what numeratio currently operates. capital is proprietary; the strategies are asset-class agnostic by design. status reflects what each strategy is doing today; the engineering disciplines that govern any strategy in the list below are described separately in /methodology.
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numeratio Deribit Yield is a systematic options-overlay strategy that holds spot crypto on Deribit and writes inverse (coin-settled) options against it to harvest option premium as its primary return driver. On each unit of spot it runs two concurrent overlays — a daily covered call (~25%) and a weekly collar (~75%, a short call financed against a long protective put) — with strikes chosen by a premium-floor scan that skips any cycle failing to clear the floor. Positions settle European-style in cash; realized premium is split each cycle between distribution and reinvestment, compounding a structurally long-spot base while the weekly put caps downside. Execution is limit-worked through a staged escalation ladder rather than crossing the spread, so realized fills consistently meet or beat quoted mid.
This is a long-delta strategy, not market-neutral: NAV tracks the underlying token and the overlay dampens but does not eliminate drawdowns, so returns are best read against a passive buy-and-hold benchmark of the same token. The edge is structural — harvesting implied volatility above realized — and capacity-light, run with conservative sizing and disciplined risk controls: every entry is verified against the live exchange position, naked-exposure and cover invariants are enforced continuously, and any divergence halts new entries before it can compound. Suitable for risk-tolerant allocators seeking digital-asset exposure with a volatility-harvesting income overlay; not for capital that cannot withstand crypto-grade drawdowns.
Underpinning the strategy is institutional-grade operational infrastructure. The system runs fully automated on fault-tolerant connections with continuous position-and-balance reconciliation against the exchange, and a segregated security architecture in which distribution signing is isolated on a separate hardened server that enforces a wallet allowlist on every payout — no single component can both trade and move client funds unilaterally. Capital accounting is fund-administration-grade: per-series high-water-mark fee equalization, FIFO cost-basis tracking, and both time-weighted and money-weighted return reporting, with high-water-mark performance fees and lock-up/notice redemptions.
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