Evidence first.
Question assumptions. Test ideas against data, not conviction alone.
THETA PRIME CAPITAL / QUANTITATIVE INVESTMENT
Research-driven.
Systematic by design.
A quantitative investment firm applying multi-factor research and disciplined portfolio construction to digital assets.
Explore our approachINDEPENDENT RESEARCH. INTEGRATED EXECUTION.Discover Theta Prime
01 / OUR APPROACH
From market observation to portfolio implementation.01
DATA & RESEARCH COVERAGE
A multidimensional view of markets.
Price is an outcome, not a complete explanation. Our research framework considers trading activity, derivatives positioning, options-implied risk, on-chain capital flows and cross-market sentiment to investigate how relative opportunities form.
Exchange microstructure
Tick-level trades, order-book depth, bid–ask spreads, order-flow imbalance and liquidity replenishment.
Derivatives & positioning
Perpetual funding, futures basis, open interest and liquidation activity as context for leverage and positioning pressure.
Options & volatility surfaces
Implied versus realized volatility, skew, term structure and put–call volume and open-interest relationships as context for hedging demand and asymmetric risk pricing.
On-chain & capital flows
Exchange inflows and outflows, stablecoin supply, transfer concentration and decentralized-market liquidity as research inputs.
Cross-market relationships
Interest rates, dollar conditions, risk-asset correlations and cross-venue price relationships as context for changing market regimes.
Sentiment & risk appetite
Digital-asset fear-and-greed measures and traditional-market volatility indices such as VIX provide distinct views of sentiment and risk conditions, rather than standalone directional forecasts.
Research coverage does not imply every dataset is used in production. Inputs are selected for availability, quality and strategy relevance.
02 / STRATEGY PERFORMANCE
Cross-sectional multi-factor investing.Strategy performance.
A long-term perspective.
The 2026 record through 4 October: January–March backtest, followed by live trading from April. Earlier years are summarized separately below.
Exposure viewLive since Apr 2026+285.70%
Live strategy performance / 2026-04-01 — 2026-10-04 · 2.5x gross exposure
62.03%
Daily Win Rate
+285.70%
Cumulative Return
3.8570
Net Asset Value · Base 1.00
−22.46%
Maximum Drawdown
62.69%
Annualized Volatility
187
Daily Observations
These summary metrics cover the live period from April only. The chart below starts in January and marks the backtest/live boundary. The 2.5x view reflects the reported configuration; 1x applies daily return normalization, not a separate account.
2026 year-to-date record
Cumulative Net Asset Value · 2.5x gross
01 Jan — 04 Oct 2026 · NAV rebased to 1.00 on 1 January · Final NAV 6.4318
Jan–Mar · Simulated backtestApr onward · Live trading
The curve shows 2026 only. LIVE START marks 1 April; FACTOR UPDATE marks 11 September. Dates identify 08:00 Beijing-time snapshots; the final 5 October snapshot closes the 4 October trading day. No ongoing 5 October return is included.
Daily win-rate comparison
2026 observation windows · Completed trading days · 08:00 Beijing time
| Measure | Observation window | Win rate |
|---|---|---|
| Simulated win rate | 01 Jan — 31 Mar 2026 | 60.00%54 / 90 positive days |
| Live win rate | 01 Apr — 04 Oct 2026 | 62.03%116 / 187 positive days |
| Post-factor-update win rate | 11 Sep — 04 Oct 2026 | 54.17%13 / 24 positive days |
Daily win rate = positive-return days / all completed days; flat days are not wins. The post-factor-update window is part of the live period.
Historical backtest · text summary only
Jan 2024 — Dec 2025: simulated cumulative return +11,618.44%, maximum drawdown −22.19% and daily win rate 57.87%at 2.5x exposure. These prior-year simulations are not included in the 2026 chart or the live summary metrics.
* January–March 2026 is simulated; April onward reflects live results. The top summary metrics refer only to live trading. Annualized volatility uses 365 daily observations per year. Past performance — actual or simulated — is not indicative of future results. Digital asset trading involves substantial risk of loss.
03 / THE FIRM
Independent research.
An integrated process.
Theta Prime Capital is a quantitative investment firm focused on digital assets.
We connect financial economics, market microstructure and technology in one investment process. Our focus is cross-sectional multi-factor research: understanding relative opportunities across assets, rather than relying on a single market direction.
Meet Theta Prime Capital04 / OUR CONVICTIONS
A consistent way of thinking.Markets evolve.
Discipline endures.
Think in systems.
Connect signals, portfolio construction and execution. Optimize the whole.
Keep learning.
Let new evidence challenge the model. Research is an ongoing practice.
Respect risk.
Evaluate returns in the context of exposure, liquidity and drawdown.
05 / PEOPLE & TECHNOLOGY
Different disciplines.
One research culture.
Financial research
Asset pricing and factor theory provide a framework for asking better investment questions.
Market understanding
Exchange microstructure, funding and liquidity put statistical observations in context.
Engineering discipline
Research pipelines, systematic execution and portfolio monitoring connect ideas with live markets.
CONTACT / THETA PRIME CAPITAL
Research. Dialogue. Partnership.Investor
relations.
For investment inquiries, research discussions
and institutional partnerships.