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 that bets on the directional movement convergence or divergence of basis spreads across HIP-3 builder venues and Hyperliquid perpetual markets, combining strict fee discipline with the systematic capture of structural inefficiencies.

Systematic Desk4 Jun 202614 min read

Read live thesis

Moderate risk

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

Systematic Desk4 Jun 202614 min read

Moderate riskOpen 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

DirectionalComing soon

Alpha Decay Long Quality, Short Obsolescence

A systematic long/short thesis that captures the structural divergence between high-quality majors and obsolescing infrastructure tokens. Inverse-volatility weighting, monthly rebalance, dampened short exposure.

Systematic DeskPublishing queue