Institutional Factsheet · Quantalyze

Kepler DEX Market Maker

delta_neutral, market_making · dex mm, concentrated liquidity · ETH · SOL · orca, uniswap_v3 · leverage 1x

Delta-neutral grid market-making on Uniswap V3 and Orca. Concentrates liquidity around the spot price, rebalances hourly.

Computed · old

May 27, 2026(89d)

AUM

$3M/ $8M

Cum. Return

+62.5%

CAGR

+18.2%

Sharpe

1.38

Sortino

2.06

Calmar

1.48

Max DD

-12.3%

Ann. Vol

12.3%

α vs BTC

+16.7%

IR vs BTC

-0.54

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Timeline2023-05-15 → 2026-04-08
2023202420252026

Performance

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Cumulative Returns

vs BTC-USD

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+0.0%+50.0%+100.0%+200.0%+400.0%2023202420252026
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Cumulative Returns vs Benchmark

strategy ÷ comparator, rebased to 1.0

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-60.0%-40.0%-20.0%+0.0%2023202420252026
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Cumulative Returns — Volatility Matched

comparator returns scaled so its ann vol equals the strategy's

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+0.0%+20.0%+40.0%+60.0%2023202420252026
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Daily Returns

vs BTC-USD

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-15.0%-10.0%-5.0%-0.0%+5.0%+10.0%+15.0%2023202420252026
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Rolling Volatility (6mo)

vs BTC-USD

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N<126 — noisy+10.0%+20.0%+30.0%+40.0%+50.0%+60.0%2023202420252026avg 12.2%
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Rolling Sharpe (6mo)

vs BTC-USD

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N<126 — noisy-2.00+0.00+2.00+4.002023202420252026avg 1.59
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Rolling Sortino (6mo)

vs BTC-USD

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N<126 — noisy-4.00-2.00+0.00+2.00+4.00+6.00+8.002023202420252026avg 2.53
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Rolling β (90d) vs Comparator

rolling regression β of strategy on comparator · first 90d are warmup

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N<90 — noisy-0.05+0.00+0.052023202420252026
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Worst 10 Drawdown Periods

strategy equity · shaded bands mark the deepest 10 drawdowns

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+0.0%+20.0%+40.0%+60.0%2023202420252026#1 -12.3%#2 -12.3%#3 -8.6%#4 -4.4%#5 -4.2%#6 -4.1%#7 -4.1%#8 -4.1%#9 -4.0%#10 -3.3%
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Underwater Chart for Accumulated Capital

drawdown from running peak

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-12.0%-10.0%-8.0%-6.0%-4.0%-2.0%+0.0%2023202420252026

Distribution

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Distribution of Daily Returns

758 samples in visible window · overlay: BTC-USD · 3 strategy · 286 BTC outside range

Kepler DEX Market MakerBTC-USDWheel to zoom · double-click to reset
-2.1%0%+2.1%

Daily-Return Quantile Box

5-number summary · whiskers at min/max · box P25–P75 · median accent line

P5 -1.1%P95 +1.3%-4.2%0%+2.2%

P5

-1.1%

P25

-0.5%

Median

+0.1%

P75

+0.6%

P95

+1.3%

End-of-Year Returns vs BTC

compounded annual returns · scale ±122% · strategy in accent, BTC in muted

Kepler DEX Market MakerBTC-USD2023+7.8%+54.9%2024+26.4%+122.4%2025+17.7%-6.3%2026+1.3%-18.9%

Cross-Asset Correlation

Pearson ρ on aligned daily returns · ρ near 0 implies diversification benefit

-1.0-0.50.00.51.0BTC+0.02ETH-0.00S&P 500-0.01Gold+0.03US 10Y (IEF)+0.01

ρ measured against the strategy's observation dates with each benchmark forward-filled to the same calendar.

Returns Correlations

Pearson ρ on aligned daily returns · diagonal = 1.00 · pairwise off-diagonal

Kepler DEX …BTCETHSPXGoldIEFKepler DEX …1.000.02-0.00-0.010.030.01BTC0.021.000.820.340.10-0.05ETH-0.000.821.000.400.10-0.01SPX-0.010.340.401.000.130.06Gold0.030.100.100.131.000.19IEF0.01-0.05-0.010.060.191.00

Heatmaps

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Stress Windows

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Stress Windows

strategy vs BTC compounded return + max drawdown during named market events · evaluating 2 of 10 catalogued events; 8 outside observation period

EventWindowDaysStrategyStrat DDBTCBTC DD
Aug 2024 unwind
JPY carry-trade unwind
2024-08-02 → 2024-08-096d-2.9%-3.4%-6.9%-17.3%
Apr 2025 tariffs
tariff escalation shock
2025-04-02 → 2025-04-096d-2.2%-3.0%-3.0%-10.4%

Streaks

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Consecutive-Day Streak Distribution

180 winning streaks · 181 losing streaks · max win streak 10d · max loss streak 14d

Wins

020406080100Length 1: 81 streaksLength 2: 40 streaksLength 3: 26 streaksLength 4: 16 streaksLength 5: 7 streaksLength 6: 3 streaksLength 7: 4 streaksLength 8: 1 streakLength 9: 1 streakLength 10: 1 streak13579111314+

Losses

020406080100Length 1: 98 streaksLength 2: 42 streaksLength 3: 24 streaksLength 4: 8 streaksLength 5: 6 streaksLength 6: 1 streakLength 11: 1 streakLength 14+: 1 streak13579111314+