The institutional-grade Counterfoil Whitepaper, dated and downloadable as PDF. Four sections, the same figures the desk publishes on the live site, one click.
Last updated · 2026-08-22 UTC
What this document is
The fund mandate and investment thesis in four sleeves: BTC long-short basis, ETH long-short basis, SOL momentum + carry, and the stable and basis basket. Every sleeve is sized off realised volatility, runs inside published drawdown and leverage caps, and trades off deliberate signals - never an agent's view of where the market should be.
Desk-wide risk policy: VaR 3.0% (1d, 95%) of NAV, leverage 2.5x non-stable / 3.0x stable, and per-sleeve drawdown / leverage / single-trade VaR caps that mirror each /strategies/<slug> page. The same numbers /risk-metrics renders.
1% management p.a. on AUM, crystallised monthly; 10% performance on net gains above a $20,000 per-account high-water mark, crystallised daily; $100,000 minimum ticket across LP sidecar, DAO on-chain, and fund vehicles. Larger tickets on request.
Qualified custodian, segregated sub-custody by asset class, capital never agent-controlled. Daily 16:00 UTC reconciliation against on-chain balances, Big-4 EA over internal controls (12 to date), independent per-close auditor. The same architecture /treasury documents.
Live consolidation: /risk-policy publishes the same numbers on the live site, reconciled to this PDF byte-for-byte.
What's inside
The PDF mirrors the published surfaces so an allocator reading the PDF can cross-reference any figure against the same number on the live dashboard - the per-strategy mandate page, the treasury report, or the risk metrics panel.
Fund mandate and the four-sleeve investment thesis, with each sleeve's stated exposure bands, risk limits, and rebalance cadence.
Desk-wide VaR budget and leverage ceiling, paired with the per-sleeve drawdown, leverage, and single-trade VaR caps for every sleeve.
Management and performance fee schedule, minimum ticket, and redemption mechanics (terms finalising with the qualified custodian).
Qualified-custodian segregated sub-custody by asset class, capital never agent-controlled, daily 16:00 UTC reconciliation, Big-4 attestation cadence.
Last updated · 2026-08-22 UTC · counterfoil-whitepaper-2026-08-22.pdf
Speak with the desk
The desk ships the latest signed daily PnL manifest, the most recent treasury report, the per-sleeve methodology note, and the qualified-custodian attestation pack on request. Reach out via onboarding and the first message you receive references your ticket band.
Vehicle map: sidecar for LPs, on-chain subscription for DAO treasuries →