ZebraQuant Capital @ZebraQuant

About 11,000 hedge funds manage $5.6T. 16-year average: ~6% a year vs ~13% for the S&P 500. Crypto funds in 2025: -12.6%. Market-neutral ones: +13.1%. Calling direction doesn’t pay. Managing risk does. Below: our cumulative P&L since launch.

@Bybit_Official The real version of this: checking how many of the lead trader's orders your deposit can actually copy. We ran it on our own account and the answer surprised us.

@Delphi_Digital On Hyperliquid we found short price dislocations against Binance: small coins briefly trading 5-15% below for under a minute. Curious whether the team sees that as a liquidity problem or an opportunity.

@GSR_io @ataaffe @baehr @fintechfrank Fewer token launches shows up in our data too. Short setups around new listings used to be our busiest strategy. This year there are far fewer events to trade.

Momentum + Trend holds 40+ small positions. At 1/20 of our size most of them fall below the exchange minimum. So it moved to our own account. Copy trading keeps the event-driven trades, large enough to copy. Before you copy anyone, check what your deposit can copy.

We removed a profitable strategy from our Bybit copy trading account. We checked our own fills. A follower with $100 could copy 8 of our last 106 orders. With $1,000, 78. With a balance like ours, all of them.

@Delphi_Digital "No remaining unlocks" is underrated. In our data the price pressure from team and fund unlocks shows up in the week before the date, not after it. A token with nothing left to unlock simply doesn't have that recurring headwind.

@BlockworksData @JupiterExchange Buybacks are the mirror image of unlocks. In our data, tokens underperform the alt market by about 3% in the 7 days before a large team or fund unlock (2.5%+ of unlocked supply). Would be interesting to see if heavy buyback weeks show the reverse.

@glassnode Stretched alt leverage usually unwinds as sharp intrabar wicks. In our data since 2024, sudden 12%+ drops on alts tend to partly recover within 15 minutes. Except when BTC itself is falling: then the drop usually keeps going.

Coming next: we analyzed 7,026 copy-trading leads on Bybit. 34% were profitable over 90 days. 44% of those had fewer than 5% losing trades. That's not skill. Full breakdown next week. Live track record: tradermake.money/en/trader/z2o3…

Why most of them failed: - Funding-rate timing: the payment is priced in before settlement - Hour-of-day effects: no repeatable edge out-of-sample - "Lottery" anomaly: +2%/yr. Not worth the risk Rejection is most of the work.

Most crypto portfolios are a single bet: that the market goes up. Ours is built not to need it. ZebraQuant Capital is a quantitative multi-strategy firm in digital assets. Objective: steady, risk-adjusted returns in any market direction.