Strategy Guide
Learn how the short new listings strategy works
Data Update Schedule
Data is updated once daily at ~00:15 UTC. Prices and positions reflect the previous day's close.
Strategy Overview
Core concept and thesis
This strategy shorts newly listed perpetual futures contracts. New listings often experience an initial pump followed by a decline as early speculators take profits. We systematically short these listings after the initial hype subsides, capturing the mean reversion back to more sustainable price levels.
Position Lifecycle
From listing to exit
Waiting Period
No position taken. We wait for the initial listing volatility to settle and let the early speculators drive the initial pump.
Scaling In
Position is gradually built from 0% to 4% weight over 5 days. This reduces timing risk and averages our entry price.
Holding
Full 4% position weight maintained. This is the core holding period where we expect the post-listing decline to play out.
Scaling Out
Position reduced from 4% to 0% over 30 days. Gradual exit locks in profits while reducing exposure as the trade thesis matures.
Exited
Position fully closed. The listing is no longer considered "new" and the strategy no longer applies.
Reference Price & Stop Loss
Risk management rules
Reference price is set on Day 8 (the close price of day 7). This is used to calculate P&L and stop loss levels.
Stop loss triggers if price moves ±70% from the reference price. This protects against extreme moves in either direction.
Positions before Day 8 will show "-" for reference price and P&L since these values are not yet available.
BTC Hedge
Market exposure management
To reduce market exposure, we hedge our short positions with a long BTC position. The hedge ratio is configurable (default 1.5x). For example, with 10% short exposure and 1.5x hedge, we hold 15% long BTC, resulting in +5% net long exposure. This dampens losses during broad market rallies while maintaining short exposure to new listings.
Example with 1.5x hedge:
- Short exposure: 50%
- BTC hedge: 75% (50% × 1.5)
- Net exposure: +25% (long)
Position Sizing
Weight allocation rules
Weight represents the position size as a percentage of portfolio. A 4% weight means 4% of the portfolio is allocated to shorting that asset.
Max weight per position
4%
Max concurrent positions
Unlimited
Scales with available listings
Supported Exchanges
Where we track new listings
We monitor new perpetual futures listings on the following exchanges. Each exchange's positions are tracked separately but contribute to the overall portfolio exposure.
Binance
USDT perpetuals
Bybit
USDT perpetuals
Hyperliquid
Native perpetuals