy over a higher-capacity strategy that overlaps with existing vaults. * **Commercial terms** — competitive fees, acceptable liquidity and redemption terms, and willingness to meet our transparency standards. * **Partnership potential** — sustainable business model, aligned growth incentives, and responsive communication. ### Decision Matrix | Weighted Score | Outcome | What Happens | | -------------- | ------------------ | ----------------------------------------------------------- | | 4.5 – 5.0 | **Strong approve** | Fast-track onboarding; larger initial allocation considered | | 3.5 – 4.4 | **Approve** | Standard onboarding with identified remediation items | | 3.0 – 3.4 | **Conditional** | Significant remediation required before any allocation | | 2.0 – 2.9 | **Decline** | Material deficiencies; may reapply in 6–12 months | | Below 2.0 | **Hard decline** | Fundamental incompatibility | ### Automatic Red Flags The following findings trigger immediate escalation and will block onboarding regardless of the overall score: * Inability to verify the track record * History of significant operational failures * Undisclosed material risks * Regulatory issues or sanctions exposure * Refusal to provide standard documentation * Inconsistencies in reported data * Key-person departure during due diligence * Adverse reference checks ### Due Diligence Questionnaire Every prospective team completes a standardized DDQ covering six areas: strategy overview and edge, historical performance data, the risk framework and incident history, operations (team, infrastructure, security), legal and compliance, and commercial terms. The DDQ responses feed directly into the dimension scores above. # Curator Onboarding Professional Traders, Hedge Funds and Quant Teams Neutral Trade invites systematic trading teams to run strategies as **Neutral Strategy Vaults**: you trade, we bring the capital, the infrastructure, and the operations. Strategy IP stays entirely with you. ### Who Should Apply We look for teams whose strategies meet these baseline requirements: * **Sharpe ratio of 1.5 or higher** on live performance (exceptions possible for strategies with genuine decorrelation from our existing vaults) * **Low market bias** — persistently directional strategies are not suitable * **Fully systematic execution** — no discretionary trading * **Daily or faster signal frequency** * **Verifiable live track record** — daily PnL with timestamps and trade logs; backtests alone are not sufficient We often prefer a genuinely uncorrelated niche strategy over a higher-capacity strategy that overlaps with our existing line-up. The full evaluation criteria, scoring weights, and decision thresholds are on the [Curator Selection](https://docs.neutral.trade/curators/curator-selection) page. ### What You Get * **One SMA, many investors** — manage a single account; Neutral Trade aggregates depositor capital and handles per-wallet accounting. * **Automated fee distribution** — performance fees calculated per wallet with individual high-water marks, paid out automatically. * **Broad venue access** — Binance, OKX, Bybit, Gate, KuCoin, Bitget, Hyperliquid, Lighter, Kraken, and Deribit. * **Your IP stays yours** — no code disclosure, no replication commitments, no exclusivity, no non-compete. * **Full operational support** — investor relations, technical setup, marketing, and a proprietary margin-management system for automated capital rebalancing. ### The Onboarding Process #### Step 1 — Apply Fill in the [Google form](https://forms.gle/wKKsqBZmwLkZW4gk8), message the team on [Telegram](https://t.me/neutraltrade), or email with a description of your strategy and your track record. You will receive our standardized Due Diligence Questionnaire (DDQ) covering strategy, performance, risk framework, operations, legal, and commercial terms. #### Step 2 — Due Diligence Review We score your team against the six-dimension framework described in [Curator Selection](https://docs.neutral.trade/curators/curator-selection). Expect us to ask for daily PnL with timestamps, historical trade logs, and — for larger allocations — read-only exchange API access to verify performance. Reference checks are part of this stage. #### Step 3 — Legal & Compliance *(weeks 1–2 after approval)* * Execute NDA * Complete KYC/AML verification * Execute the curator agreement, including fee terms * Agree reporting obligations and cadence #### Step 4 — Technical Integration *(weeks 2–3)* * API connectivity setup (read-only monitoring access first) * Alignment on reporting formats * Integration with Neutral Trade's risk monitoring * Dedicated communication channel with the NT team * Training on Neutral Trade's vault tools #### Step 5 — Pilot Period *(weeks 4–8)* Your vault launches with an initial allocation under a pilot protocol: * Daily monitoring against your stated risk limits * Weekly review calls * Performance tracked against the expectations set during due diligence #### Step 6 — Full Deployment After a successful pilot, the allocation scales, monitoring transitions to the standard ongoing protocol, and reviews move to a quarterly schedule. Your vault is opened for broader capital attraction with full marketing support. {% hint style="info" %} **Ongoing expectations:** curators maintain read-only API visibility, meet the agreed reporting cadence (daily preferred), and operate within the risk limits documented during onboarding. Breaches of daily or weekly loss limits trigger the escalation procedures agreed in Step 3. {% endhint %} ### Get in Touch Ready to apply? Fill in the [Google form](https://forms.gle/wKKsqBZmwLkZW4gk8), reach out on [Telegram](https://t.me/neutraltrade), or email with your track record details — we respond to every serious application. # Copy of Strategy Curator Vetting Framework This framework provides a streamlined approach to assess prospective strategy curators for Neutral Trade vaults. Curators are evaluated across four key dimensions to ensure alignment with our risk management and yield optimization objectives. *** ### Evaluation Overview | Rating | Score | Description | | -------------- | ----- | --------------------------------------------- | | Excellent | 5 | Institutional-grade, exceeds all requirements | | Strong | 4 | Meets all requirements with notable strengths | | Acceptable | 3 | Meets minimum requirements | | Below Standard | 2 | Requires remediation before approval | | Unacceptable | 1 | Does not meet standards | **Minimum Passing Score:** 3.5 out of 5.0 (weighted average) *** ### Dimension 1: Strategy & Track Record (40%) #### Performance Requirements | Metric | Excellent (5) | Strong (4) | Acceptable (3) | Below (2) | Unacceptable (1) | | -------------------- | ------------- | ---------- | -------------- | ---------- | ---------------- | | Live Trading History | >2 years | 1-2 years | 6-12 months | 3-6 months | <3 months | | Annualized Return | >40% | 30-40% | 20-30% | 10-20% | <10% | | Sharpe Ratio | >2.5 | 2.0-2.5 | 1.5-2.0 | 1.0-1.5 | <1.0 | | Max Drawdown | <10% | 10-15% | 15-20% | 20-30% | >30% | #### Verification Checklist | Requirement | Status | | ----------------------------------------------------------------------------- | ------ | | Verified track record (exchange API, third-party audit, or portfolio tracker) | ☐ | | Historical trade logs with timestamps | ☐ | | Clear strategy description with defined edge | ☐ | **Dimension 1 Score:** \_\_\_ / 5.0 *** ### Dimension 2: Risk Management (30%) #### Risk Controls Assessment | Criteria | Requirement | Score | | ---------------------- | -------------------------------------------- | ----- | | Maximum Leverage | Clearly defined limits (preferred: ≤3x) | /5 | | Daily Loss Limit | Hard stop defined (e.g., -3% to -5%) | /5 | | Drawdown Response | Documented de-risking procedures | /5 | | Position Concentration | Single asset limit defined (preferred: <30%) | /5 | #### Key Questions 1. What is your maximum leverage policy? 2. What are your hard stop-loss limits (daily/weekly)? 3. How do you respond to drawdown events? 4. Do you have system redundancy and manual override capabilities? **Dimension 2 Score:** \_\_\_ / 5.0 *** ### Dimension 3: Team & Operations (20%) #### Team Assessment | Criteria | Scoring Guidance | Score | | -------------------- | ------------------------------------------------------------------ | ----- | | Relevant Experience | Background in quantitative trading, crypto, or traditional finance | /5 | | Team Depth | Key person risk assessment (single operator vs. team) | /5 | | Current AUM | >$300M (5) / $150-300M (4) / $50-150M (3) / <$50M (2) | /5 | | Reporting Capability | Ability to provide live/daily/weekly performance reports | /5 | #### Operational Checklist | Requirement | Status | | ------------------------------------------- | ------ | | Clear organizational structure | ☐ | | Documented operational procedures | ☐ | | Willingness to provide read-only API access | ☐ | **Dimension 3 Score:** \_\_\_ / 5.0 *** ### Dimension 4: Legal & Compliance (10%) #### Entity & Compliance Check | Criteria | Status | Notes | | --------------------------------------------- | ------ | ----- | | Registered legal entity | ☐ | | | Jurisdiction disclosed | ☐ | | | Regulatory status clarified | ☐ | | | No adverse findings (sanctions, legal issues) | ☐ | | **Dimension 4 Score:** \_\_\_ / 5.0 *** ### Consolidated Scorecard | Dimension | Weight | Score | Weighted Score | | ----------------------- | -------- | ----- | -------------- | | Strategy & Track Record | 40% | /5.0 | | | Risk Management | 30% | /5.0 | | | Team & Operations | 20% | /5.0 | | | Legal & Compliance | 10% | /5.0 | | | **TOTAL** | **100%** | | **/5.0** | *** ### Decision Matrix | Score | Decision | Action | | --------- | ---------------------------- | ------------------------------------------------- | | 4.5 - 5.0 | **Approved** | Fast-track onboarding, consider higher allocation | | 3.5 - 4.4 | **Approved with Conditions** | Standard onboarding, address identified items | | 3.0 - 3.4 | **Pending** | Requires remediation before final approval | | < 3.0 | **Declined** | Does not meet minimum standards | *** ### Red Flags (Automatic Decline) Any of the following results in automatic escalation or decline: * Inability to verify track record * History of significant losses without explanation * Refusal to provide standard documentation * Regulatory issues or sanctions exposure * Inconsistencies in reported performance data *** ### Onboarding Process (Post-Approval) #### Week 1-2: Setup * Execute partnership agreement * Complete KYC/AML verification * Establish reporting obligations and communication channels #### Week 3-4: Integration * API connectivity setup * Risk monitoring integration * Reporting format alignment #### Week 5-8: Pilot Period * Initial allocation deployment * Daily performance monitoring * Weekly review calls #### Post-Pilot: Go-Live / Extended Pilot / Withdrawals * Go-live, extension of the pilot period or withdrawals from the strategy based on pilot performance * Transition to ongoing monitoring * Monthly performance reviews *** *For questions about the vetting process, contact: * # 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 %} # Distributors For: DeFi & Fintech Platforms, Wallets, Neobanks, and Apps Distributors integrate Neutral Trade's yield-generating vaults directly into their own products, offering their users access to institutional-grade returns without building the infrastructure themselves. **Revenue Model for Distributors** | Integration Type | Description | Revenue Share | | ------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------- | | **Integrate an Existing Vault** | Connect to one of Neutral Trade's existing curated vaults. Earn a fee-sharing agreement with the vault curator based on the TVL you bring to the vault. | Negotiable fee share | **How the fee share is settled on-chain** The fee share is handled natively by the vault program through its referral ("builder code") system, so attribution and payouts are transparent and verifiable on-chain: * Deposits you bring are attributed to your partner account on-chain via your referral code. * You earn an agreed share of the **performance and management fees** generated by those deposits. That share is carved out of the vault manager's fee take — it **does not increase the fees your users pay**. * Rates are configured per partner agreement and can be tuned per vault, subject to eligibility criteria. * Your accrued share accumulates on-chain as vault shares and is claimed through an on-chain request-and-withdraw flow, using the same redemption mechanics as a standard withdrawal. Because the whole flow lives in the vault program, your earned share is auditable at any time against the program [IDL](/for-distribution-partners/api-and-sdk-and-idl). **Benefits for Distributors** Distributors benefit from a turnkey solution that allows them to offer competitive yields to their users with minimal development effort. Key advantages include plug-and-play, white-labeled yield vaults that can be seamlessly integrated via API or SDK, the ability to differentiate your product with on-chain yields and increase user retention, a dedicated account manager and technical support for integration, and real-time reporting and analytics dashboards to track performance and earnings. **How to Get Started** 1. **Contact Us:** Email or reach out in our [Telegram Group](https://t.me/neutraltrade). 2. **Discovery Call:** We'll discuss your needs, user base, and integration preferences. 3. **Technical Integration:** Our team will provide API keys, documentation, and support. 4. **Go Live:** Launch your integrated yield product and start earning. # API & SDK & IDL Neutral Trade exposes vault configuration, live performance, and full historical time-series through a versioned REST API, a TypeScript SDK, and an on-chain program IDL. This page is the integration reference for distribution partners, allocators, and anyone pulling Neutral Trade data programmatically. {% hint style="info" %} **Key concept — vaults are identified by a numeric `vaultId`.** Neutral Trade vaults do **not** have per-vault share-token mint addresses. There is no SPL token mint that represents a vault or a depositor's position, and no "vault token contract" to look up. Every vault is addressed by its integer `vaultId`, and all configuration, performance, and historical data is retrieved from the REST API using that ID. If you are looking for a "vault token address," use the `vaultId` instead. {% endhint %} ### REST API **Interactive reference (OpenAPI / Swagger):** {% embed url="" %} | | | | ------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | **Base URL** | `https://www.neutral.trade/api/v1` | | **Protocol** | HTTPS, JSON request/response | | **Authentication** | API key, server-to-server. Pass your key in the request header (see the **Authorize** dialog in the interactive docs for the exact header name). Keys are issued by Neutral Trade — contact the team to request access. | | **Rate limit** | 1,000 requests per 10 minutes, per key | | **Where to call it from** | Backend / server-side only. Do not embed API keys in browser or mobile clients. | #### Endpoints | Method | Path | Returns | Description | | ------ | ---------------------------- | ----------------- | --------------------------------------------------------------------------------------------------------------------- | | `GET` | `/vaults` | `VaultConfig[]` | List every vault with its static configuration. | | `GET` | `/vault/{vaultId}/config` | `VaultConfig` | Static configuration for a single vault. | | `GET` | `/vault/{vaultId}/metrics` | `VaultMetrics` | Current performance metrics — APR, TVL, ROI, Sharpe, drawdown, allocations. | | `GET` | `/vault/{vaultId}/snapshots` | `DailySnapshot[]` | Full daily historical time-series — TVL, price-per-share, shares. The source for all historical APY/APR and PnL data. | Deposit and withdrawal **instruction-builder** endpoints (which return unsigned Solana transactions for a depositor to sign) are also available — see the interactive reference for their exact request bodies and response shapes. {% hint style="warning" %} The interactive OpenAPI reference at `/api/v1/docs` is always the authoritative source for exact request parameters, response types, the authentication header, and any endpoints added after this page was written. {% endhint %} #### Active vault IDs As of June 2026 the live vaults are: ``` 48, 60, 65, 71, 72, 74, 75, 78 ``` When pulling "all vaults," filter to this active set unless you specifically need deprecated or historical vaults. Each vault record also carries `enabled` and `deprecated` flags so you can filter programmatically. #### How historical APY / APR is derived There is no single stored "APY" constant. Yield is **computed from the daily snapshot series**: * `GET /vault/{vaultId}/snapshots` returns one record per day, each containing `pps` (price per share) and `tvl`. * APR/APY over any window is derived from the change in `pps` between two dates. * Pre-computed current and blended figures (`apr`, `aprAfterFees`, `yieldApr`, `roi30d`, `roiSince`) are returned directly by `GET /vault/{vaultId}/metrics`. *** #### Schema: `VaultConfig` Static, slowly-changing configuration for a vault. | Field | Type | Description | | ---------------------- | ---------------- | --------------------------------------------------------------------------------------------------------------------------------------------- | | `vaultId` | number | Unique numeric identifier. **This is how every vault is referenced across the API.** | | `name` | string | Display name of the vault / strategy. | | `subname` | string | Secondary label (e.g. curator or sub-strategy). | | `type` | string | Vault type / architecture. | | `category` | string | Strategy category (e.g. market-neutral, directional). | | `chain` | string | Settlement chain (Solana). | | `vaultAddress` | string | The vault's on-chain account address. This is the vault account — **not** a share-token mint. | | `depositToken` | string | Symbol of the accepted deposit asset (e.g. USDC). | | `depositTokenAddress` | string | SPL mint address of the **deposit** token (e.g. the USDC mint). This is the only token mint involved — there is no separate share-token mint. | | `depositTokenDecimals` | number | Decimals of the deposit token. | | `tvlCap` | number | Maximum vault capacity, in deposit-token units. | | `minDepositAmount` | number | Minimum deposit, in deposit-token units. | | `minWithdrawAmount` | number | Minimum withdrawal, in deposit-token units. | | `depositLock` | number / boolean | Whether (and how long) deposits are locked. | | `redeemLock` | number / boolean | Whether (and how long) redemptions are locked. | | `processFrequency` | string | How often deposits/withdrawals are processed (the redemption-window cadence). | | `processTime` | string | When processing occurs. | | `performanceFee` | number | Performance fee rate. | | `managementFee` | number | Management fee rate. | | `depositFee` | number | Deposit fee rate. | | `withdrawalFee` | number | Withdrawal fee rate. | | `enabled` | boolean | Whether the vault is live and accepting activity. | | `private` | boolean | Whether the vault is private / unlisted. | | `deprecated` | boolean | Whether the vault is deprecated. Deprecated vaults are kept for historical access but are no longer active. | | `ntMultiplier` | number | NT Points multiplier for the vault. | | `bundleProgramId` | string | The on-chain Solana program ID that runs the vault (the NT "bundle" program). Shared across vaults of the same architecture. | #### Schema: `VaultMetrics` Current, frequently-updated performance metrics. | Field | Type | Description | | ----------------------- | -------------- | ------------------------------------------------------------- | | `vaultId` | number | Vault identifier. | | `name` | string | Vault name. | | `apr` | number | Current annualized percentage rate (gross). | | `aprDayApplied` | number | Number of days of data the APR calculation is based on. | | `aprAfterFees` | number | APR net of fees. | | `yieldApr` | number | Yield-only APR (gross). | | `yieldAprAfterFees` | number | Yield-only APR, net of fees. | | `sharpeRatio` | number | Sharpe ratio of the strategy. | | `currentTVLUSD` | number | Current total value locked, in USD. | | `currentTVLInToken` | number | Current TVL, in deposit-token units. | | `maxDrawdown` | number | Maximum historical drawdown. | | `roi` | number | Return on investment since inception. | | `roi30d` | number | Trailing 30-day ROI. | | `roiSince` | string (date) | Inception / start date that `roi` is measured from. | | `allocations` | array / object | Current strategy allocations / venue breakdown. | | `dateFromSnapshot` | string (date) | Date of the snapshot these metrics were computed from. | | `isAprTargeted` | boolean | `true` if the displayed APR is a target rather than realized. | | `isMaxDrawdownTargeted` | boolean | `true` if max drawdown is a target rather than realized. | | `isSharpeRatioTargeted` | boolean | `true` if the Sharpe ratio is a target rather than realized. | #### Schema: `DailySnapshot` One record per vault per day — the historical time-series backing all charts and yield calculations. | Field | Type | Description | | ------------------- | ------------- | ------------------------------------------------------------------------------------------------------------------------ | | `date` | string (date) | Calendar date of the snapshot. | | `tvl` | number | Total value locked on that date. | | `pps` | number | Price per share on that date. Yield / APR is derived from changes in `pps` over time. | | `pps_before_offset` | number | Price per share before fee / offset adjustment. | | `shares` | number | Total shares outstanding on that date. | | `isBacktest` | boolean | `true` if the row is backtested / simulated rather than live. Exclude backtest rows when reporting realized performance. | {% hint style="info" %} A depositor's position value = their share count × `pps`. Shares are tracked by the vault and exposed through the API by `vaultId` — there is no transferable share-token mint to query on-chain. {% endhint %} #### Example requests ```bash # Replace the auth header with the scheme shown in /api/v1/docs (Authorize dialog) # List active vaults curl -H "x-api-key: YOUR_API_KEY" \ https://www.neutral.trade/api/v1/vaults # Current metrics for vault 48 curl -H "x-api-key: YOUR_API_KEY" \ https://www.neutral.trade/api/v1/vault/48/metrics # Full daily history for vault 48 (the historical-APY source) curl -H "x-api-key: YOUR_API_KEY" \ https://www.neutral.trade/api/v1/vault/48/snapshots ``` ### SDK **TypeScript SDK:** {% embed url="" %} The SDK wraps the REST API and the on-chain program, exposing typed methods for reading vault data and building deposit / withdraw transactions. See the embedded SDK reference for installation and usage. ### IDL The Interface Definition Language (IDL) files describe the on-chain Solana program (Anchor IDL) that powers Neutral Trade vaults — the "bundle" program referenced by `bundleProgramId` in `VaultConfig`. Use them to decode accounts and instructions, or to build transactions directly against the program. * `ntbundle.json` — Anchor IDL (JSON) * `ntbundle.ts` — typed IDL (TypeScript) {% file src="/files/K8dc2vXT2QuyLR1JrXc1" %} {% file src="/files/528V9AgQ7VH4Mf0E3elQ" %} # Neutral Builders Code Revenue share on the annual service fee for partners who bring capital to Neutral Trade. Effective 1 September 2026. {% hint style="info" %} The Neutral Builders Code takes effect on **1 September 2026**. Partner conversations are open now. Throughout this page, "annual service fee" is the time-based fee described on [Fees + Redemption Period](/additional-info/fees-+-redemption-period). Marketing material may refer to the same fee as the management fee. {% endhint %} The Builders Code is a revenue-share program for partners who bring capital to Neutral Trade. A partner receives a share of the annual service fee generated by the capital it introduces. The share scales with the size of the book. It is built for the same platforms and institutions served by Neutral Trade's yield infrastructure: neobanks and fintech apps, exchanges and custodians, stablecoin issuers, treasuries and DAOs, and foundations and networks. ## Rebate bands | Capital introduced | Partner share of the annual service fee | | ------------------ | --------------------------------------- | | $100K to $500K | 10% | | $500K to $3M | 20% | | $3M to $5M | 30% | | $5M to $10M | 40% | | $10M and above | 50% | The band is set by the total book a partner has introduced, not by any individual user's balance. ## Stacking with the VIP Program The Builders Code and the [Neutral VIP Program](/additional-info/neutral-vip-program) stack, and the order is straightforward. Any VIP discount comes off the annual service fee **first**. Whatever is actually collected is then split between Neutral Trade and the partner at the partner's band share. ``` Collected fee = annual service fee − VIP discount Partner rebate = band share × collected fee Neutral Trade = (1 − band share) × collected fee ``` Both sides therefore carry the cost of a VIP discount in proportion to their split, and a partner's rebate can never fall below zero. Note that VIP tiers apply to **Neutral Autopilot only**, so a partner's users pay the full annual service fee on every other strategy regardless of their points balance. ## Worked example A neobank has introduced **$6M**, placing it in the $5M to $10M band and earning a **40% share**. Three of its users hold balances: ### Bob — $200K, no VIP tier | | | | -------------------------------- | ------ | | Annual service fee (1% of $200K) | $2,000 | | VIP discount | $0 | | Collected | $2,000 | | Partner receives (40%) | $800 | | Neutral Trade keeps (60%) | $1,200 | ### Alice — $1M in Neutral Autopilot, Gold (20% off) Alice reaches Gold on the Autopilot balance path. | | | | ------------------------------ | ------- | | Annual service fee (1% of $1M) | $10,000 | | VIP discount (20%) | −$2,000 | | Collected | $8,000 | | Partner receives (40%) | $3,200 | | Neutral Trade keeps (60%) | $4,800 | ### Carol — $150K in Neutral Autopilot, 200,000 points, Diamond (30% off) Carol reaches Diamond on the points path, clearing both the 200,000-point threshold and the $10K minimum Autopilot balance. | | | | -------------------------------- | ------ | | Annual service fee (1% of $150K) | $1,500 | | VIP discount (30%) | −$450 | | Collected | $1,050 | | Partner receives (40%) | $420 | | Neutral Trade keeps (60%) | $630 | ### Totals across the three users | | | | ----------------------------- | ------- | | Annual service fees generated | $13,500 | | VIP discounts given | −$2,450 | | Collected from users | $11,050 | | Partner receives | $4,420 | | Neutral Trade keeps | $6,630 | Without the VIP discounts, the same book would have paid the partner $5,400 and Neutral Trade $8,100. The $2,450 of discounts is shared in the same 40/60 proportion as the split itself: **$980** from the partner and **$1,470** from Neutral Trade. ## Getting started Contact the team through the Work With Us section at [neutral.trade](https://www.neutral.trade) or on Telegram at [t.me/neutraltrade](https://t.me/neutraltrade). # Fees + Redemption Period All fees and redemption periods are shown in the neutral.trade vault "details" page
Funds will become available for withdrawal at the conclusion of the redemption period. In Neutral Strategy Vaults, you remain exposed to both the upside and downside during this period. The annual service fee is time-based. For example, a 2% annual service fee breaks down to about 0.00548% per day (2% / 365 days). Commission is taken on the profits we’ve made for you. If we didn't make money for you, we don't earn. Deposited funds are subject to a redemption period to prevent arbitrage opportunities. Due to the nature of our strategies, manual adjustments may be required to facilitate withdrawals in an orderly manner. **Vault specific details can be found in each vaults "Details" section:** {% hint style="info" %} **Annual Service Fee** — *Time-based usage fee. For example, a 2% annual service fee breaks down to about 0.00548% per day (2% / 365 days).* **Commission** — *Profit-sharing cut, only charges if profits are made for the user.* ***Commission Paid*** — the total commission you’ve paid. These are only charged on profits above your High Water Mark (the highest balance after fees). **Earnings** — The total profit you’ve made in the vault, after all fees (commission/service fee) have been deducted. **Balance** — The current value of your holdings in the vault (after fees). **High Water Mark** — Your highest post-fee portfolio value. Commission is only charged if your balance goes above this level. New High Water Mark = max(Previous High Water Mark, Current Balance after Fees). **Example:** 1\. You deposit 100 USDC. 2\. Portfolio grows to 110 USDC. A 10% gain is achieved, fees are taken (e.g. 2 USDC if fee = 20%), leaving you with 108 USDC. 3\. Your new High Water Mark = 108 USDC. 4\. You won’t pay fees again unless your portfolio grows beyond 108 USDC. {% endhint %} ## Deposit/Withdrawal Lifecycle (Neutral Strategy Vaults)
# APY and APR Calculations APR is calculated using the current PPS (Price Per Share) compared to the PPS from a previous period. 90 days is common, though it can vary depending on the age of the vault and various other factors. This specific information, along with gross and net APY, is visible when you hover over the APY icon on any given vaults page in our app. While APR is based on historical performance and not guaranteed, it provides a clear insight into what depositors earned during that timeframe. APR is gross, before fees. **`APR = returns * (365 / daysElapsed)`**\ **`daysElapsed = past 90 days`**\ \&#xNAN;**`Returns = (end value - start value) / start value`** For APY figures we use the daily compounding formula: ``` APY=(1+APR/365)*365−1 ``` # Brand Kit Get the latest Neutral Trade designs Find the latest Neutral Trade logos, visual assets, and design files below. Use these approved resources to keep partner, media, and community materials consistent. {% embed url="" %} # Neutral VIP Program Annual service fee discounts on Neutral Autopilot, across Silver, Gold and Diamond tiers. Effective 1 September 2026. {% hint style="info" %} The Neutral VIP Program takes effect on **1 September 2026**, alongside the move to a standard **1% annual service fee** on all vaults. Throughout this page, "annual service fee" is the time-based fee described on [Fees + Redemption Period](/additional-info/fees-+-redemption-period). {% endhint %} The VIP Program discounts your annual service fee on [Neutral Autopilot](/for-capital-allocators/neutral-autopilot), across three tiers. Commission is not discounted, and continues to be charged only on profits above your High Water Mark. Every wallet qualifies through **NT Points** or through the **balance it holds in Autopilot,** whichever gets you further. ## Tiers | Tier | NT Points path | Autopilot balance path | Service fee discount | | ------- | ---------------------------------- | ---------------------- | -------------------- | | Silver | 20,000 points + $10K in Autopilot | $100K in Autopilot | 10% off | | Gold | 60,000 points + $10K in Autopilot | $1M in Autopilot | 20% off | | Diamond | 200,000 points + $10K in Autopilot | $3M+ in Autopilot | 30% off | **The points path** uses your total NT Points across all seasons, and requires a minimum balance of **$10K in Neutral Autopilot** to activate at any tier. **The balance path** needs no points at all. The Autopilot balance alone sets the tier. ## Claiming your tier Discounts are **not applied automatically**. Reaching a threshold makes you eligible; you still have to claim. 1. Press **Claim VIP** in the app. 2. Sign a transaction to confirm the claim. 3. Your discount is applied **within two business days** of a valid claim. ## Maintaining your tier Your tier is a **maintenance requirement**, not a one-time award. Your qualifying points or Autopilot balance must stay at or above your tier's threshold. If your qualifying level falls below the threshold for **more than 30 days**, your tier is **automatically downgraded** to the tier your current level supports, or removed if you no longer qualify for any tier. ## Worked example You hold **$1.2M in Neutral Autopilot** and claim Gold on the balance path. * Annual service fee before the discount: 1% of $1.2M = **$12,000 per year** * Gold discount: 20% off = **$2,400 per year** * Annual service fee you pay: **$9,600 per year** # Risk Warnings and Disclaimers Statement Neutral Trade is powered by blockchain and smart contract technology operated in a decentralized environment and is not regulated by any authority. Please note that this Statement explains some principal risks but is not an exhaustive list of all possible risks. Before depositing into a vault, or otherwise entering into a transaction, you should therefore be satisfied that you fully understand the precise nature of the transaction, how it works, the extent of your exposure to risks and the potential losses that you could incur. You should also read the relevant product specific terms, including but not limited to the Terms of Use. This Statement also does not deal with issues of taxation or other legal consequences pertaining to any transactions which you may enter into. **General Risk** Subscribing for any Digital Asset related products or services involves a high degree of risk. The value of Digital Assets may not be backed or supported by any government. As such, Digital Assets may suffer significant volatility in value. If you wish to trade Digital Asset related products, you should carefully read and understand the nature, terms and risk of the relevant Products and carefully consider the risk exposure. You must have the financial ability, sophistication, experience, tolerance, and willingness to bear the risks of any Digital Asset related products or services, and a potential total loss of the underlying assets. Digital Asset products and services are not suitable for you. Before acquiring a Digital Asset product or service, please carefully review your financial situation, experience and objectives for engaging in the transaction, ability to bear risks and other relevant circumstances to determine whether such products or services is suitable for you. You should consult professional advisors (including legal, tax, financial and accounting) as may be appropriate. By entering into any Transaction, you agree that you assume all the risk of your Transactions and that we will not be responsible for any losses you may suffer. **Token Issuer Default Risks** Unless expressly stated otherwise, Neutral Trade does not issue Digital Assets. Digital Assets are issued by third parties. You should read the applicable terms, information and risk disclosures provided by the applicable issuers carefully before entering into any Transaction. You should note that the offering document or product information provided by the issuer have not been subject to scrutiny by any regulatory body. For any Digital Assets authorised by a regulator, you should note that authorisation does not imply any official recommendation or endorsement of the asset by such regulator, nor does it guarantee the commercial merits of such asset or its performance. In the event that a Digital Asset issuer becomes insolvent and defaults on their issued products, you will be considered as unsecured creditors and will have no preferential claims to any assets held by the issuer. You should therefore pay close attention to the financial strength and credit worthiness of the Digital Asset issuers and conduct their own assessment on the potential of their project. Since Digital Assets are not legal tender and Digital Asset products are not backed by assets or any government and authorities, in the event of issuer bankruptcy or ceasing of operations, their Digital Assets issued may no longer have any value and you can lose their entire investment. We make no representations or warranties about whether any Digital Asset underlying a vault on Neutral Trade will always continue to be traded. You should seek independent professional advice before making any investment decision. **Vault Diligence** We do not provide any guarantees or endorsements regarding any Vaults. The information provided on our website and/or our platform is for general information and education purposes only and we make no representations or warranties with respect to the accuracy or completeness of such information and it is not a recommendation to deposit into any Vault. You should not consider such information as investment advice. It is your responsibility to assess the quality, legitimacy and value of any Vault. We advise you to exercise caution and perform your own independent research and due diligence before engaging in any trading activities. **Liquidity and Conversion Risks** Where digital asset transactions are denominated in particular Digital Assets or fiat currencies (if and where applicable) other your primary reference asset, or where you convert Digital Assets upon carrying out a Transaction, there is a risk of the exchange markets moving against the investor, resulting in maturity or any earlier dealing the net proceeds may be significantly less than the initial amount in your primary reference asset, and any income or gains may be entirely negated. The value of a Digital Asset may be derived, among other things, from the continued willingness of market participants to exchange fiat currency (if and where applicable) for that Digital Asset, this means that the value of a particular Digital Asset may decline, or be completely and permanently lost should the market for that Digital Asset disappear. You should further note that there is no assurance that a market that existed for a particular Digital Asset will continue to exist in the future, or that a person who accepts a Digital Asset as payment today will continue to do so in the future. Liquidity risk is the risk of losses attributable to a lack of liquidity (for example very few active market participants) in a particular market. This is usually indicated by wide bid / offer spreads and very few transactions being carried out in a particular product or market. The risk is that changes in the underlying market price may be infrequent but very large, and that it is not possible to unwind or transfer a particular transaction in a timely manner, at near the price the investor had expected, or at all. Such liquidity risk in an asset may be caused by the absence of buyers, limited buy/sell activity or lack of or underdeveloped secondary markets for certain Digital Assets. You should note that there is no assurance that a person who accepts a Digital Asset as payment, will continue to do so in the future. You may also suffer loss as a result of depreciation of the value of the fiat currency (if and where applicable) paid as a result of foreign exchange controls imposed by the country issuing the foreign currency. Repayment or payment of amounts due to the investor may be delayed or prevented by exchange controls or other actions imposed by governmental or regulatory bodies over currencies which they control or regulate. Market risk Digital Asset trading venues are relatively new and, in most cases, largely unregulated. They are typically not subject to the same robust regulation as platforms in traditional financial markets, and are not typically required to protect customers to the same extent that regulated securities exchanges or futures exchanges are required. Digital asset platforms may therefore be more exposed to theft, fraud, failure, security breaches, market manipulation and insider dealing, compared to established, regulated exchanges for securities, derivatives and other currencies. In particular, some digital asset venues have collapsed or closed due to the above issues. As a result, the prices of Digital Assets may be subject to larger and/or more frequent sudden decline than assets traded on more traditional exchanges. **Market liquidity Risks** Due to market conditions or other circumstances, you may not be able to withdraw your holding in a Vault as quickly as you would like. If trading is suspended, the subscription and redemption of a Digital Asset may also be suspended. It may also be difficult or impossible to liquidate a position in Digital Assets under certain circumstances. Certain Airdrops, Forks or Network Events may occur rapidly and affect our ability to conduct a Transaction. Information relating to such events may be difficult to ascertain ahead of time and may be subject to limited oversight by any third party who is capable of intervening to stabilise the network. Neutral Trade is not liable for any loss that you may suffer to the extent that you cannot dispose of your holding due to issues arising from the market liquidity. **Volatility Risks** The volatility and unpredictability of the price of Digital Assets relative to other digital Assets or fiat currencies (if and where applicable) may result in significant losses over a short period of time. Such fluctuations could affect the price of any Digital Assets. Digital Assets may decrease in value or lose all of its value due to various factors including discovery of wrongful conduct, market manipulation on trading, lending or other dealing platforms, change to the nature or properties of the Digital Asset, governmental or regulatory activity, legislative changes, suspension or cessation of support for a Digital Assets or other exchanges or service providers, public opinions, or other factors outside of our control. Technical advancements, as well as broader economic and political factors, may cause the value of Digital Assets to change significantly over a short period of time. Digital Assets are highly risky and you should exercise caution when trading any Digital Assets. **Not a Bank Deposit under Applicable Laws** Any fiat currencies (if and where applicable) or Digital Assets held by us for your benefit are not held as “deposits” within the meaning of any Applicable Law and are not eligible for any public or private deposit insurance protection or other protection programmes of a similar nature. For the avoidance of doubt, Neutral Trade is not regulated by any authority. **Jurisdiction Risks** Residents, Tax residents or persons having a relevant connection with certain jurisdictions are excluded from carrying out Digital Asset transactions. Changes in the investor’s place of domicile or the Applicable Laws may result in the investor violating legal or regulatory requirements of the applicable jurisdiction. The investor is responsible for ensuring that any digital asset transaction is, and remains lawful despite changes to Applicable Laws, the investor’s jurisdiction of residence and circumstances. **Country Risks** If a Digital Asset transaction is made in respect of Digital Assets issued by a party subject to foreign laws or transactions made on markets in other jurisdictions, including markets formally linked to a domestic market, recovery of the sums invested and any profits or gains may be reduced, delayed or prevented by exchange controls, debt moratorium or other actions imposed by the government or other official bodies. Before conducting any Digital Asset transaction, the investor should satisfy himself/herself as to the sufficiency of his understanding of any rules or laws relevant to the particular Digital Asset transactions. You should note that their local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where the investor’s transactions have been effected. It is the sole responsibility of the investor to obtain independent advice about the different types of redress available in both the investor’s home jurisdiction and other relevant jurisdictions before starting to trade. If the investor’s jurisdiction of residence imposes restrictions on Digital Asset transactions, we may be required to discontinue your access , and may not be permitted to transfer any Digital Assets back to you or permit you to transfer Digital Assets to yourself or others, until such time as the regulatory environment permits us to do so. **Legal and Regulatory Risks** Legal and documentation risks include the risk that transactions and/or their related framework arrangements may not be legally enforceable or that the conduct of the parties violates applicable laws and regulations. You understand and acknowledge that the regulatory status of Digital Assets, Vaults and relevant products and services is currently unsettled, varies among jurisdictions and is subject to significant uncertainty. There is also legal uncertainty on whether Digital Assets can be regarded as “property” under the Applicable Laws. This may affect the nature and enforceability of your interest in such Digital Asset. Legislative and regulatory changes or actions relating to Digital Assets at a state or international level may adversely affect or restrict, as applicable, the use, transfer, exchange, and value of Digital Assets, as well as the provision of Neutral Trade’s services. You are solely responsible for knowing and understanding how the laws applicable to you or your property, rights or assets or tax the Digital Assets you trade, the Vaults you deposit in or the leverage you provide (if applicable). **Regulatory Measures** Digital Assets may be overseen by the legal and regulatory authorities of a number of jurisdictions globally. We may receive notices, queries, warnings, requests or rulings from one or more authorities upon short notice, or may even be ordered to suspend or terminate any action in connection with any Digital Assets as a whole without prior notice. Furthermore, many aspects of the Digital Assets involve untested areas of law and regulation, and could be subject to new laws or regulations. Therefore, their legal and regulatory outcome in all relevant jurisdictions is not possible to predict. The planning, development, marketing, promotion, execution or otherwise of the Digital Assets may be seriously affected, hindered, postponed or terminated as a result of such new laws and/or regulations. Since regulatory policies can change with or without prior notice, any existing regulatory permissions for or tolerance of Digital Assets in any jurisdiction may be withdrawn without warning. Cryptographic-tokens and cryptocurrencies could be deemed from time to time as a commodity or digital commodity, a digital asset or even as money, securities or currency in various jurisdictions and therefore the Digital Assets could be prohibited from being entered into, traded or held in certain jurisdictions pursuant to local regulations. In turn, the Digital Assets could be deemed to be a regulated or restricted product. There is no guarantee that the Digital Assets can maintain any particular legal or regulatory status in any particular jurisdiction at any time. **Digital Assets or Vaults may be Complex Products** Digital Assets or Vaults may be complex products by virtue that the terms, features and/or risk are not understood due to the complex structure, novelty and reliance on technological features. You should take steps to understand the nature of such complex products and the risks involved. **Commissions and Fees** The investor should obtain details of all fees, costs, charges, expenses and commissions updated from time to time for which he/she will be liable before conducting any Digital Asset transaction or subscripting into any Vault. If any of the foregoing is unclear to the investor, it is the responsibility of the investor to clarify such fees, costs, charges, expenses and commissions before entering into the Digital Asset transaction. The fees, costs, charges, expenses and commissions to be paid by the investor will vary depending on a variety of factors, including the nature of the investor’s relationship with Neutral Trade in relation to the relevant services, the transaction size, complexity and type of asset. **Tax Treatment and Accounting** Some Digital Asset transactions may be subject to the tax laws and regulations in an applicable jurisdiction. The tax treatment and accounting of Digital Assets is a largely untested area of law and practice that is subject to change. Tax treatment of Digital Assets may vary amongst jurisdictions. If you are unsure about the tax implications of your Digital Asset transactions, you should seek independent professional advice before carrying out a Digital Asset transaction. **Insolvency Risk** The insolvency or default of any exchanges or brokers involved with the Services and Products may lead to your trading positions being liquidated or closed out without your consent. In such circumstances where, for example, the exchange’s or broker’s assets are subject to insolvency proceedings, you may lose the assets that you have invested. **Conflicts of Interest** We or other Digital Asset trading service providers may be acting as agents for you as well as acting as principals against you. We or other relevant service providers may facilitate the initial distribution of Digital Assets (such as, initial coin offerings), secondary market trading, or both, in manners similar to a traditional exchange, alternative trading system or securities broker. If these operations are not under the purview of any regulator, it would be difficult to detect, monitor and manage conflicts of interest. **Money-laundering risk** Digital Assets are generally transacted or held on an anonymous basis. In particular, Digital Asset platforms which allow conversions between Digital Assets and fiat currencies (if and where applicable) are inherently susceptible to higher risks of money laundering and terrorist financing. Digital Asset investments may be the subject of law enforcement action as a result of criminal activities and you may not be able to recover any of their investments as a result. **Cryptographic Protection** Cryptography is evolving and there can be no guarantee of security at all times. Advancement in cryptography technologies and techniques, including but not limited to code cracking, the development of artificial intelligence and/or quantum computers, could be identified as risks to all cryptography-based and/or blockchain based systems including the underlying assets of the digital assets. The security of our platform cannot be guaranteed as the future of cryptography or security innovations is unpredictable. **Abandonment or Development Failure** Due to the technically complex nature of our platform, we could face difficulties from time to time that may be unforeseeable and/or unresolvable. Accordingly, the development of the platform could fail, terminate or be delayed at any time for any reason (including but not limited to a lack of funds). **Loss of Private Key is Permanent and Irreversible** You should note that the investor alone is responsible for securing his/her private key for any address with respect to Digital Assets. Any loss of control of the private key by the investor will permanently and irreversibly deny the investor access to such Digital Assets and a means of proving their ownership in the Digital Assets. Neither Neutral Trade nor any other person will be able to retrieve or protect the Digital Assets not held by Neutral Trade. Once lost, the investor will not be able to transfer such Digital Assets to any other address or wallet. This means that the investor will also not be able to realize any value or utility that the Digital Assets may hold now or in future. **Cyber-attacks and Fraudulent Activity, including Theft of Digital Assets** There may be attempts to steal Digital Assets on the platform. The nature of Digital Assets exposes the investor to an increased risk of fraud or cyber-attack. Neutral Trade’s platform and website may be targeted by malicious persons who may attempt to steal Digital Assets or fiat currencies (if and where applicable), or otherwise intervene in a Digital Asset transaction. This includes (but is not limited to) interventions by way of distributed denial of service, sybil attacks, phishing, social engineering, hacking, smurfing, malware, double spending, majority-mining, consensus-based or other mining attacks, misinformation campaigns; Forks; and spoofing. These malicious persons may target an investor in an attempt to steal any asset held by the investor, or to claim any asset that the investor may have purchased. This may involve unauthorised access to your wallet, log-in details or access method for your wallet, as well as unauthorised access to your computer, smartphone and any other devices. Your are solely responsible for protecting himself/herself against such actions. Neutral Trade’s platform and website may also be vulnerable to exploitation of vulnerabilities in smart contracts and other code, as well as to human error. Cyber-attacks resulting in the hacking of Digital Asset platforms and thefts of Digital Assets are common. Victims may have difficulty recovering any losses resulting from these attacks. This could result in significant loss and/or other impact that may materially affect an investor’s interests. The above events may affect the features, function, operation, use, access or other properties of the Digital Assets, your wallet, Neutral Trade’s platform and website. **Code Flaws** While we adopt quality assurance procedures to help ensure the source codes as accurately as possible reflect their intended operation, the flawlessness of the source codes, some of which are open source codes, cannot be guaranteed. They may contain bugs, defects, inconsistencies, flaws or errors, which may disable some functionality, create vulnerabilities or cause instability. Such flaws may compromise the predictability, usability, stability, and/or security of the platform. Open source codes rely on transparency to promote community-sourced identification and solution of problems within the code. **Unpermissioned, Decentralized and Autonomous Ledger** Neutral Trade’s platform is being developed to serve various distributed ledger systems which are unpermissioned protocols that could be accessed and used by anyone. In addition to the use of decentralized ledgers, we intend to make use of supporting technologies that also operate on decentralized ledgers. The utility and integrity of our platform relies on the stability, security and popularity of these decentralized ledgers. Risks arising from relying on such distributed ledger technology include the existence of technical flaws in the technology, targeting by malicious persons, majority-mining, consensus-based or other mining attacks, changes in the consensus protocol or algorithms, decreased community or miner support, rapid fluctuations in value of relevant digital assets, the existence or development of competing networks, platforms and assets, flaws in the scripting language, disputes between developers, miners and/or users and regulatory action. We are envisaged to be an open, decentralized community and its composition can include users, supporters, developers and other participants worldwide who may or may not be connected with us in any manner. The platform is intended to be decentralized and autonomous in nature as far as its maintenance, governance and evolution are concerned. **Compromised Security** We rely on open source software and unpermissioned decentralized distributed ledgers including but not limited to the Solana and Ethereum blockchain. Accordingly, anyone may intentionally or unintentionally compromise the core infrastructural elements of our platform and its underlying technologies. This may consequently result in the loss of any Digital Assets held on the platform and may cause our system to fall. **Inadequacy of Network** The ramp up of the platform may be accompanied by sharp increases in transaction numbers and demand for processing power. If the demand for processing power outgrows that forecasted, the network of the platform could be destabilized and/or stagnated. This may create opportunities for fraudulent activities including but not limited to false or unauthorized transactions (such as "double-spending") to arise. All these may adversely impact the usability, stability and security of the platform. **Reliance on the Internet and Other and Technology-related Risks** Operation of Neutral Trade’s Vaults and Digital Asset transactions rely heavily on the internet and other technologies. However, the public nature of the internet means that either parts of the internet or the entire internet may be unreliable or unavailable at any given time. Further, interruption, delay, corruption or loss of data, the loss of confidentiality in the transmission of data, or the transmission of malware may occur when transmitting data via the internet and/or other technologies. The result of the above may be that your Digital Asset transaction is not executed according to your Instructions, at the desired time, or not at all. No authentication, verification or computer security technology is completely secure or safe. The internet or other electronic media (including without limitation electronic devices, services of third-party telecom service providers such as mobile phones or other handheld trading devices) are an inherently unreliable form of communication, and such unreliability may be beyond Neutral Trade’s control. Any information (including any document) transmitted, or communication or transactions made, over the internet or through other electronic media (including electronic devices, services of third party telecommunication service providers such as mobile phones or other handheld trading devices or interactive voice response systems) may be subject to interruption, transmission blackout, delayed transmission due to data volume, internet traffic, market volatility or incorrect data transmission (including incorrect price quotation) or stoppage of price data feed due to the public nature of the internet or other electronic media. **Past Performance and Indicated Returns not Indicative** You acknowledge and agree that the past performance of any Neutral Trade’s Vaults, or otherwise any of Neutral Trade’s Products or Services, is not an indication of future performance. In providing the Services and Products, Neutral Trade does not guarantee the performance of any Services or Product and does not provide any financial or legal advice to you. Any indicated potential returns are subject to change at any time without notice due to fluctuations in market conditions, regulatory changes, or other unforeseen events. You are solely responsible for determining the suitability of the Services or Product for you. **Transactions Deemed Executed Only when Recorded or Confirmed** Some Digital Asset transactions may be deemed to be executed only when recorded and confirmed, which may not necessarily be the time at which you initiate the transaction. **Irreversible Transactions** Transactions in Digital Assets may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable. You should note that once a transaction has been verified and recorded on a blockchain, loss or stolen Digital Assets generally will not be reversible. This means accidental or fraudulent transactions in respect of Digital Assets may not be recoverable. **Counterparty Risk** Most trading, lending or other dealing platforms, custodians of Digital Assets or other Digital Asset service providers are private companies which may be unregulated or only subject to light-touch regulation (e.g. for payment purposes). As such, they may not be subject to the same robust regulation and transparent rules as service providers or products in traditional financial markets, posing additional counterparty risks for Digital Asset related products, and may be exposed to market manipulative and abusive activities. There is a risk that these counterparties may become insolvent. **DISCLAIMER OF WARRANTIES** TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NEUTRAL TRADE, ITS VAULTS, AND ITS WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS WITHOUT ANY WARRANTY OF ANY KIND, AND NEUTRAL TRADE HEREBY SPECIFICALLY DISCLAIMS ALL WARRANTIES WITH RESPECT TO ITS PRODUCTS AND SERVICES, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING THE IMPLIED WARRANTIES AND/OR CONDITIONS OF TITLE, MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, AND/OR NON-INFRINGEMENT. NEUTRAL TRADE DOES NOT WARRANT THAT ITS PRODUCTS AND SERVICES, INCLUDING ACCESS TO AND USE OF ITS WEBSITE, WILL BE CONTINUOUS, UNINTERRUPTED, TIMELY, COMPATIBLE WITH ANY SOFTWARE, SYSTEM, OR OTHER SERVICES, SECURE, COMPLETE, FREE OF HARMFUL CODE, OR ERROR-FREE. NO ADDITIONAL DUTIES SHALL BE IMPLIED. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NEUTRAL TRADE SHALL NOT ASSUME ANY FIDUCIARY DUTY OR OBLIGATION TO USERS. # Neutral Trade User Terms and Conditions Welcome to the Neutral Trade platform's website and interface. These Terms of Use govern your access to and use of the domain and all associated pages, features, services, and applications that operate the Neutral Trade platform (collectively referred to as the “Interface”). **NEUTRAL TRADE IS NOT A REGULATED ENTITY AND DOES NOT OPERTE ANY REGULATED ACTIVITY UNDER APPLICABLE JURISDICTIONS. IN COMPLIANCE WITH LAWS AND REGULATIONS, YOUR ACCESS TO OR USE OF NEUTRAL TRADE’S INTERFACE MAY BE LIMITED IN SELECT LOCATIONS OR TO CERTAIN USERS.** THESE TERMS DO NOT FULLY DISCLOSE THE RISKS OR MATERIAL ASPECTS OF USING NEUTRAL TRADE’S SERVICES. THE USER SHOULD NOT CONSTRUE THESE TERMS OR ANY TERMS OF THE AGREEMENT AS LEGAL, TAX OR FINANCIAL ADVICE. NEUTRAL TRADE IS NOT ACTING AS THE USER’S FINANCIAL ADVISOR AND THE USER MUST NOT REGARD NEUTRAL TRADE AS ACTING IN THAT CAPACITY. THE USER SHOULD CONSULT HIS OWN INDEPENDENT PROFESSIONAL ADVISORS BEFORE ENTERING INTO ANY TRANSACTION AND ONLY USE THE SERVICES IF THE USER HAS FULLY UNDERSTOOD THE NATURE, THE CONTRACTUAL RELATIONSHIP INTO WHICH HE IS ENTERING, ALL RELEVANT TERMS AND CONDITIONS AND THE NATURE AND EXTENT OF THE USER’S EXPOSURE TO LOSS. THE USER HAS BEEN RECOMMENDED TO READ THESE TERMS CAREFULLY AND RETAIN THESE FOR THE USER’S RECORDS. **1. Acceptance of Terms.** By using the Interface, you (the "User") agree to these terms, which form a legal agreement between you and Neutral Trade ("Company," "we," or "us"). These terms, along with the Risk Warnings and Disclaimers Statement and any referenced documents (collectively, the “Terms of Use”), outline the rules for accessing and utilizing the Interface, including all content, features, vaults, subpages, and services available through it. Before using the Interface, please carefully review these Terms of Use. By using the Interface or clicking to accept the Terms when prompted, you agree to comply with and be bound by them. If you do not agree to these Terms of Use or any applicable documents, you must refrain from using the Interface. In case of any conflict between these Terms and other applicable terms, these Terms will take precedence unless explicitly stated otherwise. **2. Changes to the Terms of Use.** The Company reserves the right to modify and update these Terms of Use at its sole discretion. Any changes will take effect immediately upon being posted and will apply to all future access and use of the Interface. By continuing to use the Interface after updated Terms of Use are posted, the User acknowledges and agrees to these changes. It is the User’s responsibility to review this page regularly to stay informed of any updates, as these modifications are binding. If the User disagrees with the revised Terms of Use, they must immediately stop using Neutral Trade’s services. **3. Electronic Communication.** By agreeing to these Terms of Use, the User consents to receive communications from the Company electronically, including via email or other electronic messaging systems. This consent applies to all agreements, disclosures, and other communications that would otherwise be required to be provided in writing. The User acknowledges that electronic communications fulfill any legal requirements for written communication and waives the right to request a non-electronic, original signature, unless prohibited by applicable law. **4. Accessing the Interface and User Security.** The Company reserves the right to modify, pause, or withdraw the Interface or any of its services or materials at its discretion, without prior notice. The Company shall not be held liable for any periods during which the Interface or parts of it are unavailable. Periodically, access to certain parts of the Interface, or the entire Interface, may be limited to specific users. The User is responsible for: 1. Ensuring that necessary arrangements are in place for accessing the Interface. 2. Ensuring that any individuals using the Interface through the User’s internet connection are aware of and comply with these Terms of Use. To use the Interface or access certain resources, the User may be required to utilize Web3 tools, such as MetaMask or other crypto wallets compatible with their web browser (“Web3 Utilities”). The User must ensure that these Web3 Utilities and their associated private key(s) are operated solely by the party who created the keys and only with their explicit permission. Additionally, all information provided while interacting with the Interface must comply with the policies referenced on the Interface, and the User consents to the Company’s use of this information in accordance with those policies. If a Web3 Utility requires the use of a username, password, private key, or other security credentials, the User agrees that the identity tied to the Web3 Utility is personal and confidential. The User must ensure the protection of this identity and prevent unauthorized access by locking the Web3 Utility after each session. Caution should be exercised when using the Interface on public or shared computers to prevent others from accessing the User’s sensitive information. The Company reserves the right to disable any Web3 Utility-linked identity (such as a public address) or block an IP address from accessing the Interface at its discretion, especially in cases where the User or identity is deemed to have violated any part of these Terms of Use. **5. Eligible Users.** To be eligible to use Neutral Trade’s products and/or services (including and not limited to the Interface), you must: * acknowledge and agree that the products and/or services may be provided by Neutral Trade with the support of its affiliates; * be a natural or legal person or other body corporate with full legal capacity and authority to enter into these Terms of Use; * in the case of an individual, be at least 18 years old or of legal age specified by applicable law in your jurisdiction of residence for a binding contract; * in the case of an authorized person entering into these Terms of Use on behalf of a body corporate, have all the necessary rights and authorities to bind such body corporate; * not reside in a country where the relevant products and/or services are inaccessible; and * not be a Proscribed Person. “Proscribed Person” refers to a person who is, or appears to Neutral Trade to: (a) be in breach of any AML/CFT Requirements of any jurisdiction; (b) appear in a list of persons with whom dealings are proscribed by the United Nations or another government agency or a regulatory authority under applicable laws; or act on behalf, or for the benefit of, any person described in (a) or (b). **6. Prohibited Uses.** The User may only access and use the Interface for lawful purposes and in compliance with these Terms of Use. The User agrees not to use the Interface for the following purposes: * In any manner that violates federal, state, local, or international laws or regulations, including those related to the export of data or software across borders. * To exploit, harm, or attempt to harm minors by exposing them to inappropriate content, soliciting personal information, or engaging in any other harmful behavior. * To transmit or facilitate the sending of any unsolicited advertising or promotional material, such as "junk mail," "spam," chain letters, or similar solicitations. * To impersonate or attempt to impersonate the Company, its employees, other users, or any other individual or entity, including through deceptive email addresses, screen names, or blockchain identities. * To engage in conduct that disrupts or inhibits another's use or enjoyment of the Interface, or that could harm the Company or other users, or expose them to liability. * If the User is from or accessing the Interface from a prohibited region or is subject to economic sanctions, or is listed as a Specially Designated National by the U.S. Office of Foreign Asset Control (OFAC). * If use violates any law or regulation in the User's jurisdiction. Additionally, the User must not: * Attempt to deceive or defraud any person, or actually deceive or defraud by providing false, inaccurate, or misleading information to unlawfully obtain another's property. * Promote illegal activity or assist in any unlawful act. * Misrepresent the User's identity or affiliations, or impersonate others. * Engage in activities that violate laws related to trading markets, such as spoofing, pump-and-dump schemes, or wash trading. * Suggest that actions or communications emanate from or are endorsed by the Company or any entity unless this is true. * Use the Interface for any securities-related transactions or transactions that require registration with regulatory bodies such as the SEC, FINRA, CFTC, SFC and MAS, among others. * Overburden, damage, or interfere with the Interface’s functionality or other users’ ability to engage in real-time activities on the platform. * Use automated means (e.g., robots, spiders) or manual processes to monitor or copy any material from the Interface without prior written consent. * Introduce harmful software such as viruses, malware, worms, Trojan horses, or other malicious technology. * Attempt unauthorized access to any part of the Interface, its server, blockchain, or any related systems or databases. * Violate others' legal rights (including privacy and publicity) or engage in actions that may lead to civil or criminal liability. * Launch denial-of-service or distributed denial-of-service attacks against the Interface. * Otherwise attempt to interfere with the proper functioning of the Interface. The User must refrain from any actions that could compromise the security, functionality, or integrity of the Interface or any associated systems. **7. Instructions.** The User acknowledges that he is entitled to provide instructions (through a Web3 Utility or otherwise) by providing notice through the Interface, including instructions to deposit, withdraw or cancel, provided that an instruction may not be complied with if not in compliance with the Terms of Use, or, if it has been executed by Neutral Trade already and the transaction of such instruction has been published to the public blockchain. The User shall bear all risks, liabilities and losses as a result of a failed instruction or Neutral Trade’s failure to execute the instruction. **8. Monitoring and Enforcement; Termination.** The Company reserves the right to: * Take appropriate legal actions, including referring cases to law enforcement authorities, in response to any illegal or unauthorized use of the Interface. * Terminate or suspend a User’s access to part or all of the Interface at its discretion, including in cases of violation of these Terms of Use. The Company shall not be held liable for any harm, damage, or issues arising from interactions with the underlying blockchain supporting the Interface. **9. Changes to the Interface.** The Company may periodically update the content, design, and features available through the Interface. However, the Interface may not always be fully up-to-date, and the Company is under no obligation to ensure that any material is current. Information or functionalities on the Interface may become outdated, and the Company is not required to update them. **10. No Professional Advice.** All content and information provided on the Interface is intended solely for informational purposes and should not be interpreted as professional advice, including but not limited to legal, tax, or financial advice. The Company makes no warranties regarding the accuracy, completeness, or usefulness of the information provided. Users should not act or refrain from acting based on information provided on the Interface, including posts, articles, third-party links, social media communications, or tutorials. Any reliance on such information is entirely at the User's own risk, and the User assumes the high degree of risk that comes with using blockchain technology. Users are strongly encouraged to seek independent, professional advice from licensed and qualified experts before making any financial, legal, or other decisions based on the Interface. The User agrees and acknowledges that, to the fullest extent permissible by law, they have not relied on the Company or any other participant for professional advice when interacting with the Interface. **11. No Fiduciary Duties.** The provision of the Interface and this Agreement does not create any fiduciary or professional duties between the Company and the User or any third party. The User agrees, to the fullest extent permissible by law, that their use of the Interface does not impose any fiduciary obligations or liabilities on the Company. The User further acknowledges and irrevocably waives any claims of fiduciary duties or liabilities against the Company. The User agrees that the only duties or obligations the Company or any participant owes are those explicitly outlined in this Agreement, and that the User has no rights outside of those expressly granted in these Terms of Use related to the Interface or the Protocol. **12. Market Fluctuations and Extreme Market Events.** If Neutral Trade acting reasonably determines that an extreme market event is occurring in relation to a service (including but not limited to a vault or strategy) offered through the Interface, the User agrees that Neutral Trade may take such action as it considers necessary, and in accordance with applicable laws, to respond to this extreme market events, including but not limited to immediately suspending or terminating some of the products or services, immediately removing or a vault from the Interface, forcing redemptions or liquidations by a User and changing the allocation of a User. **13. Fees and Taxes.** The User will pay all applicable fees, costs, charges, expenses and commissions to Neutral Trade as set out on the Interface (updated from time to time), including costs in connection with networks or blockchains underlying a vault and/or engagement of third party service providers, as well as applicable levies imposed by relevant government agencies. The User acknowledges and agrees that Neutral Trade may change the relevant applicable fee rate or introduce a new charge from time to time and with immediate effect. Should the User continue to use the Interface, the User shall be considered to have accepted and agreed to the changes. **14. Warranty Disclaimer.** The User acknowledges and agrees that their use of the Interface, its content, and any services provided through it is entirely at their own risk. The Interface and any vaults on Neutral Trade is provided on an "AS IS" and "AS AVAILABLE" basis. To the fullest extent permitted by applicable law, the Company and its affiliates disclaim all warranties, whether express, implied, or statutory, including but not limited to implied warranties of merchantability, non-infringement, and fitness for a particular purpose. Neither the Company nor any associated person makes any warranties or representations regarding the completeness, security, reliability, quality, accuracy, or availability of the Interface. The Company and its affiliates make no representations or warranties that: 1. Access to the Interface will be uninterrupted, continuous, timely, secure, free from errors, or defects. 2. Information presented on the Interface is accurate, complete, reliable, current, or relevant. 3. The Interface will be free from viruses, malicious software, bugs, errors, or other harmful elements, or that such issues will be corrected. 4. The Interface will meet the User’s expectations. 5. Any communication or documentation from the Company should be regarded as providing a warranty concerning the Interface or any related protocol. The Company does not endorse or take responsibility for any content, advertisements, offers, statements, or actions of third parties that may appear through the Interface. The User is solely responsible for implementing sufficient security and backup procedures, including but not limited to: 1. Choosing and maintaining an appropriate Web3 Utility. 2. Protecting against viruses and ensuring the accuracy of data input and output. 3. Maintaining backup copies of any important data externally to prevent data loss. To the fullest extent permitted by law, the Company will not be liable for any damages or losses resulting from distributed denial-of-service attacks, viruses, or other harmful materials that may infect the User's devices, data, or proprietary information due to their use of the Interface, any services obtained through the Interface, or downloading content from the Interface or any linked website. **15. Limitation of Liability.** To the fullest extent permitted by law, the Company, its affiliates, agents, licensors, service providers, employees, officers, or directors shall not be liable for any damages of any kind arising from or related to the User’s use or inability to use the Interface, the underlying protocol or blockchain, or any linked websites. This includes, but is not limited to, claims for direct, indirect, special, incidental, consequential, or punitive damages such as personal injury, pain and suffering, emotional distress, loss of revenue, loss of profits, loss of business, loss of anticipated savings, loss of use, loss of goodwill, or loss of data, whether such claims arise from tort (including negligence), breach of contract, or otherwise, even if foreseeable. For the avoidance of doubt, Neutral Trade and/or any of its affiliates will not be liable for any loss incurred or damage suffered arising from: 1. any use of the User’s Account by the User or by any third party (whether or not authorized by the User); 2. unauthorized, mistaken, or accidental transfer or exchange of the User's digital assets; 3. any malfunction, defect or error in any terminal used to process any instructions from the User; 4. any delay or inability on Neutral Trade’s part to perform any of our obligations under these Terms because of any force majeure event; 5. any damage to or loss or inability to retrieve any data or information that may be related to Neutral Trade's provision of Services; 6. fraud or forgery of any third parties; 7. any actual or potential losses that may result based on the decision to support a Fork, or the timing of implementation of support; 8. any downtime due to the inability to trade or otherwise transfer digital assets; or 9. any hold, or for the User's inability to withdraw digital assets or execute trades during the period of any such hold. Neutral Trade will not be liable for any loss that is caused by any malfunction of a third party application programming interface or other related interactions with any third party software. This limitation of liability also applies to any damages caused by third parties or any failure of the protocol or underlying blockchains. The foregoing limitation of liability does not apply to any liability that cannot be excluded or limited under applicable law. **16. Nature of Blockchain; Assumption of Risk; Waiver of Claims.** Blockchain technology and smart contracts are emerging and evolving, carrying both foreseeable and unforeseeable risks in areas such as security, financial stability, technical reliability, and regulatory compliance. The User acknowledges that participating in blockchain activities requires a high level of expertise and knowledge, as blockchain-related technologies are inherently volatile and complex. Factors contributing to this volatility may include adoption rates, speculative activity, security risks, manipulation, and evolving legal and regulatory frameworks. Additionally, blockchain transaction costs and speeds can fluctuate, and due to the public nature of many blockchains, the User’s activity may be visible to others. By accessing and using the Interface, the User acknowledges and agrees to the following: 1. Understanding of Risks: The User is fully aware of the risks associated with blockchain technology and the Protocols underlying the Interface. 2. Sufficient Knowledge: The User has sufficient knowledge and understanding of blockchain technologies, crypto-assets, crypto mining, Web3 Utilities, and smart contracts to operate safely and efficiently. The User is aware of both the foreseeable risks and the possibility of unforeseen risks. 3. Volatility of Crypto-assets: The User understands that crypto-assets involved in the Interface may rapidly change in value or be lost entirely, which could result in significant harm or financial loss. 4. No Liability: The Company does not own or control the underlying blockchain or Protocol, nor is it responsible for any risks related to their use. The User accepts that the Company cannot be held liable for any damages, losses, or harm incurred during the use of the Interface or any related blockchain interactions. 5. Assumption of Risk: The User assumes full responsibility for all risks associated with accessing and using the Interface and interacting with any relevant Protocol, regardless of whether those risks are mentioned here or arise unexpectedly. The User further waives and releases the Company from any liability, claims, or damages arising from the User’s use of the Interface and interactions with any relevant blockchain or protocol. **17. Compliance.** The User acknowledges that the Interface may not be available or lawful in all jurisdictions. By accessing or using the Interface, the User takes full responsibility for ensuring compliance with the laws and regulations applicable in their jurisdiction. The User must not access or use the Interface if they are a citizen or resident of a jurisdiction subject to economic sanctions or where their use of the Interface would be illegal or violate any applicable laws. The User is also solely responsible for any taxes, duties, or assessments imposed by any governmental authority in connection with their use of the Interface. **18. Links from the Interface.** The Interface may include links to third-party websites, protocols, or resources. These links are provided solely for the User's convenience and may include advertisements or sponsored content. The Company has no control over these external resources and accepts no responsibility for the content, accuracy, or availability of such third-party sites, nor for any loss or damage resulting from the User's interaction with them. Accessing third-party websites or resources through links on the Interface is entirely at the User's own risk and subject to the terms and conditions of the respective websites. **19. Indemnification.** The User agrees to indemnify, defend, and hold harmless the Company, its affiliates, licensors, agents, service providers, and their respective officers, directors, employees, contractors, agents, licensors, suppliers, successors, and assigns from any claims, liabilities, damages, judgments, awards, losses, costs, expenses, or fees (including reasonable attorneys’ fees) arising out of or related to: 1. Violation of Terms: The User’s breach of these Terms of Use. 2. Use of the Interface: The User's interaction with the Protocol or any reliance on the content, services, or products provided by the Interface. 3. Reliance on Information: Any reliance the User places on information obtained from the Interface. 4. Third-party Access: Any access or use of the Interface or Protocol by a third party with the User's assistance or via any device or account owned or controlled by the User. **20. Enquiries.** Where any regulatory or government agency makes an enquiry which relates to any service or transaction carried out pursuant to this Terms of Use, the User agrees to co-operate with Neutral Trade in the provision of such information, and that any information relevant to the enquiry may be passed to any of NEUTRAL TRADE’s nominees or Affiliates, the Custodian or any Infrastructure Participant, Network Participant or Government Agency, as appropriate. **21. Termination.** Neutral Trade may terminate these Terms of Use and its provision of products or services to a User immediately upon the occurrence of any one or more of the following events: 1. the occurrence of any Events of Default; 2. where Neutral Trade reasonably suspects that the User’s wallet or account is used for market misconduct or any illegal, fraudulent, or unauthorised purpose, including but not limited to money laundering, terrorist financing, fraud or any other crime, or perceives a heightened risk of legal or regulatory non-compliance associated with the User’s activity; 3. where Neutral Trade is required to do so by applicable law, or any court or authority to which Neutral Trade is subject in any jurisdiction; 4. the User’s use of the Interface is subject to any pending, ongoing or threatened litigation, investigation, or judicial, governmental or regulatory proceedings; or 5. there is any other valid reason which requires Neutral Trade to do so. “Events of Default” refers to where User is no longer eligible to use the Interface; or fails to duly and punctually observe or perform any of the undertakings, duties and obligations in these Terms of Use; or any dispute or proceedings against the User. The User acknowledges and agrees that the events set out under this clause is a non-exhaustive list and Neutral Trade’s decision to take certain actions, including but not limited to termination, suspension, freeze funds or restriction to access, transact, or use the Interface may be based on confidential reasons that are essential to Neutral Trade's risk management, security or other compliance protocols. **22. Governing Law and Dispute Resolution.** All matters related to the Interface and these Terms of Use, including any disputes or claims arising from or in connection with them, are governed by the laws of the British Virgin Islands. Any dispute, controversy or claim arising out of or relating to this contract, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the BVI IAC Arbitration Rules. This ensures that any disputes arising between the User and the Company will be addressed through arbitration rather than in a court of law. **23. Limitation on Time to File Claims.** Any cause of action or claim that the User may have related to these Terms of Use or the use of the Interface must be initiated within one (1) year from the date the cause of action arises. Failure to file such a claim within this time period will result in the permanent barring of the claim. **24. Injunctive Relief Waiver.** To the fullest extent permitted by applicable law, the User agrees that they will not be entitled to seek any form of injunctive or equitable relief, including any court orders or injunctions, in connection with their use of the Interface. This means that the User waives the right to any court action intended to compel or prohibit any specific action by the Company. **25. Entire Agreement.** These Terms of Use, along with any documents expressly referenced or incorporated by reference, represent the entire agreement between the User and the Company regarding the Interface. This agreement supersedes any and all prior or contemporaneous agreements, understandings, representations, and warranties, whether oral or written, related to the Interface. This ensures that no external communications or representations modify or contradict the stated Terms. # PRIVACY POLICY **Last updated:** 2026-08-15 This Privacy Policy describes how Neutral Trade ("**we**", "**us**", or "**our**"), collects, uses, and discloses personal data in connection with the website at ****, any associated mobile applications, and any related smart contracts, vaults, and interfaces operated by Neutral Trade (collectively, the "**Interface**"). Neutral Trade is the controller of your personal data within the scope of this Privacy Policy. If you have questions or wish to exercise any right described below, contact us at ****. ### 1. Changes to this Policy If our data processing practices change, we will update this Privacy Policy and revise the date above. Where the change is material, we will use reasonable means to notify you (such as a notice on the Interface). Your continued use of the Interface after an update constitutes acknowledgement of the revised policy. If you do not agree with our practices, your remedy is to stop using the Interface. ### 2. Eligibility You must be at least 18 years old, or the legal age of majority in your jurisdiction of residence, whichever is higher, to use the Interface. By accessing or using the Interface, you represent and warrant that you meet this requirement. The Interface is not offered to, and may not be used by, persons or entities located in any jurisdiction in which the relevant products or services are not available, including jurisdictions subject to comprehensive sanctions administered by the United States, the United Kingdom, the European Union, or the United Nations, or any other jurisdiction in which use of the Interface would be unlawful or restricted. Accessing the Interface from such a jurisdiction is a breach of our Terms of Use. Eligibility, restricted jurisdictions, and prohibited persons are set out in detail in our Terms of Use. ### 3. Applicability This Privacy Policy applies to all of your interactions with us through the Interface. Your use of the Interface is also governed by our **Terms of Use**, available at , which contain additional terms regarding eligibility, restricted jurisdictions, prohibited uses, and dispute resolution. This Privacy Policy does not apply to: * Third-party wallets and Web3 utilities (as defined in the Terms of Use), blockchains, exchanges, fiat on-ramps, or other third-party services that you may use in connection with the Interface. Those services are governed by their own privacy policies. * Information you share with us through channels other than the Interface (for example, in-person meetings, recruiting, or business development conversations), which may be subject to separate notices. * Public blockchain data, which is by design transparent, immutable, and not within our control. ### 4. Data Processing in Connection with the Interface #### 4.1 Personal data we collect We aim to collect the minimum personal data necessary to operate, secure, and improve the Interface. The categories of personal data we may process include: * **Technical and device data** — IP address, approximate location derived from IP, MAC address (where exposed by your device), browser type and language, operating system, device identifiers, referrer URLs, log files, timestamps, and similar technical information, collected automatically when you access the Interface. * **Usage data** — pages viewed, features used, clicks, navigation paths, session duration, and similar behavioural data about how you interact with the Interface. * **Wallet and on-chain data** — public wallet addresses you connect to the Interface, transaction history visible on the blockchain, balances, and similar on-chain information accessible when you interact with the Interface. * **Voluntary inputs** — information you choose to provide, such as an email address for newsletter subscription, support requests, or feedback. * **Authentication data** — where you choose to sign in using a third-party identity provider, the limited account information that provider shares with us in accordance with your authorization. We do not, and will never, ask you for your wallet seed phrase, private key, or any equivalent secret. Anyone asking you for these credentials in the name of Neutral Trade is acting fraudulently. We do not intentionally collect special-category personal data (such as data revealing racial or ethnic origin, political opinions, religious beliefs, health, or biometric data). #### 4.2 How we use wallet addresses Public wallet addresses are used to identify a user's journey through the Interface for product analytics, fraud and abuse prevention, and compliance with applicable restrictions (including geo-restrictions). We analyse wallet-level usage in aggregate to improve the Interface and do not use this data to construct individual profiles for marketing purposes. The legal basis for this processing is our legitimate interest in operating, securing, and improving the Interface, and, where applicable, the performance of a contract with you. #### 4.3 Purposes of processing We use the personal data described above for the following purposes: * **Operating and securing the Interface** — including authenticating sessions, preserving language and display preferences, applying geographic restrictions, detecting and preventing fraud, abuse, and security incidents, and protecting the integrity of the Interface. * **Improving the Interface** — analysing aggregated and pseudonymised usage data to understand product performance and inform product development. * **Communicating with you** — responding to inquiries, providing support, and, where you have opted in, sending product updates or newsletters. * **Enforcing our Terms of Use** — including suspending or restricting wallet addresses and blocking IP addresses where we determine, in our reasonable discretion, that use of the Interface is in breach of our Terms of Use or applicable law. * **Legal compliance** — meeting our obligations under applicable laws, responding to lawful requests from regulators or law enforcement, and enforcing our Terms of Use. #### 4.4 Legal bases for processing (GDPR / UK GDPR) Where the EU General Data Protection Regulation or UK GDPR applies, we rely on the following lawful bases: * **Contractual necessity** — to provide the Interface to you and respond to requests you make. * **Legitimate interests** — to secure, monitor, improve, and develop the Interface, prevent fraud and abuse, enforce our Terms of Use, and operate our business, where these interests are not overridden by your rights and freedoms. * **Consent** — where we ask you specifically (for example, for non-essential cookies, marketing communications, or where required by law). * **Legal obligation** — to comply with applicable laws and respond to valid legal requests. #### 4.5 Categories of processors We engage third-party service providers ("**processors**") that process personal data on our behalf, under contractual obligations to safeguard that data. We engage processors in the following categories: 1. **Hosting and technical infrastructure vendors** — for serving the Interface, network metadata, and storage. 2. **Wallet connectivity and authentication vendors** — for enabling wallet connection, optional social or email sign-in, and related on-ramp features. 3. **Analytics and product performance vendors** — for measuring and understanding aggregate usage of the Interface. 4. **Communication and email delivery vendors** — for sending transactional and subscription emails. 5. **Identity providers** — where you choose to sign in using a third-party account, that provider processes the relevant authentication data. We may update this list of processor categories as our vendor stack evolves. #### 4.6 Disclosure of personal data We may disclose personal data: * To the categories of processors described in §4.5, strictly for the purposes set out in this Policy. * To affiliates and subsidiaries of Neutral Trade, where they assist us in operating the Interface. * In connection with a merger, acquisition, reorganisation, or sale of assets, in which case we will require the recipient to honour this Policy. * In response to enquiries from regulatory or governmental authorities, including by passing relevant information to our nominees or affiliates, custodians, infrastructure participants, network participants, or government agencies, as set out in our Terms of Use. * To comply with applicable law, regulation, court order, or lawful request from a governmental authority, or where we have a good-faith belief that disclosure is necessary to protect our rights, the rights of users, or the public. We do not sell your personal data and we do not share it for cross-context behavioural advertising. #### 4.7 Data retention We retain personal data only for as long as necessary to fulfil the purposes described in this Policy, satisfy our legal and regulatory obligations, resolve disputes, and enforce our agreements. Aggregated and pseudonymised data that no longer identifies you may be retained for as long as commercially useful. Note that **public blockchain data is immutable and outside our control**. Transactions made through the Interface and recorded on a blockchain cannot be deleted, modified, or erased by us, regardless of any request you make. This is an inherent characteristic of public blockchains and is not specific to Neutral Trade. ### 5. Cookies and Similar Technologies We use strictly necessary cookies and similar technologies (including browser local storage) to operate the Interface, remember your preferences, and apply geographic restrictions. Where we use non-essential analytics technologies, we will seek your consent where required by applicable law. You can manage cookies through your browser settings. Blocking strictly necessary cookies and local storage may impair the functioning of the Interface, including language selection, geo-restriction logic, and wallet connectivity. ### 6. Your Rights Under GDPR / UK GDPR If you are located in the European Economic Area, the United Kingdom, or Switzerland, you have the following rights with respect to your personal data: * **Right to be informed** — to know what personal data we process and why (this Policy serves that purpose). * **Right of access** — to request a copy of the personal data we hold about you. * **Right of rectification** — to correct inaccurate or incomplete data. * **Right to erasure** ("right to be forgotten") — to have your personal data deleted, subject to legal or legitimate-interest exceptions, and subject to the blockchain-immutability limit described in §4.7. * **Right to restriction of processing** — to ask us to limit how we process your data in certain circumstances. * **Right to data portability** — to receive your data in a structured, commonly used, machine-readable format and to have it transmitted to another controller where technically feasible. * **Right to object** — to object to processing based on our legitimate interests, including profiling. * **Right to withdraw consent** — where processing is based on consent, you may withdraw it at any time without affecting the lawfulness of prior processing. * **Right to lodge a complaint** — with your local data protection authority. To exercise any of these rights, contact us at ****. ### 7. International Transfers Our processors are located in various jurisdictions, including outside the EEA and the UK. Where we transfer personal data outside the EEA, the UK, or Switzerland to a country that does not provide an adequate level of data protection under applicable law, we rely on appropriate safeguards, including Standard Contractual Clauses approved by the relevant authority, supplemented by additional measures where required. A copy of the safeguards in place can be requested by contacting ****, subject to reasonable confidentiality protections. ### 8. Data Security We implement technical and organisational measures designed to protect personal data from loss, misuse, and unauthorised access, alteration, or disclosure. These include encryption in transit, access controls, vendor due diligence, and contractual safeguards with our processors. No system is perfectly secure, and we cannot guarantee that our security measures will never be defeated. Use of the Interface is at your own risk, and you are responsible for safeguarding your wallet, keys, and credentials. We will never ask you for your wallet seed phrase or private key. Treat any such request as fraudulent. ### 9. Blockchain Disclosures The Interface enables you to interact with public blockchains, including Solana. You should understand that: * Blockchain transactions are **public, permanent, and immutable**. We cannot reverse, erase, or modify transactions recorded on a blockchain. * Public wallet addresses and on-chain activity are visible to anyone and may be subject to forensic analysis that could de-anonymise you, particularly when combined with off-chain data. * We do not control blockchains and are not responsible for the processing of your data by blockchain networks, validators, or other participants. ### 10. Children The Interface is not directed to, and may not be used by, persons under 18, as set out in §2 (Eligibility). We do not knowingly process personal data of children under 18. If you believe we have collected personal data from a child, contact us at **** and we will take reasonable steps to delete it. ### 11. Contact For any questions about this Privacy Policy or to exercise your rights, contact us at ****. # COOKIE POLICY **Last updated:** 2026-07-25 This Cookie Policy explains how Neutral Trade ("**we**", "**us**", or "**our**") uses cookies, browser local storage, and similar technologies on the website at ****, any associated mobile applications, and any related interfaces operated by Neutral Trade (collectively, the "**Interface**"). This Policy supplements our **Privacy Policy**, available at , which describes how we process personal data more generally. Section 5 of the Privacy Policy summarises our use of cookies; this Policy provides the detail. Where this Policy and the Privacy Policy conflict, **the Privacy Policy prevails**. If you have questions about this Policy, contact us at ****. ### 1. What cookies and similar technologies are Cookies are small text files placed on your device by a website. We also use **browser local storage**, which serves a similar purpose but stores data in your browser rather than sending it with each request. In this Policy, references to "cookies" include local storage and similar technologies unless stated otherwise. We group these technologies into two categories: * **Strictly necessary** — required to operate the Interface, apply geographic restrictions, remember your preferences, and record the choices you have made (including your cookie choice itself). These are set without consent because the Interface cannot function correctly without them. * **Analytics** — used to understand how the Interface is used so we can improve it. These are **optional**. We ask for your consent before enabling them, and you may decline. We do not use cookies for advertising, and we do not share cookie data for cross-context behavioural advertising. ### 2. First-party cookies | Name | Category | Purpose | Retention | | ---------------- | ------------------ | ------------------------------------------------------------------------------------------------ | --------------------------------------- | | `NEXT_LOCALE` | Strictly necessary | Stores your selected interface language | Up to 12 months | | `nt_geo_country` | Strictly necessary | Stores a coarse country code derived from your connection, used to apply geographic restrictions | Session; refreshed on each page request | | `nt_geo_blocked` | Strictly necessary | Stores whether geographic restrictions apply to your session (`0` / `1`) | Session; refreshed on each page request | These cookies are set with `path=/` and `SameSite=Lax`, and with the `Secure` attribute in production. ### 3. Browser local storage | Key | Category | Purpose | | -------------------------------- | ------------------ | ------------------------------------------------------------------------------------------------ | | `nt_cookie_consent` | Strictly necessary | Records your cookie choice so that we do not ask again | | `neutral-trade-acknowledgements` | Strictly necessary | Records that you have acknowledged required notices, with timestamps | | `neutral-trade-geo-block` | Strictly necessary | Holds the geographic restriction state used by the Interface | | `referral-store` | Strictly necessary | Holds referral or invite codes from links you follow, with expiry information | | `neutral-trade-bookmarks-v2` | Strictly necessary | Holds the strategies you have bookmarked in the Interface | | `theme` | Strictly necessary | Holds your light, dark, or system display preference | | `nt_api_key_v1` | Strictly necessary | Set **only** on our API documentation page; holds an API key you enter in order to test requests | | `ph_*` | Analytics | Analytics identifiers and state, written **only** if you consent to analytics (see §4) | | `__ph_opt_in_out_*` | Strictly necessary | If you decline analytics, a single flag recording that analytics is disabled | Clearing local storage may reset your language, display preference, acknowledgements, and saved items. ### 4. Analytics We use **PostHog**, hosted in the European Union, to measure how the Interface is used — for example pages viewed, features used, and errors encountered. Analytics requests are routed through our own domain to PostHog's EU infrastructure. Analytics is consent-based and behaves as follows: * **Before you choose** — analytics runs without cookies or persistent identifiers. Nothing is stored in your browser, and no identifier follows you between visits. * **If you accept** — PostHog stores an identifier in a cookie and in local storage (the `ph_*` keys above) so that we can understand usage across visits. * **If you decline** — analytics collection is switched off in your browser and no analytics identifiers are written. The only item stored is the flag that keeps analytics disabled. Further information is available in PostHog's privacy policy at . ### 5. Third-party services Some features of the Interface are provided by third parties that may set their own cookies or storage under their own policies. Their use of your data is governed by those policies, not this one. #### 5.1 Wallet connectivity The Interface integrates **Reown** (the WalletConnect ecosystem) for wallet connection, optional email and social sign-in, swaps, and fiat on-ramp features. * Privacy policy: * Cookie policy: * Terms of service: #### 5.2 Identity providers Where you choose to sign in using a third-party account, that provider processes the relevant authentication data under its own policy: | Provider | Privacy policy | | ----------- | ------------------------------------------------------------------------------- | | Google | | | X (Twitter) | | | Discord | | | GitHub | | #### 5.3 Hosting The Interface is hosted on **Vercel**, which processes technical data such as IP addresses in order to serve the Interface and provides the coarse country signal described in §2. * Privacy policy: * Data processing addendum: ### 6. Your choices * When you first visit the Interface, a notice allows you to **accept** or **decline** analytics. Strictly necessary technologies are not affected by this choice. * To change a choice you have already made, clear this site's data in your browser settings. The notice will appear again on your next visit. * You can block or delete cookies at any time through your browser settings. * Where processing is based on consent, you may withdraw that consent at any time without affecting the lawfulness of processing carried out beforehand, as described in §6 of the Privacy Policy. Blocking or clearing **strictly necessary** cookies and local storage may impair the functioning of the Interface, including language selection, geo-restriction logic, and wallet connectivity. ### 7. Changes to this Policy If our use of cookies changes, we will update this Policy and revise the date above. Where the change is material, we will use reasonable means to notify you, such as a notice on the Interface. ### 8. Contact For any questions about this Cookie Policy, contact us at ****. # Regional Availability **Last updated:** 2026-07-28 Due to regulatory and sanctions requirements, Neutral Trade is not available everywhere. This page sets out where the Interface is restricted, why those restrictions exist, and what they mean for funds you have already deposited. This page supplements the [Neutral Trade User Terms and Conditions](https://docs.neutral.trade/legal/neutral-trade-user-terms-and-conditions), in particular Section 5 (Eligible Users), Section 6 (Prohibited Uses), and Section 17 (Compliance). Where this page and the Terms and Conditions conflict, **the Terms and Conditions prevail**. ### 1. Restricted regions Neutral Trade is not available in the following countries and territories. | Region | Countries and territories | | ------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | Africa | Angola, Burundi, Central African Republic, Congo (Brazzaville), Congo (Kinshasa), Côte d'Ivoire, Ethiopia, Guinea-Bissau, Liberia, Libya, Mali, Somalia, South Sudan, Sudan, Zimbabwe | | Asia | Afghanistan, Hong Kong, Iran, Lebanon, Mainland China, Myanmar, North Korea, Syria, Yemen | | Europe | Belarus, Russia | | North America | Cuba, Nicaragua, United States | | South America | Venezuela | This list may change as regulations evolve. We review it periodically and expand access where it is legally possible to do so. ### 2. Why these restrictions exist Neutral Trade provides access to professionally managed trading strategies. Different jurisdictions apply different rules to digital assets and to financial services, international sanctions programmes prohibit certain cross-border activity, and licensing requirements vary by jurisdiction and take time to satisfy. We apply these restrictions because compliance protects both our users and the long-term viability of the platform. Operating in a restricted jurisdiction — even where it is technically possible — would place user funds and the platform at risk. ### 3. How location is determined When you access the Interface, we derive a coarse country code from your connection and use it to apply geographic restrictions. This is described in Section 2 of our [Cookie Policy](https://docs.neutral.trade/legal/cookie-policy). **What we use:** the approximate country associated with your connection at the time you access the Interface. **What we do not use:** your citizenship, your passport country, or the location where you first registered. Restrictions are based on where you are, not on who you are. If you are physically present in a supported region, you can access the Interface regardless of your nationality — but you remain responsible for complying with the laws that apply to you, including those of your home country. ### 4. What a restriction means for you **Your deposits remain in the vault.** Positions are held by on-chain vault contracts and continue to be managed by the strategy. They are not affected by your ability to reach the Interface. **Interface access is restricted.** While you are in a restricted region you cannot use the Neutral Trade Interface to make new deposits, request redemptions, or change your positions. **Access resumes automatically.** When you access the Interface from a supported region again, access is restored. No action is required from you. Redemption timing continues to be governed by each vault's settlement schedule, as set out in [Fees + Redemption Period](https://docs.neutral.trade/additional-info/fees-+-redemption-period). ### 5. Frequently asked questions **How is my location determined?** From the approximate country associated with your connection when you access the Interface. See Section 3. **I am a citizen of a restricted country but I am currently in a supported region. Can I use Neutral Trade?** Yes. Restrictions are based on your current location, not your citizenship or nationality. You should still make sure your use of the platform complies with the laws that apply to you. **Will my funds be safe if I deposit and then travel to a restricted region?** Your deposits remain in the vault and continue to be managed by the strategy. You will not be able to use the Interface or make new transactions while you are in a restricted region. Access is restored when you return to a supported region. **When will Neutral Trade be available in my country?** We expand access as regulations allow. We do not give timelines for specific jurisdictions. **I could access Neutral Trade before and now I cannot. What changed?** Regulations change and we adapt accordingly. If a region becomes restricted after you have used the platform, your deposits remain in the vault, but you will not be able to use the Interface until you access it from a supported region or the restriction is lifted. **Who do I contact about regional restrictions?** For questions about regional availability, or to report a problem with location detection, reach us on [Discord](https://discord.gg/S38FBexTys) or [Telegram](https://t.me/neutraltrade).