Margin Syndicate

Swaps API — Near Delta-Neutral SMAs

Near delta-neutral volatility harvesting in perpetual swaps through your own exchange account on Binance, OKX and BingX; other venues by conversation. Hyperliquid remains a separate, unhedged grid-only SMA offering with updated screening filters.

Request SMA Access

Swaps API · Performance through 26 October 2026

Margin Syndicate SMA

Near delta-neutral volatility harvesting in perpetual swaps through your own API-connected exchange account. From 19 October 2026 the standard SMA book runs hedge bots only, replacing grids.

Since inception · gross
+855.8%
Historical CAGR · gross
226.4%
2026 YTD · gross
+93.5%

Reported risk: annualised volatility 105.2%; longest drawdown 114 days, with a depth of −40.0%; worst month −21.1%. These are historical observations, not future loss limits.

Figures cover 28 November 2024 to 26 October 2026: Binance (Zignaly) to 17 October, then OKX hedge bots only from 19 October. The hedge-only record so far is +21.2% for 19–26 October, of which about 17.9 points came from a single auto-deleveraging (ADL) event on IRYS. Reported capacity is USD 75M.

The returns are a composite of managed accounts in USD and are gross of fees; most of the record covers the grid era. They do not establish a hedge-only track record. Quants.Space tracks read-only exchange API data. Third-party tracking is not an audit. Quants.Space is correcting an accounting error in its OKX figures, so the OKX figures above are taken from the exchange's own daily PnL. Past performance does not indicate future results. Leveraged trading can incur material losses.

Current mandate · 28 October 2026: the standard configuration targets near delta-neutral exposure through paired hedge bots; neutrality is not guaranteed. The coin universe is agreed individually with each client and some client mandates differ from the standard configuration. Hyperliquid has no hedge mode so it still uses unhedged grids with updated filters. The tear sheet below is dated 17 October 2026 and is supplied unchanged.

Download SMA tear sheet (PDF, 1 page · 17 October 2026)

Account Access

We welcome enquiries for separately managed accounts. The minimum for an SMA is $50,000.

Swaps SMA: Daily liquidity up to 30% of equity per day; no gate, no lock-up and no notice period. Execution and margin adjustments are coordinated with the desk; coordination does not add a notice period.

All arrangements are governed by our High Water Mark policy: performance fees are charged only on new net gains above the previous peak, so you are never charged twice for the same gains.

Performance fee only: 35% on equity up to USD 100,000, 20% above; high water mark; no management fee.

For certified high-net-worth and self-certified sophisticated investors only; client self-certification is required before onboarding.

For SMA enquiries, contact us. Read our High Water Mark policy.

Venue Tiers

Tiering is sourced directly from the Exchange Quality Report. Hedge-mode tiers link to their report verdicts; narrower product-specific access is shown separately below.

Tier 1

Approved for client allocation

Venues approved by Margin Syndicate for client SMA allocation, subject to the individual verdict and account checks below. Approval does not remove exchange risk or outstanding operating limits.

  • OKX
    GREEN

    Primary venue. Unified Account netting, portfolio margin (PM4), MAS licensed.

  • BingX
    GREEN

    Cleared for SMAs. Position-number limiting remains under investigation; confirm the permitted number of simultaneous positions for the intended account before sizing or expanding its bot roster.

  • Binance
    AMBER

    Secondary SMA venue. Deepest perpetual liquidity. Allocated with enhanced risk management.

Tier 2

Probe only

Firm capital, sub-$1,000, no client funds. Venues under B-book suspicion or active evaluation. Probe size is fixed and does not scale on performance.

  • Aster
    Under evaluation

    Transparent perpetuals DEX with hedge mode. Sizing constrained pending depth and settlement observation through a full stress window.

Tier 3

Not supported

Exited or failed venues. No client capital, no firm capital, no probes.

  • MEXC
    RED — exited

    Documented seizure and evidence-destruction record. No client capital, no firm capital, no probes.

  • Blofin
    RED — exited

    Withdrawal-integrity failure, August 2026. Principal-only withdrawal offered to a profitable managed account.

  • Bitget
    RED — incident

    Withdrawals reopened following the 24 September 2026 breach. RED rating retained. No allocation or probes.

  • LBank
    RED

    Shared ownership structures alleged across LBank, MEXC and WEEX.

  • WEEX
    RED

    Synchronised outages and identical seizure mechanisms during volatility events.

  • KuCoin
    RED

    Inadequate derivatives liquidity for systematic execution.

  • HTX
    RED

    Withdrew from Singapore rather than face scrutiny. Not allocated.

Hyperliquid
OPEN — GRID ONLY

Accepting SMAs for screened, long-only oscillation grids. Positions are unhedged and can accumulate long inventory and drawdown during a sustained decline. No hedging bots run on Hyperliquid.

Coming soon
  • Kraken
    Likely approved

    Coming soon. Regulated venue with a long custody record — likely to be an approved deployment venue once integration and stress observation are complete.

  • OKX Europe X-Perps
    Likely approved

    Coming soon. OKX's European perpetuals product — likely to be an approved deployment venue, extending the existing OKX integration to a regulated European wrapper.

How we trade swaps

Near delta-neutral SMA mandate · updated 21 October 2026 · Hyperliquid grid exception below

Paired legs, near delta-neutral exposure

The current swaps mandate targets near delta-neutral exposure through paired hedge bots. Each system holds a long and a short leg on the same perpetual swap in hedge mode, rebalancing across a defined price range to harvest oscillation. Returns are sought from repeated rebalancing and funding carry where available, rather than a sustained market-direction call.

Near delta-neutral describes the operating objective, not a continuously flat account. Actual quantities, fills and position drift determine net exposure; a configured ratio is not a live exposure measurement. Fees, funding, slippage and open PnL must all be included when assessing returns.

Sizing, slope and leverage

The 17 October tear sheet records a range profile from 50/50 at the top to up to 65/35 long/short at the floor, approximately 2.5% of equity per system and margin utilisation near 70%. These are dated design parameters, not confirmation of the current ratio or utilisation in every account.

On netted pairs the leverage setting is used for margin efficiency; actual risk depends on notional exposure relative to equity, the long/short ratio and range width. Changing the ratio changes net exposure; increasing position size increases gross exposure. A high leverage setting does not make a trade low-risk. Gross exposure can remain large even when net exposure is small.

Hedging does not guarantee a drawdown ceiling or protection from liquidation. Cross-margin losses can affect the account's shared collateral.

Universe and operating doctrine

Markets are tiered by measured impact at rebalance size, rather than market capitalisation, and may include tokenised equity and commodity perpetuals. Venues must offer hedge mode and netted margin and pass the Exchange Quality Report.

Account sizing must allow for both legs, rebalancing orders and stressed exits. A near-neutral net position does not remove gross liquidity requirements or protect against liquidation. The available symbols and number of simultaneous positions depend on the venue and account; BingX position-number limiting remains under investigation.

The tear sheet describes the transition of the hedged SMA book from grids to hedge bots in October 2026. Hyperliquid remains a separate grid-only exception, using updated, more efficient filters because it has no hedge mode. Its unhedged inventory risk is distinct from this paired-system mandate.

Account mode and venues

Hedge mode with netted margin

Swaps API uses simultaneous long and short legs on the same contract. The account must support hedge mode and the required netted-margin treatment; permissions, instrument availability and margin behaviour are checked before activation.

Published SMA venues are Binance, OKX and BingX. Other venues are by conversation and require account-specific approval; a setup guide or referral link does not itself qualify a venue.

Hyperliquid is a separate grid-only SMA exception because it has no hedge mode. It uses updated, more efficient screening filters, but the grids remain unhedged and can accumulate inventory and drawdown in a sustained decline.

Arrange trading-only API access

Start with eligibility, the mandate and your exchange-account configuration. Once these are agreed, use the secure onboarding process to connect exchange API permissions for trading only, with withdrawals disabled. Do not send API secrets through public enquiry forms or Telegram.

This is managed execution through your exchange account, rather than a general-purpose developer API. The desk checks permissions, margin and connectivity before trading starts.

Discuss account setup

Features

Algorithmic Trading

Paired long/short systems rebalance within defined ranges to harvest volatility, subject to exposure, margin and execution constraints.

Trading-only API connection

The secure onboarding process connects approved exchange trading permissions. Withdrawal permissions are disabled; the client retains control of the account.

Risk Management

Sizing, range width, long/short ratios and margin utilisation govern exposure. Hedging does not guarantee a drawdown ceiling; losses and liquidation remain possible.

Separately Managed Accounts

Access the strategy through a Separately Managed Account for direct managed execution on supported venues.

Request SMA Access

How it works

  1. Confirm eligibility and terms

    For certified high-net-worth and self-certified sophisticated investors only; client self-certification is required before onboarding. Agree the mandate, venue, capital and fees.

  2. Configure your exchange account

    Use an approved account with hedge mode and the required netted-margin treatment. Funds remain in your own exchange account.

  3. Connect securely

    Supply trading-only exchange API permissions through the agreed secure onboarding process, with withdrawals disabled. Activation follows account, margin and connection checks.

  4. Monitor performance and capital

    Review your account and the read-only Quants.Space report. The published liquidity terms are daily, up to 30% of equity per day, with no gate, lock-up or notice period.

Swaps SMA terms

Separately managed on your own exchange account, connected through trading-only API permissions. You retain control of the account; Margin Syndicate has no withdrawal permission. Exchange custody and trading risks remain.

Minimum: USD 50,000. Published venues: Binance, OKX and BingX; other venues by conversation.

Performance fee only: 35% on equity up to USD 100,000, 20% above; high water mark; no management fee.

Daily liquidity up to 30% of equity per day; no gate, no lock-up and no notice period. Coordinate execution and margin adjustments with the desk; this is not an additional notice period.

For certified high-net-worth and self-certified sophisticated investors only; client self-certification is required before onboarding. Exchange eligibility and account checks also apply.

Terms stated in the 17 October 2026 tear sheet. Any specifically agreed client exception, including a separately agreed minimum waiver, remains separate. Separate accounts can differ in fills, timing and returns.

Discuss SMA access
FAQ

Derivatives API FAQ

Mandate, access, fees, liquidity and the historical performance record

What are the Swaps SMA fees, liquidity and eligibility terms?

The 17 October 2026 tear sheet states a USD 50,000 minimum; performance fee only, 35% on equity up to USD 100,000 and 20% above, with a high water mark and no management fee. Liquidity is daily up to 30% of equity per day, with no gate, lock-up or notice period. Certified high-net-worth and self-certified sophisticated investors only, with self-certification before onboarding. Specifically agreed client exceptions remain separate.

Is the swaps product directional or delta-neutral?

The current paired hedge-bot mandate is near delta-neutral: it seeks volatility-harvesting returns rather than relying on a sustained directional market move. This is an exposure objective, not a guarantee of zero delta. Actual quantities, fills and position drift can leave residual exposure. Gross leverage, funding, execution, collateral and venue risks remain; hedging does not guarantee a drawdown ceiling. Hyperliquid grids are a separate unhedged offering.

Does the tear sheet show a hedge-only track record?

No. Its returns from 28 November 2024 to 17 October 2026 are the historical grid-era managed-account composite in USD, gross of fees. The hedged SMA book moved to hedge bots in October 2026; Hyperliquid remains a separate grid-only exception with updated filters. Quants.Space read-only tracking is not a financial audit, and past performance does not indicate future returns.

Which exchanges and strategies are supported?

The near delta-neutral Swaps SMA book uses paired hedge bots. Binance, OKX and BingX are approved SMA venues, subject to account checks. BingX is rated Green; position-number limiting is still under investigation. Other venues are by conversation. Hyperliquid remains a separate unhedged grid-only exception using updated, more efficient screening filters because it has no hedge mode. Stats links to the QuantSpace performance report and the separate Hyperliquid account. Options accounts have separate strategy permissions and risk controls; the catalogue does not establish live trading coverage.

Does DirectAPI give me a general-purpose market-data API?

This page describes API-connected managed trading in your exchange account. The agreed mandate determines instruments, strategy and venue support. It should not be read as a promise that every data feed or every instrument is available through a public developer API.

How do I arrange API access?

Contact us to confirm the account and strategy first, then follow the agreed secure setup process. Trading access should not include withdrawal permissions. Do not submit API secrets through public contact forms. Access and operational readiness must be confirmed before trading starts.

Hyperliquid SMAs are open — for grids only

Hyperliquid remains the grid-only exception, using our updated, more efficient screening filters for long-only oscillation grids. They do not run hedging bots because the venue does not support simultaneous long-and-short legs on the same contract.

  • Unhedged inventory risk. A grid accumulates long inventory as price falls and sells it as price recovers. A sustained decline carries both that inventory and the resulting drawdown.
  • Screened before selection. Every market must pass the reversion battery, unseen holdout, regime, liquidity, funding and net-cycle-economics checks published in Bot Research.

If that unhedged profile is unsuitable, our hedged SMA systems remain available on OKX, Binance and BingX.

Read the Hyperliquid SMA mandate