Delta-neutral market making

Trade the spread.
Not the direction.

An automated strategy built to capture pricing dislocations across crypto and listed markets while keeping directional exposure tightly hedged.

Explore the strategy ↘View risk profile
Long + shortCurrency-awareAPI-ready
Listed marketsBRLHedged leg
Crypto venuesBTC24 / 7 leg
Net exposureNEUTRALSpread captured

Positions rebalance as markets move

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01 / Market structure

One engine.
Three markets.
One neutral objective.

NDT pairs cryptocurrency products listed on the Brazilian stock exchange with positions on crypto venues, then adds an FX hedge to isolate the spread rather than the market direction.

The result is a fully paired architecture designed around relative value, not a Bitcoin price forecast.

A
Listed leg

Crypto-linked products

Brazilian exchange hours

LOCAL
N
Strategy core

Relative-value engine

Prices, pairs, sizes, rebalances

NEUTRAL
B
Crypto leg

Digital asset venues

Continuous global liquidity

24 / 7
$
Currency leg

USD / BRL hedge

FX risk controlled separately

HEDGED

02 / Paired execution

A trade goes from signal to flat.

A fully hedged long-short basis trade that compares each ETF with the value implied by its crypto basket, futures curve, and FX. When a spread appears, offsetting ETF, crypto, and currency positions are paired and unwound as it converges—without taking a directional market view.

  1. 01

    Detect

    Watch linked instruments for temporary price dispersion.

  2. 02

    Pair

    Open opposing legs instead of taking a directional view.

  3. 03

    Hedge

    Neutralize crypto beta and USD/BRL currency exposure.

  4. 04

    Rebalance

    Continuously adjust until the spread converges or risk limits engage.

03 / Structural edge

Why dislocations appear.

Connected assets do not always trade in the same place, currency, or time window. Those frictions can create temporary relative-value opportunities.

01

Different clocks

Crypto trades continuously while listed products follow local business hours.

24 / 7 ↔ exchange hours
02

Geography + FX

Venue, jurisdiction, liquidity, and currency layers can separate otherwise linked prices.

Global price ↔ local price
03

Volatility

Fast markets can amplify short-lived distortions before arbitrage restores alignment.

Stress → distortion → convergence

04 / Indicative risk profile

Designed around the shape of risk.

The historical profile shown in the source material is summarized below using rounded risk statistics only. No return figure is presented.

Max drawdown
~2-3%

Approximate historical range

Sharpe ratio
~5

Rounded risk-adjusted profile

Annualized volatility
~8%

Approximate historical level

BTC correlation
~-0.1

Close to directionally neutral

BTC DAILY MOVENear-zero relation
r ≈ -0.1
Directional betaLOW

Indicative rounded historical statistics, not audited results or a forecast. Past behavior does not guarantee future outcomes. Trading involves risk of loss.

05 / Automated system

From dislocation to balanced execution.

A plug-and-play API architecture turns market data into a hedged sequence of decisions, with exposure measured at every step.

  • 01 Observe linked markets
  • 02 Price the relative spread
  • 03 Size paired orders
  • 04 Hedge and monitor exposure
NDT / EXECUTION ENGINELIVE
01:41:22

spread.signal

DETECTED
01:41:22

listed.leg

PRICED
01:41:22

crypto.leg

PAIRED
01:41:23

fx.hedge

ACTIVE
EXPOSURE CHECK
LONG LEG
SHORT LEG
NEUTRAL

NDT / Non-Directional Trading

Directional conviction is optional.
Risk discipline is not.

Built for conversations about infrastructure, integration, and risk - never promises about returns.

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