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. It holds spot crypto on Deribit and writes options against that inventory to harvest option premium — its source of return above simply holding the asset. Against each unit of spot it runs two concurrent overlays: a daily covered call (~25% of the book) and a weekly collar (~75% — a short call financed by a long protective put). Strikes are set by a premium-floor scan that prices every cycle to a minimum premium threshold and stands down entirely on any cycle that cannot clear it, declining to trade rather than accept thin compensation. The options are inverse (coin-denominated) and European-style — cash-settled at expiry to a 30-minute time-weighted average price, with no early-assignment risk. Realized premium is split each cycle between distribution and reinvestment, compounding a structurally long-spot base while the weekly put sets a downside floor on the collared sleeve. Orders are worked as limits through a staged, passive-to-aggressive escalation ladder — capturing spread when the book is liquid and conceding only as much as a timely fill requires — rather than crossing the market on every order.
This is a long-delta strategy, not market-neutral. NAV tracks the underlying token: the overlay dampens volatility and layers in income, but it does not remove market risk, so performance is best read against a passive buy-and-hold of the same token rather than an absolute-return benchmark. The edge is structural — systematically selling implied volatility, which tends to price above the volatility subsequently realized — and it is capacity-light, run with conservative sizing and disciplined, always-on risk controls: every entry is reconciled against the live exchange position; naked-exposure and cover invariants are enforced continuously; and any divergence between the books and the exchange halts new entries before it can compound. It suits risk-tolerant allocators seeking digital-asset exposure with a volatility-harvesting income overlay — and expressly not capital that cannot withstand crypto-grade drawdowns.
Underpinning the strategy is institutional-grade operational infrastructure. It runs fully automated over fault-tolerant, self-reconnecting exchange connections, with continuous reconciliation of positions and balances against the exchange. Control of client funds is separated from trading by design: distribution signing is isolated on a separate hardened server that enforces a wallet allowlist on every payout, so no single component can both trade and move client capital. Capital accounting is fund-administration-grade: per-series performance-fee equalization struck against each investor's own high-water mark, FIFO cost-basis tracking, and both time-weighted and money-weighted return reporting, with lock-up and notice-period redemptions.
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