> ## Content Index > Fetch the complete content index at: https://blog.1token.tech/llms.txt > Use this file to discover other available public pages before exploring further. # Crypto Quant Strategy Index XV August & September 2026 - URL: https://blog.1token.tech/crypto-quant-strategy-index-xv-august-september-2026/ - Published: 2026-11-06T01:52:35.000Z - Updated: 2026-11-06T01:52:35.000Z - Author: 1Token - Tags: Research article, Strategy Index # Executive Summary This report draws on data from the [1ndex platform](https://1ndex.1token.tech/home?ref=blog.1token.tech) to benchmark the performance of Delta Neutral, Market Neutral and Directional strategies in August and September 2026\. Complementing these benchmarks, granular data provided in collaboration with participating crypto trading teams offers deeper insight into trading activity, return composition and coin-level exposure. Directional strategies led performance in August, with the index gaining **15.19%**, before moderating to **1.45%** in September. Delta Neutral delivered positive returns in both months, improving from **0.94%** to **1.40%**, while Market Neutral posted more modest gains of **0.50%** and **0.18%**, respectively. The results highlight a marked shift in relative performance: Directional’s substantial August lead narrowed sharply in September, when its monthly return was broadly in line with Delta Neutral. # Parameters - **Quote Source:** **CoinMarketCap (CMC)** - **Granularity:** **Daily** - **Index start time:** August 1 and September 1, 2026, respectively, at 00:00 UTC - **Cut-off Time:** **00:00 UTC** - **Sample Exchange Distribution:** Binance, OKX, Bybit, Gate, LTP Rapidx, etc - **Accum. NAV:** Time-Weighted Return (TWR) - **Risk-free rate:** 4.3% (based on avg data of US 10-Y Treasury Yield in 2025) - **Daily Minimum Acceptable Return (MAR):** 0 Note: Exchange selection may affect reported performance because fee structures, commissions, execution conditions, and slippage differ across venues. The index does not adjust for these venue-specific differences, which should therefore be considered when comparing results. Delta Neutral Strategy Index ## Calculation method The Delta Neutral index is based on data from the 1ndex platform, with NAV rebased to 1.000 at the start of each monthly reporting period to facilitate performance comparisons. Index-level performance and constituent observations provide the basis for the return and risk analysis, while detailed trading team data offers additional insight into strategy execution, return composition and coin-level exposure. The two datasets are complementary and may differ in sample coverage. ### 2026-08 | delta neutral index ![aug 08 summary hero](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-33.png) ### 2026-09 | delta neutral index ![sep 08 summary hero](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-38.png) Note: We use the arithmetic mean instead of the weighted average because the current sample size is relatively small, and the weights in a weighted average cannot accurately reflect the actual weights of the trading team. Therefore, the impact of principal has been normalized. # Indicators ## Profit and Loss (PNL) and Risk Delta Neutral mean annualized return was 11.05% in August and 17.08% in September. Estimated mean maximum drawdown was 0.33% in August and 0.32% in September. ### 2026-08 | PNL and risk | delta neutral ![aug 02 pnl risk](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-27.png) ### 2026-09 | PNL and risk | delta neutral ![sep 02 pnl risk](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-34.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. ## Strategy Features Within the broader Delta Neutral universe, this section focuses specifically on funding arbitrage strategies, where funding income is a key driver of returns. Using execution records provided by participating trading teams for August and September 2026, we decompose P&L into funding income, trading P&L, trading fees and interest paid to assess the contribution of funding capture to overall performance. To evaluate funding capture efficiency within this subset, we use **Funding Yield per Gross Exposure (FYpGE)**, defined as funding income generated per unit of gross exposure. **Higher FYpGE indicates greater funding income capture relative to exposure deployed**. ### 2026-08 | PNL decomposition | delta neutral ![aug 03 pnl decomposition](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-28.png) ### 2026-09 | PNL decomposition | delta neutral ![sep 03 pnl decomposition](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-35.png) Note: 1. The PNL Decomposition is calculated using various records to generate detailed PNL data, breaking down portfolio performance into individual components. 2. See [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. ## Coin Distributions We aggregated daily position snapshots provided by participating trading teams over two monthly reporting periods: August 1 to September 1 and September 1 to October 1, 2026, with each period measured at a 00:00 UTC cut-off. Absolute USD exposure was consolidated by underlying asset to assess the allocation between CMC top-20 assets and other coins, as well as the concentration and diversification of each strategy’s coin exposure. Overall, small-cap coins accounted for a higher proportion of gross exposure than large-cap coins (CMC top 20) in both August and September. Among large-cap coins, BTC and SOL represented the largest exposure shares in our sample of participating teams. ### 2026-08 | Coin distribution | delta neutral ![aug 04 coin distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-29.png) ### 2026-09 | Coin distribution | delta neutral ![sep 04 coin distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-36.png) ### 2026-08 | Coin favor by team | delta neutral ![aug 06 coin by team favor](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-31.png) ### 2026-09 | Coin favor by team | delta neutral ![sep 06 coin by team favor](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-37.png) ### 2026-08 | CMC top-20 exposure by team | delta neutral ![aug 07 cmc top20 by team](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-32.png) ### 2026-09 | CMC top-20 exposure by team | delta neutral ![sep 07 cmc top20 by team](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-43.png) Note: 1. USD exposure = Delta \* Underlying Price 2. See [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. To assess the dispersion across coins, we defined the aggregation degree β (ranging from 0 to 1). When β is closer to 1, it indicates that the investment is more concentrated in a few coins, while when β is closer to 0, it indicates that the investment is more diversified. The aggregation degree, β, declined from 0.03 in August to 0.02 in September 2026, indicating that coin exposure remained well diversified across both months, with a modest further reduction in concentration in September. ### 2026-08 | Coin exposure treemap | delta neutral ![aug 05 coin treemap](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-30.png) ### 2026-09 | Coin exposure treemap | delta neutral ![sep 05 coin treemap](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-42.png) Market Neutral Strategy Index ## Calculation method The Market Neutral index is based on data from the 1ndex platform, with NAV rebased to 1.000 at the start of each monthly reporting period to facilitate performance comparisons. Index-level performance and constituent observations provide the basis for the return and risk analysis, while detailed trading team data offers additional insight into strategy execution, return composition and coin-level exposure. The two datasets are complementary and may differ in sample coverage. ### 2026-08 | market neutral index ![Long Short 2026-08 summary hero](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-20.png) ### 2026-09 | market neutral index ![Long Short 2026-09 summary hero](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-41.png) Note: We use the arithmetic mean instead of the weighted average because the current sample size is relatively small, as weighted averages cannot accurately reflect actual team weights. Therefore, the impact of principal has been normalized. # Indicators ## Profit and Loss (PNL) and Risk Market Neutral mean annualized return was 5.92% in August and 2.19% in September. Estimated mean maximum drawdown across participating strategies was 2.23% in August and 2.13% in September. ### 2026-08 | PNL and risk | market neutral ![Long Short 2026-08 pnl risk](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-18.png) ### 2026-09 | PNL and risk | market neutral ![Long Short 2026-09 pnl risk](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-40.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. We further assessed risk-adjusted performance through Sharpe Ratio (measuring return per unit of total risk), Sortino Ratio (focusing specifically on downside risk), and Calmar Ratio (evaluating returns relative to maximum drawdown), providing a comprehensive framework to gauge strategy effectiveness across varying market environments. ### 2026-08 | Risk-adjusted return | market neutral ![Long Short 2026-08 sharp ratio](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-19.png) ### 2026-09 | Risk-adjusted return | market neutral ![Long Short 2026-09 sharp ratio](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-25.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. ## Strategy Features This section introduces two activity and capital-efficiency metrics for Market Neutral strategy evaluation: Daily Turnover Ratio and Capital Utilization Rate. **Daily Turnover Ratio** measures average daily trading volume relative to gross exposure, providing an indication of trading intensity. Higher ratios reflect more active portfolio turnover. **Capital Utilization Rate** measures average daily trading volume relative to net assets, indicating the level of trading activity supported by the strategy’s capital base. Higher ratios reflect greater trading activity per unit of capital. Daily turnover and capital utilization varied across the participating teams in both months, reflecting different trading activity and capital deployment profiles. ### 2026-08 | Daily turnover ratio and capital utilization | market neutral ![Long Short 2026-08 turnover](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-39.png) ### 2026-09 | Daily turnover ratio and capital utilization | market neutral ![Long Short 2026-09 turnover](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-26.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. ## Coin Distributions We aggregated daily position snapshots provided by participating trading teams over two monthly reporting periods: August 1 to September 1 and September 1 to October 1, 2026, with each period measured at a 00:00 UTC cut-off. Absolute USD exposure was consolidated by underlying asset to assess the allocation between CMC top-20 assets and other coins, as well as the concentration and diversification of each strategy’s coin exposure. Overall, exposure was broadly balanced between large-cap coins (CMC top 20) and other assets across the two months, with a modest large-cap tilt in August giving way to a slightly higher allocation to other assets in September. Among large-cap coins, BTC represented the largest exposure share in our sample of participating teams in both months. ### 2026-08 | Coin distribution | market neutral ![Long Short 2026-08 coin distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-16.png) ### 2026-09 | Coin distribution | market neutral ![Long Short 2026-09 coin distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-23.png) ### 2026-08 | Coin favor by team | market neutral ![Long Short 2026-08 coin by team favor](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-15.png) ### 2026-09 | Coin favor by team | market neutral ![Long Short 2026-09 coin by team favor](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-22.png) ### 2026-08 | CMC top-20 exposure by team | market neutral ![Long Short 2026-08 cmc top20 team distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-14.png) ### 2026-09 | CMC top-20 exposure by team | market neutral ![Long Short 2026-09 cmc top20 team distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-21.png) Note: 1. USD exposure = Delta \* Underlying Price 2. See [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. To assess the dispersion across coins, we defined the aggregation degree β (ranging from 0 to 1). When β is closer to 1, it indicates that the investment is more concentrated in a few coins, while when β is closer to 0, it indicates that the investment is more diversified. The aggregation degree, β, declined from 0.10 in August to 0.06 in September 2026, indicating that coin exposure remained diversified across both months, with a further reduction in concentration in September. ### 2026-08 | Coin exposure treemap | market neutral ![Long Short 2026-08 coin treemap](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-17.png) ### 2026-09 | Coin exposure treemap | market neutral ![Long Short 2026-09 coin treemap](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-24.png) Directional Strategy Index ## Calculation method The Directional index is based on data from the 1ndex platform, with NAV rebased to 1.000 at the start of each monthly reporting period to facilitate performance comparisons. Index-level performance and constituent observations provide the basis for the return and risk analysis, while detailed trading team data offers additional insight into strategy execution, return composition and coin-level exposure. The two datasets are complementary and may differ in sample coverage. ### 2026-08 | directional index ![Directional 2026-08 summary hero](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-5.png) ### 2026-09 | directional index ![Directional 2026-09 summary hero](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-13.png) Note: We use the arithmetic mean instead of the weighted average because the current sample size is relatively small, as weighted averages cannot accurately reflect actual team weights. Therefore, the impact of principal has been normalized. # Indicators ## Profit and Loss (PNL) and Risk Directional mean annualized return was 178.83% in August and 17.64% in September. Estimated mean maximum drawdown across participating strategies was 3.72% in August and 5.51% in September. ### 2026-08 | PNL and risk | directional ![Directional 2026-08 pnl risk](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-2.png) ### 2026-09 | PNL and risk | directional ![Directional 2026-09 pnl risk](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-9.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. For a strategy defined by its volatility exposure, rigorous risk-adjusted assessment is critical. We employ the Sharpe Ratio to capture return per unit of total risk, the Sortino Ratio to isolate downside performance, and the Calmar Ratio to contextualize returns against peak-to-trough drawdowns. This multi-metric framework enables a nuanced evaluation of directional strategies' efficiency in harvesting macro beta while managing tail risks. ### 2026-08 | Risk-adjusted return | directional ![Directional 2026-08 sharpe ratio](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-4.png) ### 2026-09 | Risk-adjusted return | directional ![Directional 2026-09 sharpe ratio](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-11.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. ## Strategy Features Win rate and profit-to-loss ratio offer complementary perspectives on Directional strategy performance, capturing the frequency of profitable outcomes and the magnitude of gains relative to losses. Both metrics are assessed on trading-day, trade and position bases. The average trading-day win rate increased from 42.53% in August to 45.16% in September, while the average daily profit-to-loss ratio declined from 22.91 to 1.76\. This suggests that profitable days became slightly more frequent in September, but the average gain on those days was smaller relative to the average loss on losing days. ### 2026-08 | Win rate and Profit-to-loss ratio | directional ![Directional 2026-08 win rate](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-6.png) ![Directional 2026-08 profit loss ratio](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-3.png) ### 2026-09 | Win rate and Profit-to-loss ratio | directional ![Directional 2026-09 win rate](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-12.png) ![Directional 2026-09 profit loss ratio](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-10.png) Note: see [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. ## Coin Distributions We aggregated daily position snapshots provided by participating trading teams over two monthly reporting periods: August 1 to September 1 and September 1 to October 1, 2026, with each period measured at a 00:00 UTC cut-off. Absolute USD exposure was consolidated by underlying asset to assess the allocation between CMC top-20 assets and other coins, as well as the concentration and diversification of each strategy’s coin exposure. Overall, large-cap coins (CMC top 20) accounted for the majority of gross exposure in both August and September, although their share declined modestly in September. Among large-cap coins, BTC remained the largest exposure in our sample of participating teams, followed by ETH, XRP and SOL. ### 2026-08 | Coin distribution | directional ![Directional 2026-08 coin distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard.png) ### 2026-09 | Coin distribution | directional ![Directional 2026-09 coin distribution](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-7.png) Note: 1. USD exposure = Delta \* Underlying Price 2. See [Index formula](https://onetoken.feishu.cn/wiki/VaS0w6gt0iFFeYk0ClBcsqv5nNb?ref=blog.1token.tech) for full methodology and calculations. To assess the dispersion across coins, we defined the aggregation degree β (ranging from 0 to 1). When β is closer to 1, it indicates that the investment is more concentrated in a few coins, while when β is closer to 0, it indicates that the investment is more diversified. The aggregation degree, β, declined from 0.25 in August to 0.20 in September 2026, indicating a reduction in coin-level concentration. Exposure nevertheless remained more concentrated than in the Delta Neutral and Market Neutral samples across both months. ### 2026-08 | Coin exposure treemap | directional ![Directional 2026-08 coin treemap](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-1.png) ### 2026-09 | Coin exposure treemap | directional ![Directional 2026-09 coin treemap](https://storage.ghost.io/c/e5/29/e529ae0e-b8de-4215-bee5-f2e194311421/content/images/2026/11/clipboard-8.png) The combined AUM of the participating teams exceeds $10 billion. We plan to expand the sample across more teams and regions to improve its representativeness and diversity. **Authored by Quinn Hu & Gloria Yao from 1Token, using data from the 1ndex platform and detailed data kindly provided by 8 participating trading teams.** # Reference ## Data Sources Index performance and constituent-level observations were sourced from the [1ndex platform](https://1ndex.1token.tech/home?ref=blog.1token.tech) (https://1ndex.1token.tech/). Detailed trading data provided by participating teams supported the analysis of strategy characteristics, return composition, and coin-level exposure. Monthly index returns are measured from 00:00 UTC on the first day of each reporting month to 00:00 UTC on the first day of the following month, with annualized index returns calculated on a simple 365-day basis. ## Acknowledgements We thank the following eight trading teams for their collaboration and contribution of detailed trading data to this report: **Binquant** - Delta Neutral and Directional - Founded in 2018, Binquant focuses on quantitative development and asset management in the digital asset market and is now one of the largest digital asset managers. The main strategies include **market-neutral arbitrage**, **CTA**, **high frequency**, and **DeFi**. Main clients include hedge funds, VC funds, large financial institutions, family offices, and exchanges for asset accretion. **DSG** - Market Neutral and Directional - DSG Tech is a quantitative investment firm specializing in systematic trading across digital assets. The firm applies a multi-strategy approach spanning trend-following CTA, cross-sectional long-short relative value, high-frequency market maker and arbitrage, with a focus on liquid markets and efficient execution. Its investment process is grounded in rigorous empirical research, disciplined risk controls, and continuous refinement of models and infrastructure, with the objective of producing uncorrelated and repeatable returns over time. **Grandline** - Delta Neutral and Market Neutral - GrandLine Technologies is a systematic multi-strategy trading firm established in 2018\. Grandline specializes in deploying **mid-frequency market-neutral strategies** across major digital assets on both centralized and decentralized exchanges. With decades of expertise in **quantitative portfolio management**, the team is recognized for its exceptional research and risk management process, earning accolades from esteemed institutions like Hedgeweek and HFM. **Ladder Research** - Delta Neutral - Ladder Research is a quantitative trading firm founded in 2022, focused on delta-neutral arbitrage strategies across markets. The core team has been active in the industry since 2018, with deep experience in exchange microstructure, execution, and risk management. - Ladder Research operates under a risk-first philosophy, aiming to deliver stable and scalable returns through disciplined execution and long-term iteration. **JZL** - Delta Neutral - JZL Capital, specializing in **Spot-Perpetual Arbitrage**, is a top-tier quantitative team in Asia providing **stable return performance** and achieving over **$200 million in AUM**. The core team comprises members passionate about academic research and actively expanding its global client base by providing unparalleled quantitative trading solutions. **Pythagoras** - Delta Neutral, Market Neutral and Directional - Established in 2014, Pythagoras manages a suite of crypto funds based on quantitative modeling. As one of the longest-running crypto hedge funds, it is known for delivering outstanding returns in both bearish and bullish market cycles. Using **systematic, non-discretionary, and automated trading strategies**, Pythagoras specializes in **market-neutral** and **dollar-neutral strategies** to consistently outperform the crypto market. **Tackzone** - Delta Neutral - Tackzone Research is a quantitative research and strategy management fund focused on the digital asset market. We are committed to delivering stable and sustainable return solutions for investors through systematic strategies, rigorous risk controls, and efficient execution. - With long-term expertise in crypto derivatives and arbitrage, the team conducts quantitative research across funding rates, spread structures, liquidity conditions, and market microstructure, and has built an automated trading system spanning multiple exchanges and diverse strategy types. - We have established a full end-to-end closed loop covering strategy R&D, backtesting and evaluation, live trading operations, and risk management, ensuring disciplined implementation and continuous improvement across the entire investment lifecycle. **ZenX** - Delta Neutral - ZenX was founded in 2019 and is headquartered in Hong Kong. ZenX is an innovative and established crypto trading firm with a focus on cutting-edge technology, data-driven solutions, and algorithmic modeling. We aim to build long-term relationships with clients by offering tailor-made services with professional trading expertise. Collaboration teams for this study primarily come from Asia. In the future, we hope to expand the diversity of our sample to include teams across various regions around the world. If you'd like to be part of our benchmark study, please feel free to contact our partnership manager at joey.shi@1tokentech.com. # About 1Token [1Token (https://1token.tech/)](https://1token.tech/?ref=blog.1token.tech) is a **SOC2 Compliant** software for institutional **Crypto Portfolio, Risk, Operations, Accounting and Lending Management**, named Hedgeweek's 2024 "Portfolio Management Solution of the Year", serving **80+** top-tier institutional clients in the crypto industry, including SMA Allocators, Multi-Strategies Trading Funds, DMA Prime Brokers, Asset Managers, Lending Institutions, Fund Admins & Auditors across the US, EU, and APAC, collectively managing over **$20 billion** in assets. For general inquiries like authorization requests of the report, product demo, or general collaboration opportunities, please email **service@1token.trade**. # Disclaimer The information contained in this report is provided by **1Token** for general informational purposes only and does not constitute professional advice. While every effort has been made to ensure the accuracy of the information, no warranty or representation, express or implied, is made regarding its completeness or reliability. The contents of this report reflect the views and opinions of the author(s) as of the date of publication, and may be subject to change without notice. The reader should independently verify any information or conclusions presented herein before making decisions based on the report. **1Token** and any affiliated parties are not responsible for any actions taken or not taken as a result of reading this report. This report may contain forward-looking statements, estimates, and projections based on current expectations. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. **1Token** assumes no obligation to update or revise any forward-looking statements.