Research Library

Investment theses behind the vault book.

The structural arguments, risk posture, and market views informing each strategy. One thesis is live today and the rest of the library is queued for publication in the Pallas app.

Published

1

live thesis

Coming soon

2

queued topics

Coverage

1 vault

live strategy

Average read

14 min

current thesis

BasisLive nowBASIS.HIP3

Basis Trading and HIP-3

A live delta-neutral thesis built on basis convergence, fee discipline, and structural inefficiencies across HIP-3 builder venues and Hyperliquid perpetual markets.

Systematic Desk4 Jun 202614 min read

Read live thesis

High conviction

Annualised return

20.7%

90-day live sample, 4.57 Sharpe, and -0.82% max drawdown from the currently published thesis.

Thesis library

One published note, with the rest marked as coming soon.

BasisBASIS.HIP3

Basis Trading and HIP-3

A live delta-neutral thesis built on basis convergence, fee discipline, and structural inefficiencies across HIP-3 builder venues and Hyperliquid perpetual markets.

Systematic Desk4 Jun 202614 min read

High convictionOpen in app

FundingComing soon

Funding-Rate Dispersion as a Carry Source

Cross-venue funding dispersion is mean-reverting and harvestable through paired long and short perpetual positions while keeping the book market-neutral.

Systematic DeskPublishing queue

LiquidityComing soon

HLP Liquidity and the Carry Overlay

Providing liquidity on the HLP vault with a systematic carry overlay captures fee flow while tight risk bands cap directional drift.

Systematic DeskPublishing queue