Hedge and grid bot candidates
A reproducible screen of every active perpetual reported by Binance, OKX, Bybit, BloFin, KuCoin, BingX, MEXC and Hyperliquid. BloFin, KuCoin, BingX and MEXC coverage currently evaluates crypto USDT linear perpetuals; other contracts are counted as unsupported. BloFin open interest is unavailable from its documented public API; BingX open interest is omitted until its units can be verified. Hedge bots prioritise near-side depth and measured exit impact; long-only grid ideas must survive independent mean-reversion tests and an unseen holdout window. Hyperliquid results are for grid-only SMAs: no Hyperliquid hedging bots are offered.
October 2026 · Study in progress
Hedge-bot returns, slope and leverage
This month we are studying whether paired hedge bots can deliver adequate returns after fees and funding for the risk taken. The current hedged Swaps SMA book is hedge-bot-only; the separate Hyperliquid grid exception is outside this study. The 3 October discussion paper proposed paired long/short hedge bots with cash reserves, excluding standalone directional grids and swing positions.
The study will reconstruct hedge-only performance separately from the historical mixed portfolio and specify a controlled pilot with a reference cohort. It will assess ratio/slope changes at fixed gross exposure separately from leverage-driven increases in position size, measuring their different effects on net exposure, returns and drawdowns.
The 10%, 15% and 20% drawdown budgets are design options, not demonstrated limits. A hedge-only track record remains unproven; hedging alone does not guarantee a drawdown ceiling.
Discussion paper revised 3 October 2026 · Evidence through 1 October 2026
Range rotation and capacity at the intended size
Choose a productive price path that can absorb the fleet.
A paired hedge is assessed over repeated movement through its range. A short leg can lose during a rally and contribute during a reversal; one leg’s marked loss, a token’s unit price or its asset label cannot establish whole-bot efficiency. Both legs, realised cashflows and open PnL belong in the same account of performance.
Research records rung crossings, completed rung returns and the share of observed closes inside the fitted range. These describe the observed path; they do not establish profitable fills. Compare full-cycle net returns after fees, funding and slippage with capital used, drawdown and time to recovery. Volatility supplies opportunities and can also create persistent directional losses.
Each venue and exact contract has its own notional capacity. Check aggregate long and short holdings, additional entries, rebalance orders and stressed exits across all participating accounts against repeated bid and ask depth. Net directional exposure cannot replace those gross order requirements. Equity perps and longer-tail crypto may provide different opportunities, but their diversification benefit must be measured.
KuCoin is included in the public market-data watch. Contract multipliers convert its futures depth into quote notional; market-data coverage does not establish Cornix hedge support, account eligibility or private optimiser coverage.