One signal, two strategies. Algotoria Spike is the next-generation family, selective by design: it stays out of the market most of the time and deploys only on high-conviction moves. Algotoria Spike Diversified and Algotoria Spike Stable trade that same Algotoria Spike neural signal on up to 40 high-liquidity perpetual futures (the simulated record trades 7: Bitcoin, Ethereum and five major altcoins); they differ only in the collateral behind it: Spike Diversified holds half of its collateral outside US-dollar-backed assets, in tokenised gold, US equities and bitcoin, as protection against the debasement of the dollar, and half in the stablecoins. Simulated results from 1 January 2024 to 31 October 2026, shown gross or net of an illustrative performance fee, against Bitcoin, BITA Crypto 10, Gold and the S&P 500. Neither strategy has managed client money yet.
Next-generation
Selective by design: dormant most of the time, deployed only on high-conviction moves
Highest expected risk-adjusted performance, not yet fully proven (simulated)
Best diversification
Limited capacity (10 million USD on OKX under the published execution policy)
Logarithmic y-axis: equal vertical distances are equal percentage moves. Daily closes, rebased to 0.00% on 1 January 2024.
Parameter
CollateralCollateralWhat the account holds between and beneath its trades. Both strategies take the same trades; the collateral is the only difference between them.Spike Stable holds dollar-pegged stablecoins only, so its value moves least. Spike Diversified holds the same two stablecoins for 50% of its collateral and keeps the other 50% at all times in tokenised gold, US equities and bitcoin, each weighted in inverse proportion to its recent volatility within fixed limits and re-weighted quarterly: half of the collateral is not tied to the US dollar, at the cost of deeper drawdowns in a sell-off and about half of the stablecoin yield.
Gross CAGRCAGRCompound annual growth rate of the simulated account from 1 January 2024 to 31 October 2026, time-weighted in USDT and before any performance fee.
Adjusted max drawdownAdjusted max drawdownAlgotoria’s adjusted definition tests both ends of a fall over 24 hours, on the five-minute equity path. A new high counts only at the lowest balance of the following 24 hours; a low counts at full depth only if the account is still at or below it 24 hours later.So neither a transient print nor a crash candle reversed within the day sets the figure. Figures are gross; net drawdowns are larger by construction.
Raw max drawdownRaw max drawdownThe deepest fall below the running peak, with no 24-hour test at either end: every five-minute low counts in full, including a crash candle that recovered within the day.
Calmar ratioCalmar ratioCAGR divided by the raw maximum drawdown over the same period: return per unit of the deepest fall below the running peak, with no 24-hour test, so a crash candle reversed within the day counts in full. Higher is better.All Algotoria strategies are optimised for the Calmar ratio.
Adjusted CalmarAdjusted CalmarCAGR divided by the adjusted maximum drawdown over the same period, shown beside the Calmar ratio for reference. Higher is better.
Longest drawdown, daysLongest drawdownThe longest stretch, in calendar days, from the moment the simulated account first fell below its adjusted peak to the moment it regained it, measured on the five-minute equity path. A stretch still open on the as-of date is counted to that date.
Ulcer indexUlcer indexRoot-mean-square of the adjusted drawdown over every five-minute reading, in percentage points. Unlike maximum drawdown it counts both how deep and how long the account stays under water; lower is better.
Positive monthsPositive monthsCalendar months that closed with a gain, out of all months in the simulation.
Risk tiers (drawdown budget)Risk tiersThe three drawdown budgets an investor can select at onboarding. A budget is a monitored ceiling, not an automatic stop: at two-thirds of it the Investment Committee reviews the account, and at the full budget the client elects to continue, lower the budget or stop.The budget is not a guarantee and can be exceeded.
Spike Diversified
RECOMMENDED
CollateralCollateralWhat the account holds between and beneath its trades. Both strategies take the same trades; the collateral is the only difference between them.Spike Stable holds dollar-pegged stablecoins only, so its value moves least. Spike Diversified holds the same two stablecoins for 50% of its collateral and keeps the other 50% at all times in tokenised gold, US equities and bitcoin, each weighted in inverse proportion to its recent volatility within fixed limits and re-weighted quarterly: half of the collateral is not tied to the US dollar, at the cost of deeper drawdowns in a sell-off and about half of the stablecoin yield.CollateralHalf outside the US dollar
50%50%
50% yield-bearing stablecoinsStablecoins other than USDTTo open USDT-margined perpetual positions, the account may borrow USDT against stablecoins other than USDT, and the borrowed USDT accrues interest at the exchange’s rate, borne by the account. Yield-bearing stablecoins (RLUSD, USDG) typically earn more than this cost, offsetting it and adding to returns. USDT collateral carries no such cost. and 50% held outside US-dollar-backed assets, in tokenised gold, US equities and bitcoin weighted by inverse volatility within fixed limits, held at all times
Half of the collateral sits outside the US dollar, as protection against its debasement; it adds gold, equity and bitcoin price swings and gives up about half of the stablecoin yield, and US equities still carry US risk.
Gross CAGRCAGRCompound annual growth rate of the simulated account from 1 January 2024 to 31 October 2026, time-weighted in USDT and before any performance fee.Gross CAGR +40% (Better of the two)
Adjusted max drawdownAdjusted max drawdownAlgotoria’s adjusted definition tests both ends of a fall over 24 hours, on the five-minute equity path. A new high counts only at the lowest balance of the following 24 hours; a low counts at full depth only if the account is still at or below it 24 hours later.So neither a transient print nor a crash candle reversed within the day sets the figure. Figures are gross; net drawdowns are larger by construction.Adjusted max drawdown −4.2%
Raw max drawdownRaw max drawdownThe deepest fall below the running peak, with no 24-hour test at either end: every five-minute low counts in full, including a crash candle that recovered within the day.Raw max drawdown −7.7% (Better of the two)
Calmar ratioCalmar ratioCAGR divided by the raw maximum drawdown over the same period: return per unit of the deepest fall below the running peak, with no 24-hour test, so a crash candle reversed within the day counts in full. Higher is better.All Algotoria strategies are optimised for the Calmar ratio.Calmar ratio 5.28 (Better of the two)
Adjusted CalmarAdjusted CalmarCAGR divided by the adjusted maximum drawdown over the same period, shown beside the Calmar ratio for reference. Higher is better.Adjusted Calmar 9.55
Longest drawdown, daysLongest drawdownThe longest stretch, in calendar days, from the moment the simulated account first fell below its adjusted peak to the moment it regained it, measured on the five-minute equity path. A stretch still open on the as-of date is counted to that date.Longest drawdown, days 94
Ulcer indexUlcer indexRoot-mean-square of the adjusted drawdown over every five-minute reading, in percentage points. Unlike maximum drawdown it counts both how deep and how long the account stays under water; lower is better.Ulcer index 0.969
Positive monthsPositive monthsCalendar months that closed with a gain, out of all months in the simulation.Positive months 28 / 34
Risk tiers (drawdown budget)Risk tiersThe three drawdown budgets an investor can select at onboarding. A budget is a monitored ceiling, not an automatic stop: at two-thirds of it the Investment Committee reviews the account, and at the full budget the client elects to continue, lower the budget or stop.The budget is not a guarantee and can be exceeded.Risk tiers (drawdown budget) 15% / 25% / 35%
CollateralCollateralWhat the account holds between and beneath its trades. Both strategies take the same trades; the collateral is the only difference between them.Spike Stable holds dollar-pegged stablecoins only, so its value moves least. Spike Diversified holds the same two stablecoins for 50% of its collateral and keeps the other 50% at all times in tokenised gold, US equities and bitcoin, each weighted in inverse proportion to its recent volatility within fixed limits and re-weighted quarterly: half of the collateral is not tied to the US dollar, at the cost of deeper drawdowns in a sell-off and about half of the stablecoin yield.CollateralLower volatility
Equal thirds of RLUSD and USDG yield-bearing stablecoinsStablecoins other than USDTTo open USDT-margined perpetual positions, the account may borrow USDT against stablecoins other than USDT, and the borrowed USDT accrues interest at the exchange’s rate, borne by the account. Yield-bearing stablecoins (RLUSD, USDG) typically earn more than this cost, offsetting it and adding to returns. USDT collateral carries no such cost.
Dollar-pegged collateral only, so the account carries no gold, equity or bitcoin price swings between trades.
Gross CAGRCAGRCompound annual growth rate of the simulated account from 1 January 2024 to 31 October 2026, time-weighted in USDT and before any performance fee.Gross CAGR +28%
Adjusted max drawdownAdjusted max drawdownAlgotoria’s adjusted definition tests both ends of a fall over 24 hours, on the five-minute equity path. A new high counts only at the lowest balance of the following 24 hours; a low counts at full depth only if the account is still at or below it 24 hours later.So neither a transient print nor a crash candle reversed within the day sets the figure. Figures are gross; net drawdowns are larger by construction.Adjusted max drawdown −1.2% (Better of the two)
Raw max drawdownRaw max drawdownThe deepest fall below the running peak, with no 24-hour test at either end: every five-minute low counts in full, including a crash candle that recovered within the day.Raw max drawdown −8.1%
Calmar ratioCalmar ratioCAGR divided by the raw maximum drawdown over the same period: return per unit of the deepest fall below the running peak, with no 24-hour test, so a crash candle reversed within the day counts in full. Higher is better.All Algotoria strategies are optimised for the Calmar ratio.Calmar ratio 3.43
Adjusted CalmarAdjusted CalmarCAGR divided by the adjusted maximum drawdown over the same period, shown beside the Calmar ratio for reference. Higher is better.Adjusted Calmar 22.73 (Better of the two)
Longest drawdown, daysLongest drawdownThe longest stretch, in calendar days, from the moment the simulated account first fell below its adjusted peak to the moment it regained it, measured on the five-minute equity path. A stretch still open on the as-of date is counted to that date.Longest drawdown, days 78 (Better of the two)
Ulcer indexUlcer indexRoot-mean-square of the adjusted drawdown over every five-minute reading, in percentage points. Unlike maximum drawdown it counts both how deep and how long the account stays under water; lower is better.Ulcer index 0.232 (Better of the two)
Positive monthsPositive monthsCalendar months that closed with a gain, out of all months in the simulation.Positive months 29 / 34 (Better of the two)
Risk tiers (drawdown budget)Risk tiersThe three drawdown budgets an investor can select at onboarding. A budget is a monitored ceiling, not an automatic stop: at two-thirds of it the Investment Committee reviews the account, and at the full budget the client elects to continue, lower the budget or stop.The budget is not a guarantee and can be exceeded.Risk tiers (drawdown budget) 10% / 20% / 30%
Simulated. Both strategies are pre-production: no client capital has been managed under either, and their figures are not evidence of future results. Simulated execution for a constant $10 M book on OKX: every order sized and capped as if the book were $10 M, filled on the historical 1-second order book under the production execution loop, taker fees included; returns compounded. Both are simulated on the production trading engine from 1 January 2024 to 31 October 2026, with the signal generated walk-forward, the crash-candle entry guard in force and the return on each collateral book included. Drawdowns are adjusted and measured on the five-minute equity path. The parameters of Algotoria Spike Diversified's collateral rule were chosen on data within this window. The risk framework limits a drawdown to under 180 days for every strategy, with a target of under 100 days. On this line the longest drawdown of Spike Stable (78 days) and that of Spike Diversified (94 days) are both within that limit and under the target; both begin in the second quarter of 2026.
Signalgeneration
Both strategies are driven by one fully automated signal, Algotoria Spike, and take the same trades: only the collateral differs. It is built to stay out of the market most of the time and to act only on high-conviction moves.
Each instrument is analysed continuously, around the clock, by a proprietary neural network that reads horizons from order-flow detail up to multi-week context and reduces them to a single directional conviction score. Every instrument has its own direction model, deployed as a multi-seed ensemble so that no individual training run can drive a trade. A separate model forecasts near-term volatility; it never opens a position and feeds the capital-preservation overlay below.
Entry: a deliberately high bar
A position opens only when conviction clears a high entry threshold, fixed in research on strictly historical data and then frozen. In simulation the bar is cleared on roughly 64 days a year, typically on one or two instruments at a time. Size is proportional to conviction, within fixed per-instrument weights and the 3× gross exposure cap.
Crash-candle entry guard
At every completed five-minute candle the strategy takes the median return of the five altcoin legs over the last candle and over the last three. If the one-candle median is −5% or worse, or the three-candle median −8% or worse, no new altcoin entry is opened at the next boundary. The guard never closes a position and never touches Bitcoin or Ethereum. It is a protection, not a modelled edge: it costs about 13 percentage points of annual return against the single-candle rule it extends.
Exits
Every position carries a full exit stack from the moment it opens: a volatility-scaled stop-loss, a take-profit, a trailing profit lock, a hard time-stop and exit on signal reversal. Each is enforced in code. Holding periods are typically measured in hours.
Capital-preservation overlay
The overlay rests the book after an exceptionally strong day and resumes trading, at normal size, once the volatility model’s average forecast over the previous day rises above its own long-run median. In simulation it is load-bearing for the drawdown bar.
Traded instruments
The strategy may trade up to 40 USDT-margined perpetual futures, and the Investment Committee may widen the set at any time. The simulated record trades 7: Bitcoin, Ethereum and five major altcoins. All seven legs are long/flat; the strategy never goes short.
Execution
Algotoria Spike trades as a taker, not maker-first. Its signals fall at the start of fast moves, when an order resting in the book is filled mainly by the trades that turn against it. Orders are price-protected and marketable. Stop-losses and take-profits stay inside the strategy; none rests at the exchange. Leverage cap 3×, selectable at 3×, 2× or 1×; about 64 deployment days and about 156 trades a year; positions typically last hours.
Shallow drawdowns are a design target, not a guarantee
Algotoria Spike Stable was designed to a 10% backtest drawdown bar on the five-minute adjusted path at its 3× gross exposure cap, and its investor drawdown budget is 30%. A replay cannot capture every trading cost or market regime.
Crypto is a leveraged risk-on asset
Despite ETF adoption, Bitcoin’s daily volatility is three to four times that of the S&P 500. The asset class remains regime-dependent.
A simulation is not a track record
The figures on this page are replays, not results earned by clients. Future results will differ, often materially. Read the full Risk Notice before allocating.
Typical onboarding takes one business day, plus the international bank transfer if you fund from fiat.
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Why is Spike Diversified recommended?
For a higher return and a better hedge against the risk of a token issuer. On the line published here Spike Diversified’s gross CAGR is +40% against +28% for Spike Stable, and its Calmar ratio is higher too (5.28 against 3.43). Spike Stable’s collateral is entirely US-dollar stablecoins, so the whole account depends on their issuers and on the dollar as a store of value; Spike Diversified holds half of its collateral at all times in tokenised gold, US equities and bitcoin, so a problem at a stablecoin issuer reaches only the stablecoin half. Each token is still a claim on its issuer, and US equities still carry US geopolitical risk, although many S&P 500 companies are globally diversified. The cost: a lower Adjusted Calmar (9.55 against 22.73), a deeper adjusted maximum drawdown (−4.2% against −1.2%), a longer longest drawdown (94 days against 78 for Spike Stable) and about half of the stablecoin yield given up. The line published here is a single path, and the collateral rule’s parameters were chosen on data within the simulation window, so this is a research result, not a guarantee.
Neither Spike strategy has managed client money yet. Their records are replays of the Algotoria Spike signal, generated walk-forward, through the production trading engine on exchange candles, so they show how the design would have behaved, not what an investor earned.
Source · performance/spike/README.md
How do Spike Diversified and Spike Stable differ?
The collateral is the only difference; both take the same trades. Spike Stable holds equal halves of two yield-bearing stablecoins. Spike Diversified holds the same two stablecoins for 50% of its collateral and the other 50% outside US-dollar-backed assets, in tokenised gold, US equities and bitcoin, weighted in inverse proportion to their volatility within fixed limits, re-weighted quarterly and held at all times; it is not switched on or off by market conditions. The table above compares the two simulated lines.
Source · performance/spike-diversified/README.md
Where are the full figures and terms?
On the strategy pages, Algotoria Spike Stable and Algotoria Spike Diversified, each with its risk table, methodology and due-diligence downloads. Algotoria Spike Diversified's commercial terms will be set out in the applicable Asset Management Agreement and are not stated yet.
Source · Strategy overviews
How often does Algotoria Spike trade?
Rarely, by design. It opens positions only when model conviction clears an entry threshold that was set high in research and then frozen, so it is in the market on roughly 64 days a year. Time-weighted, about 99% of its capital sits in collateral.
Source · Strategy overview, Section 1
Why do the figures include yield on idle collateral?
Because the collateral earns it. Algotoria Spike Stable holds equal halves of RLUSD and USDG, stablecoins whose rewards accrue daily; the simulation credits them day by day through a collateral ledger, about 4.2% of NAV a year over the window. Algotoria Spike Diversified is credited the same way on its stablecoin half, plus the gains and losses of its basket of tokenised gold, US equities and bitcoin, which earns no yield.
With Algotoria's adjusted drawdown, on the five-minute equity path. A new peak is accepted only at the lowest value seen over the following 24 hours, and a low counts at full depth only if the account is still at or below it 24 hours later, so neither a transient print nor a crash candle reversed within the day sets the figure. Each strategy page shows the raw maximum drawdown, which counts every five-minute low in full, beside it. Returns are untouched.
They follow the simulation of record: the production trading engine with the collateral ledger and the crash-candle entry guard. The simulation is extended at every month-end, so the lines run to 31 October 2026.
Source · performance/spike-diversified/README.md
Who holds the capital?
The investor. Both strategies are delivered through non-custodial Separately Managed Accounts (SMAs) or Managed Sub-Accounts (MSAs), so the account and its collateral stay in the investor's name throughout.
Source · Strategy overviews, Section 1
How can I register interest?
Professional investors can register interest through their Algotoria contact or the form on this page. Registered parties are informed of each strategy's forward-test outcome and of any go-live decision.
Algotoria Limited is a BVI-regulated Approved Investment Manager under the Securities and Investment Business Act, 2010. The content on this page is informational and does not constitute an offer to sell securities or investment advice. Services are available to professional investors only. Past performance is not indicative of future results.