JSCM

Thesis

JSCM trades Hyperliquid trends and funding carry with allocation-relative exposure caps and small live probes before promotion.

Strategy

• Carry hurdle: Carry must cover estimated round-trip costs and a 5% annualized net hurdle over a 72-hour profitability assumption. • Promotion: Promotion requires positive venue-net expectancy, risk-adjusted returns and sufficient non-overlapping evidence; shadow returns never unlock larger sizing. • Loss pauses: Hourly closed candles advance confirmations, half-hourly runs monitor risk, and 2% daily and 5% weekly equity-based pauses stop new entries.

Exposure

• Holds: Hyperliquid positions — Trend and funding-carry sleeves on Hyperliquid, sized from the session allocation only. • Venue: Hyperliquid — Unified accounts use shared USDC balances and reservations for the wallet capacity check; unsupported account modes pause decisions. • Leverage: Up to 2x exposure — Conservative caps exposure at 1.5x with a 10% vol target; Standard caps it at 2x with a 12% vol target. • Costs: Fees, funding, slippage — Round-trip trading costs, funding reversals, partial fills and slippage reduce returns. • Data: api.hyperliquid.xyz — Account mode, shared collateral reservations, order-book spreads and venue fill/funding receipts unavailable through Circuit's data reads. • On unwind: Positions closed — Stopping attempts to close every session position and reports incomplete closes as failures.