LUCIDA
Crypto quantitative hedge fund
LUCIDA is a crypto-focused quantitative hedge fund with 8 years of track record. Through three independent product lines—USD-margined delta neutral, BTC-margined delta neutral, and Alphabet multi-manager—we deliver through-cycle risk-adjusted returns for institutional investors.
- Total return
- 85.6%
- Sharpe
- 4.6
- Max DD
- -4.02%
- 2026 AUM target
- $120M
- Fund lines
- 3
- Years track record
- 8+
Live performance
Metrics refer to the flagship cross-exchange funding arbitrage strategy, as of Jun 30, 2026.
- 2026 YTD ARR
- 21.8%
- 2025 ARR
- 26.31%
- 2024 ARR
- 23.26%
- 2023 ARR
- 25.57%
- Sortino ratio
- 9.09
- Calmar ratio
- 6.06
Q2 2026 highlights
Download full newsletter (PDF) ↗- —Single-exchange funding arbitrage: 19% quarterly annualized despite 3 ADL events, well above peers
- —Cross-exchange USDT arbitrage: ~20% quarterly annualized, +3.34% in June alone
- —BTC-margined arbitrage: ~3.67% annualized; in observation after risk-stop triggered in June, fixes land in Q3
- —CTA under pressure (-10% 90-day annualized, industry-wide), still +13.43% ARR YTD 2026
- —Team growth: new finance+AI strategist and senior crypto advisor onboard; AI Agent strategies in R&D
- —Fundraising: substantive talks with US/EU allocators; compliance fund in active fundraising
About LUCIDA
LUCIDA is an 8-year-old crypto quantitative hedge fund. Our team brings together researchers and engineers from top-tier traditional hedge funds, leading exchanges, and A-share quant firms. We believe rigorous quantitative research, robust infrastructure, and diversified low-correlation strategies are the key to delivering stable alpha in the rapidly evolving crypto market.
Core highlights
- 01
Low drawdown, high Sharpe
Flagship strategy max drawdown -4.02%, Sharpe 4.6, Sortino 9.09 - 02
Through-cycle steady returns
Annualized 21-26% across 2023-2026, cumulative 85.6% - 03
Three independent fund lines
USD-margined / BTC-margined / Alphabet Multi-Manager - 04
Cayman SPC fund structure
Compliance fund in active fundraising; custodian, audit, and legal DD in progress
2026 roadmap
- Q1 2026
Infrastructure upgrade completed, core strategies validated
- Q2 2026
Compliance fund fundraising launched, infrastructure upgraded (done)
- Q3 2026
New TradeFi cross-market strategies go live, US/EU institutional fundraising lands
- Q4 2026
$120M AUM milestone
Three fund product lines
LUCIDA operates three dedicated fund product lines, corresponding to three independent portfolios under our Cayman SPC structure. Based on low correlation among strategy types, we provide steady return sources across all market conditions.
- 01
Low-risk delta-neutral USD-margined portfolio
USD-denominated low-risk delta-neutral portfolio, balancing stable returns with capital safety. - 02
Low-risk delta-neutral BTC-margined portfolio
BTC-denominated delta-neutral portfolio providing stable BTC-denominated yields and asset security for BTC holders. - 03
Alphabet multi-manager discretionary portfolio
USD-denominated portfolio integrating delta-neutral strategies, CTA models, cross-sectional long-short logic, and BTC beta capture for higher risk-adjusted alpha.
Strategy details
Core strategies under each fund product, with expected returns, drawdown, Sharpe/Calmar ratios, and capacity.
| Fund | Strategy | Status | Expected APR | Max DD | Sharpe/Calmar | Capacity |
|---|---|---|---|---|---|---|
| Delta-Neutral USD | USDT-margined Cross-Exchange Funding Arbitrage | Live | 20-25% | <1% | >10 | 50m USD |
| Delta-Neutral USD | Single-Exchange Spot-Futures Arbitrage | Live (lower priority pre-bull) | 10-15% | 1-2% | 3-5 | 50m USD |
| Delta-Neutral USD | Single-Exchange Funding Rate Arbitrage | Live (lower priority pre-bull) | 12-18% | <1% | >10 | 10m USD |
| Delta-Neutral BTC | BTC-margined Cross-Exchange Funding Arbitrage | In Observation (post risk-stop review) | 6-10% | <1% | 4-6 | 1000-2000 BTC |
| Delta-Neutral BTC | BTC-margined Options Volatility Arbitrage | Live (lower priority pre-bull) | 10-20% | <10% | 1-2 | 1000-2000 BTC |
| Alphabet | Mid-Frequency CTA | Live | 40-60% | <10% | 5-8 | 30-50m USD |
| Alphabet | Cross-Sectional Long-Short | In Development | 40-60% | <10% | 5-8 | 30-50m USD |
| Alphabet | Low-Frequency CTA | Live (Deprecating) | 40-60% | 10-20% | 3-4 | 50m USD |
BTC-margined cross-exchange arbitrage
This strategy provides BTC-denominated low-risk returns significantly outperforming public channels. Expected capacity of 1000-2000 BTC will be a key driver for AUM growth.
Core team
LUCIDA has a 20+ person team across Hong Kong, London, and New York, bringing together quant researchers and engineers from top traditional hedge funds, leading exchanges, and NYSE-listed companies.
- Team size
- 20+
- Offices
- Hong Kong · London · New York
Jason
Arbitrage portfolio manager11 years in secondary markets. Former quant researcher at a $10B+ traditional hedge fund and top-tier exchange. Expert in arbitrage and HFT market making.Trexler
CTA quant researcherBSc FinTech. Former CTA specialist at a top-tier A-share hedge fund (>$40B AUM).Tommy Bu
Senior infrastructure engineer10 years of engineering experience. Former core engineer at NYSE-listed Zhihu (NYSE: ZH).Hu Han
Senior infrastructure engineer9 years in systems architecture. Specializes in mid/low-frequency trading systems, blockchain, EVM, and end-to-end DevOps.Evan
Funding-rate arbitrage strategistMSc in AI from Fudan University, specializing in deep learning and quantum ML with a finance+AI background. Previously managed ~$50M with 10-16% annualized in 2025; leads coin-margined arbitrage iteration and AI-driven risk/event research frameworks.
- 01
AI efficiency
Building AI-native infrastructure to boost research and strategy testing. - 02
Novel strategies
Prediction markets, DEX arbitrage, crypto-TradFi cross-market arbitrage, non-delta-neutral stat arb. - 03
Global brand
London-based brand team, targeting global recognition in crypto hedge funds within 3-5 years.
Contact
Contact our investor relations team for subscription details and strategy deep-dives across LUCIDA's three fund product lines.
Arrange a LUCIDA subscription inquiry
Contact our investor relations team for subscription details and strategy deep-dives across LUCIDA's three fund product lines.