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Eon-Labs KB

Questions for Nelson Yu and the Team Regarding Potential Partnership with Eon Labs

Source: Notion | Last edited: 2024-11-17 | ID: 1242d2dc-3ef...

  1. Could the PnL you shared only reflect the settled trades while hiding any floating unsettled PnL thus potentially inflating the perceived performance? 历史数据显示的，有无包含未平仓的金额？
  • Response: 已清算的账户历史净值数据不包含未平仓金额，未清算的账户净值指标可能包含未平仓金额，这是因为TradingX净值统计模块是针对账户剩余资金而言，不同周期统计有可能包含持仓，不同周期的净值指标会定时对账户进行采样分析。
  • Question: 未平仓金额通常占整体委托交易金额多少%？
    • Response：做市商策略特点是持仓时间短，成交频率高，持仓头寸小。实时的未平仓金额比例通常控制在5%以内。持仓的条件和因子描述的市场状态有关，如果市场状态发生变化，策略会采取相应行动来加或减仓。
  • Question：通常在什么情况下会把亏本的交易平仓？譬如达到某亏损%就平仓？
    • Response：做市策略是根据状态的描述来决定行动，根据市场状态动态调节买卖成交概率，以此来获得仓位平衡，达到通常意义上的止盈止损。通常每笔交易的止损在20%以内。
  1. What leverage levels are typically used by the team in their trading strategies? 交易中有无用贡杆？
  • Response: 目前的交易未使用杠杆
  1. If no leverage is applied, what is the minimum viable investment amount (as a scalable base unit) required for the strategy to be effectively covering all angles? 假如没有用贡杆，投资额度/交易额度需要有多少，策略才能有效运行？
  • Response: 单交易BTC或ETH需要最少60万美元，这个体量以下对极端行情无法形成有效对冲，收益波动率会很高，但长期运行收益率也能维持正向。
  1. Based on your team’s experience, what is the minimum viable investment unit to create a holistic tradable system in the market right now? 根据你们团队的经验，目前在市场上创建一个全面、可交易的做市商系统所需的最低可行投资单位是多少？
  • Response: 一百万美元左右能维持策略有效运行，交易组合大概率是BTC + 5个小币种，收益稳定性较高。
  1. Additionally, what leverage levels are commonly used for such systems? Are there any thresholds or capital requirements that have proven necessary for your strategies to scale effectively? 此类做市商系统通常使用什么样的杠杆水平？如果需要策略体量能有效扩展，有无资本额度的门槛需要达到的？
  • Response: 通常可以使用3x水平的杠杆，维持五千万美元以上的规模是多币种多市场长期稳定做市的有力保障，策略需要积极扩张交易标的和交易市场(如现货与期货市场)。
  • Question：本策略是否基本没有市场体量的限制？譬如假如有无限的交易标的、无限的交易金额、无限交易所流通量，本策略就可以无限放大？
    • Response：做市商策略本质上是中间商策略，它是市场供给侧的一部分，那么需求侧就是供给的限制，交易规模的扩大或收缩是依赖于边际成本和边际收益的关系。
  • Question：有关5000万的AUM规模，是否以Binance作为单一交易所的估算？未来如果发展到其他交易所平台，需要另外更多资本达到有效扩展？
    • Response：我们所陈述的都是以Binance作为标准，如果扩展到更多交易所就需要更多资本配置。
  • Question：上面提到本策略现在没有用贡杆，这里说的3X贡杆是以前在实操交易用过的？
    • Response：杠杆率是根据策略长期运行的数据获得，其中净头寸和资本利用率作为杠杆率参考指标。3x贡杆交易是过往在传统市场交易时用过的策略。
  1. What is the current partnership structure within your team—specifically between team members and fund providers?
  • Response: Our current partnership (between our team and investors) is very simple. We provide custodial trading service to investors and a contract will be signed. Based on the contract, the team is entitled to a portion of the profit as trading service fees. At the end of each period (now monthly), the investors transfer the correct portion to the team so the trading service for the next period can be continued. We are exploring recruiting more “heavy weight” investors to join us as shareholders rather than simply fund providers.
  1. Would your team be open to exploring our alternative profit-sharing models? What’s definitely off the table?
  • Response: We would like to learn more about your alternative profit-sharing model. We are open to the possibility of growing our business while maintaining reasonable profitability.
  1. Is it feasible for your market-making team to trade Eon Labs’ account? The aim would primarily be to boost trading volume rather than focusing on profits, which would be secondary or even negligible.
  • Response: Certainly.
  1. What is the required fund amount to be dedicated to boost Eon Labs’ account to the VIP9?
  • Response: By the rule of thumb, each dollar of AUM can generate 5–10x of corresponding trading volume with our algo. How much more do you need to get to VIP9?
  1. What’s the required amount to maintain the Liquidity Provider and Taker Program’s highest tiers?
  1. Are there any alternative partnership models that you foresee or are considering?
  • Response: Eon Labs operates a scalable profit-sharing model with operators. Here is a link to our model: Profit Sharing Model. I’d be happy to discuss further based on this structure.