Algotoria Spike Diversified
The Algotoria Spike engine, unchanged, on a systematically managed collateral book: a base of yield-bearing stablecoins and a sleeve of tokenised gold and US equity index tokens, whose mix Algotoria varies under a proprietary, non-discretionary allocation rule. It is delivered through non-custodial Separately Managed Accounts (SMA) or Managed Sub-Accounts (MSA). Simulated results; no client money has been managed under it yet.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | Since simulation start |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | +13.2% | +4.7% | +3.0% | +1.5% | +7.1% | −0.9% | −0.8% | +25.1% | +0.3% | +2.4% | +7.3% | +12.0% | +101.6% | +101.6% |
| 2025 | +5.0% | +12.0% | +14.6% | +0.5% | +0.6% | +0.2% | +3.6% | +3.7% | +0.3% | +51.3% | −0.3% | +0.3% | +122.6% | +348.7% |
| 2026 | +2.6% | +26.6% | −0.3% | −1.2% | +1.9% | +5.5% | +0.8% | +15.6% | −3.7% | +54.4% | +592.7% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | Since simulation start |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | +13.2% | +4.7% | +3.0% | −3.1% | +7.1% | −0.9% | −2.5% | +25.1% | +0.3% | −2.6% | +7.3% | +12.0% | +79.7% | +79.7% |
| 2025 | +0.1% | +12.0% | +14.6% | −6.0% | +0.6% | +0.2% | +3.2% | +3.7% | +0.3% | +48.6% | −0.3% | +0.3% | +94.3% | +249.2% |
| 2026 | −6.0% | +26.6% | −0.3% | −6.8% | +1.9% | +5.5% | −0.7% | +15.6% | −3.7% | +31.4% | +358.8% |
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | Since simulation start |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | +13.2% | +4.7% | +3.0% | −4.1% | +7.1% | −0.9% | −2.9% | +25.1% | +0.3% | −3.6% | +7.3% | +12.0% | +75.5% | +75.5% |
| 2025 | −0.9% | +12.0% | +14.6% | −7.2% | +0.6% | +0.2% | +3.2% | +3.7% | +0.3% | +48.1% | −0.3% | +0.3% | +88.9% | +231.6% |
| 2026 | −7.8% | +26.6% | −0.3% | −7.9% | +1.9% | +5.5% | −1.0% | +15.6% | −3.7% | +27.0% | +321.2% |
| Metric | Algotoria Spike Diversified (simulated)simulated · Gross | Bitcoinbenchmark | BITA Crypto 10benchmark | Gold (PAXG)benchmark | S&P 500benchmark |
|---|---|---|---|---|---|
| 1 month | −3.67% | +7.65% | +10.20% | −6.52% | −0.10% |
| 3 months | +12.17% | +42.63% | +52.84% | +3.95% | +2.58% |
| 6 months | +20.78% | +25.18% | +39.16% | −7.70% | +21.49% |
| 12 months | +133.58% | −26.68% | −27.74% | +7.14% | +14.88% |
| 24 months | +322.89% | +32.04% | +21.40% | +56.92% | +33.39% |
| CAGR | +102.34% | +26.15% | +16.38% | +28.79% | +19.21% |
| Total return | +592.68% | +89.24% | +51.66% | +100.32% | +61.93% |
| Metric | Algotoria Spike Diversified (simulated)simulated · Net 25 | Bitcoinbenchmark | BITA Crypto 10benchmark | Gold (PAXG)benchmark | S&P 500benchmark |
|---|---|---|---|---|---|
| 1 month | −3.67% | +7.65% | +10.20% | −6.52% | −0.10% |
| 3 months | +10.52% | +42.63% | +52.84% | +3.95% | +2.58% |
| 6 months | +12.24% | +25.18% | +39.16% | −7.70% | +21.49% |
| 12 months | +95.26% | −26.68% | −27.74% | +7.14% | +14.88% |
| 24 months | +198.73% | +32.04% | +21.40% | +56.92% | +33.39% |
| CAGR | +74.15% | +26.15% | +16.38% | +28.79% | +19.21% |
| Total return | +358.75% | +89.24% | +51.66% | +100.32% | +61.93% |
| Metric | Algotoria Spike Diversified (simulated)simulated · Net 30 | Bitcoinbenchmark | BITA Crypto 10benchmark | Gold (PAXG)benchmark | S&P 500benchmark |
|---|---|---|---|---|---|
| 1 month | −3.67% | +7.65% | +10.20% | −6.52% | −0.10% |
| 3 months | +10.19% | +42.63% | +52.84% | +3.95% | +2.58% |
| 6 months | +10.55% | +25.18% | +39.16% | −7.70% | +21.49% |
| 12 months | +88.10% | −26.68% | −27.74% | +7.14% | +14.88% |
| 24 months | +177.93% | +32.04% | +21.40% | +56.92% | +33.39% |
| CAGR | +68.82% | +26.15% | +16.38% | +28.79% | +19.21% |
| Total return | +321.21% | +89.24% | +51.66% | +100.32% | +61.93% |
| Metric | Algotoria Spike Diversified (simulated)simulated · Gross | Bitcoinbenchmark | BITA Crypto 10benchmark | Gold (PAXG)benchmark | S&P 500benchmark |
|---|---|---|---|---|---|
| Current drawdown[7] | −3.68% | −32.28% | −33.72% | −24.03% | −1.39% |
| Adjusted max drawdown[4] | −4.18% | −51.38% | −56.02% | −26.94% | −17.52% |
| Max drawdown duration[8] | 55 days | 358 days | 356 days | 243 days | 125 days |
| Ulcer index[9] | 0.83 | 23.60 | 29.79 | 10.12 | 2.98 |
| Calmar ratio[10] | 24.50 | 0.51 | 0.29 | 1.07 | 1.10 |
| Sortino ratio[11] | 13.09 | 0.84 | 0.38 | 1.49 | 1.30 |
| Sharpe ratio[12] | 3.04 | 0.55 | 0.25 | 1.18 | 0.99 |
| Annualised volatility[13] | 32% | 39% | 47% | 21% | 15% |
| Metric | Algotoria Spike Diversified (simulated)simulated · Net 25 | Bitcoinbenchmark | BITA Crypto 10benchmark | Gold (PAXG)benchmark | S&P 500benchmark |
|---|---|---|---|---|---|
| Current drawdown[7] | −3.68% | −32.28% | −33.72% | −24.03% | −1.39% |
| Adjusted max drawdown[4] | −9.01% | −51.38% | −56.02% | −26.94% | −17.52% |
| Max drawdown duration[8] | 142 days | 358 days | 356 days | 243 days | 125 days |
| Ulcer index[9] | 3.21 | 23.60 | 29.79 | 10.12 | 2.98 |
| Calmar ratio[10] | 8.23 | 0.51 | 0.29 | 1.07 | 1.10 |
| Sortino ratio[11] | 4.56 | 0.84 | 0.38 | 1.49 | 1.30 |
| Sharpe ratio[12] | 2.11 | 0.55 | 0.25 | 1.18 | 0.99 |
| Annualised volatility[13] | 33% | 39% | 47% | 21% | 15% |
| Metric | Algotoria Spike Diversified (simulated)simulated · Net 30 | Bitcoinbenchmark | BITA Crypto 10benchmark | Gold (PAXG)benchmark | S&P 500benchmark |
|---|---|---|---|---|---|
| Current drawdown[7] | −3.68% | −32.28% | −33.72% | −24.03% | −1.39% |
| Adjusted max drawdown[4] | −10.68% | −51.38% | −56.02% | −26.94% | −17.52% |
| Max drawdown duration[8] | 158 days | 358 days | 356 days | 243 days | 125 days |
| Ulcer index[9] | 3.93 | 23.60 | 29.79 | 10.12 | 2.98 |
| Calmar ratio[10] | 6.44 | 0.51 | 0.29 | 1.07 | 1.10 |
| Sortino ratio[11] | 3.58 | 0.84 | 0.38 | 1.49 | 1.30 |
| Sharpe ratio[12] | 1.93 | 0.55 | 0.25 | 1.18 | 0.99 |
| Annualised volatility[13] | 33% | 39% | 47% | 21% | 15% |
Table figures use the daily adjusted basis; the drawdown and Calmar tiles above use the 5-minute adjusted basis, the basis of record.
Drawdown is read together with duration. The managed sleeve is designed to shorten the wait to regain a previous high; it trades depth risk for duration.
| Asset type | Assets | Target share | Limit[16] |
|---|---|---|---|
| Common stablecoinsUSDT, USDC | USDT, USDC | 0% | No cap |
| Yield-bearing stablecoinsRLUSD, OKUSD | RLUSD, OKUSD | 55% | No cap |
| BitcoinBTC | BTC | 0% | 30% |
| Tokenised goldXAUT, PAXG | XAUT, PAXG | 30% | 30% |
| US equity index tokensxSPY, xQQQ | xSPY, xQQQ | 15% | 40% |
Rules, limits and exclusions
- Two tiers
- The book has two tiers: a stablecoin base held at all times, and a gold and equity sleeve held part of the time. When the sleeve is not held, the collateral is RLUSD and OKUSD in equal halves. Every instrument is listed on OKX Spot and accepted by the venue as margin, so the whole book sits in the account that margins the trading book.
- Allocation rule
- The allocation rule is proprietary and non-discretionary, and responds to the account’s own performance state. It is not disclosed and may be changed by the Investment Committee; investors should not rely on the sleeve being held, or not held, at any particular time.
- Size and rebalancing
- When held, the sleeve is at its full target of 45% of net asset value, subject only to the liquidity rule. While it is held it is rebalanced quarterly at the quarter-end close on a ±20% relative band: a leg is traded back to target only once it has drifted more than a fifth of its own weight away. The Investment Committee may call one rebalance between quarters, to correct a breach of a concentration limit or respond to a change in what the venue lists.
- Limits
- The sleeve may take at most 45% of net asset value and the stablecoin base at least 40%. Gold is capped at 30%, which binds. Equity index exposure is capped at 40% in aggregate and 25% for a single instrument; single stocks at 5% each and 15% in aggregate, and none is held. Crypto-linked equities and leveraged or inverse wrappers: 0%. Any single issuer or wrapper: at most 50%. USDT and USDC are uncapped transitional balances: they pay no reward, so a balance in them is a cost, but investors capitalise in them and trading profits arrive in them.
- Liquidity
- Execution is staged against venue liquidity: no single day’s trade in any instrument exceeds 10% of that pair’s 30-day median turnover on OKX, and any remainder carries forward.
- What the sleeve does not hold
- No Bitcoin: the mandate permits it up to 30%, so it need not be reopened, but none is held; tested at every share, from 10% upwards it lengthened the longest drawdown, and the Investment Committee must re-run the analysis before proposing any weight. No crypto-linked equities, no leveraged or inverse tokens, no single-stock concentration: equity exposure is index exposure.
- Performance measure
- Gains and losses on the collateral, including the sleeve, count in the performance measure (NAV-Based Method).
- Margin treatment
- Each instrument is accepted as margin at a discount set by the exchange, which can change it: 0.98 for RLUSD and OKUSD, lower and tiered by holding size for the gold and equity tokens.
Trading signal
A neural-network signal rather than a rules book: one conviction score per instrument, a deliberately high entry bar and a full exit stack on every position. Beside it: the strategy’s capacity and how it executes.
How the signal works
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. Algotoria Spike Diversified changes only the collateral: the signal is the same as Algotoria Spike Stable’s.
Capacity[20]
Investment terms
Every investor in Algotoria Spike Diversified selects a risk tier during onboarding. The tier sets the drawdown budget, average and maximum leverage, and the minimum allocation.
Terms
| Investment form | SMA / MSA |
|---|---|
| Investment assets[19] | Up to 40 USDT-margined perpetual futures; the simulated record trades 7: Bitcoin, Ethereum and five major altcoins |
| Minimum investment[17] | 50,000–150,000 USDT |
| Management fee | 0% |
| Performance fee[3] | 25–30% quarterly |
| PnL method[24] | NAV-Based Method |
| Hurdle rate | None |
| High watermark | Rolling, post-fee |
| Lock-in period | None |
| Recommended horizon | ≥ 1 year |
| Redemptions | 5-day notice |
| Deposits and withdrawals | USDT only; Algotoria converts into and out of the collateral |
| Trading venues | OKX, Binance, Bybit |
| Custody | Investor retains; trade-only API |
Risk tiers[18]
| Tier | Max DD | Avg leverage | Max leverage | Min allocation |
|---|---|---|---|---|
| High | 35% | 100% | 300% | 50,000 USDT |
| Medium | 25% | 67% | 200% | 100,000 USDT |
| Conservative | 15% | 33% | 100% | 150,000 USDT |
Methodology and sources
- Returns
- Daily time-weighted returns in USDT over UTC days, from 1 January 2024 to 30 September 2026. Monthly, yearly and rolling figures compound the daily returns; CAGR annualises the full period.
- Fee bases
- Net 30 and Net 25 are modelled from the gross simulated curve by deducting a 30% or 25% fee on profit above the rolling, post-fee high watermark, settled quarterly. The assumed collateral yield is included, as it is in the fee base of the NAV-Based Method. They are not taken from a fee-paying account.
- Simulation
- The production trading engine on exchange market data under execution profile close-5m-v1: decisions only on completed five-minute candles, stop-losses and take-profits tested against the bar’s close, every fill at the following boundary, and no stop or take-profit resting at the exchange. Costs are 20 bps round trip at 3× gross exposure.
- Walk-forward
- Fold models are trained only on data before each fold, up to 1 July 2026; after it the fixed release models run, which are fold 7 of the same walk-forward, trained before 1 July 2026. The entry threshold was selected on data to 30 June 2026 and frozen on 21 August 2026. Months after the seam are an operational forward shadow: nothing was re-selected, and they are not a gate reading.
- Collateral sleeve
- The sleeve is simulated on the underlying assets (gold and the S&P 500 and Nasdaq-100) because the tokens listed in July 2026; sleeve trades are priced at 20 bps and filled at the close, and the book is credited through the collateral ledger, including the sleeve’s own gains and losses while it is held.
- Collateral yield
- Idle collateral earns the venue’s stablecoin rewards, credited day by day through a collateral ledger together with the sleeve’s own gains and losses while it is held: about 6.8 percentage points a year over the window, of which about 3.7 are the sleeve’s mark-to-market, against 4.2 for Algotoria Spike Stable. A series without this yield is never published.
- Drawdown
- Adjusted drawdown: the headline figures use the five-minute equity path, the tables use daily closes. Durations count calendar days from the first day below the adjusted peak to the day it is regained, or to 30 September 2026 where still open.
- Ratios
- Sharpe and Sortino use the US 3-month Treasury yield (FRED GS3M), 4.46% on average over the period; volatility scales daily returns by √252.
- Data and updates
- Figures as of 30 September 2026, generated 1 October 2026; updated monthly. The simulation is extended at every month-end. Account and term facts are dated where they appear.
Important information
Regulatory status
Algotoria Limited · BVI Registration No. 2161048 · Approved Investment Manager under the Securities and Investment Business Act, 2010 · Certificate No. IBR/AIM/25/2214 · Registered with the BVI Financial Services Commission. The approved-manager regime does not provide the protections of retail fund regulation; clients have no recourse to a statutory ombudsman or compensation scheme.
Eligibility and jurisdiction
This page is for professional investors (as defined by SIBA) only. It is not directed at United States persons or at residents of any jurisdiction on the Restricted Jurisdictions register kept by the firm’s MLRO, and it is not intended for use where its distribution would be contrary to local law or regulation. Each client confirms professional-investor status in the Asset Management Agreement.
No offer, no advice, no tax advice
This page is published for information only. It is not an offer or solicitation to buy or sell any security or service, and not investment, legal or tax advice or a personal recommendation. Algotoria does not provide tax reporting; each client is solely responsible for the tax arising from its account. Any engagement is governed by the Asset Management Agreement alone.
Simulated performance basis
Performance is simulated: a research backtest of a frozen configuration on the production trading engine, at 3× gross exposure and 20 bps round-trip costs, from 1 January 2024 to 30 September 2026. The trading signal is generated walk-forward, and the collateral is credited through a ledger. The collateral allocation rule was chosen on data within this window, and the research hold-out was read once and is spent, so the figures state a hypothesis rather than evidence of what the rule will do. No client capital has been managed under Algotoria Spike Diversified and no account achieved these results. Returns are daily time-weighted returns in USDT over UTC days, shown gross and with modelled 30% and 25% fees.
Hypothetical performance
Simulated results are prepared with hindsight and do not reflect actual trading. They cannot account for the effect of the orders themselves on the market, for the operational frictions of managing a real account, or for an investor’s own decisions during a drawdown. Fold models are trained only on earlier data, but the final configuration was selected on results to 30 June 2026 and frozen on 21 August 2026, and the figures are the upper part of a range: a re-trained set of models should be expected to land inside it. Simulated and past performance are not indicative of future results.
Drawdown definition and gross basis
Drawdowns use Algotoria’s adjusted definition: a new peak is accepted only at the minimum observed over the following 24 hours, and the accepted peak never falls. Headline figures are evaluated on the strategy’s five-minute equity path and are gross of performance fees; the tables use daily closes, which can read shallower. The trough test described in the Risk section of the wiki is not yet applied to the five-minute headline. A drawdown can exceed the investor drawdown budget.
Benchmarks
Bitcoin and the BITA Crypto 10 Index are the primary references; the S&P 500 and gold are context. BITA Crypto 10 Index, BITA GmbH; not sponsored or endorsed by BITA. Benchmarks are unmanaged and bear no fees or costs. They differ from the strategy in leverage, short exposure and volatility, and comparison with them is illustrative only.
Fees
No management fee and no hurdle. A performance fee of 25–30% of net trading profit, tiered by account balance under Appendix 1 of the Asset Management Agreement, is charged quarterly on the rolling post-fee high watermark under the NAV-Based Method, so collateral gains and losses are in the fee base. No clawback applies. The net views on this page are modelled, not billed. They are applied to the gross simulated curve, including the assumed collateral yield. Commercial terms take effect only if and when the strategy launches, under the applicable Asset Management Agreement.
Collateral
Collateral is a base of yield-bearing stablecoins held at all times and a sleeve of tokenised gold and US equity index tokens held part of the time, managed by Algotoria under a proprietary allocation rule. Rewards depend on third-party instruments, on the account’s VIP status and on prevailing rates, and are not guaranteed. Each stablecoin and token is a claim on its issuer, and the venue accepts each as margin at a discount it can change.
Sleeve risk
The sleeve carries market risk of its own: gold and equity exposure can fall, can fall at the same time as the trading book, and, because the sleeve can be held during a drawdown, can deepen one. The tokenised instruments carry issuer, redemption, tracking and de-peg risk; the single-issuer cap limits the exposure but does not remove it.
Tokenised instruments
The tokenised gold and equity instruments listed on OKX in July 2026, so the simulation prices the underlying assets, not the tokens. Tracking error, premium or discount to net asset value, issuer risk and 24-hour trading against an index that does not trade around the clock are outside the model; dividends on the equity tokens are reinvested by the issuer net of US withholding tax of up to 30%, so the total-return basis slightly overstates them.
Yield basis
In production the stablecoin base earns what RLUSD and OKUSD pay on OKX, currently 4.2% and 4.5% at VIP status. Those rates are current, not contractual, depend on the account’s VIP status and the venue’s terms, move, and can be withdrawn; redemption cost, lock-up terms and de-peg risk are not modelled.
Principal risks
Leveraged crypto-asset derivatives can lose all capital committed. Read the full Risk Notice, in particular its sections on leverage and the drawdown budget, drawdown expectations, market volatility, model risk, exchange and stablecoin risk, liquidity and redemptions, and regulatory and legal risk.
Data currency
Figures are as of 30 September 2026 and are updated monthly. Each monthly publication is versioned in the firm’s records; earlier versions are available on request.
Status and what happens next
Algotoria Spike Diversified begins operating only if the Algotoria Spike engine passes its pre-registered forward gate, registered on 21 August 2026 and scored from 1 September 2026 to 30 November 2026; if it does not, there is no product to put a sleeve underneath.
What will count as the allocation rule succeeding or failing was registered before the data it will be read on exists. The first read is taken not before 28 February 2027, and only once Algotoria Spike on stablecoins has completed two drawdown episodes longer than 30 days. To pass, the rule must lose none of those episodes, create no long drawdown of its own, be at most one percentage point deeper, match or beat the Calmar ratio, keep turnover at or below 10.5× a year, and win at least two. Once the account is running its value is observed daily, so this is a watched track of the account, not a hold-out.
The venue’s collateral terms were confirmed from its published documentation on 27 September 2026; the account’s own VIP status and the redemption paths are confirmed on the account before any capital is committed. Contact your Algotoria representative or [email protected].
Definitions and notes
The numbered markers on this page refer to these notes.
- How returns are measured Simulated, not traded. The dashed line is a simulation of Algotoria Spike Diversified: hypothetical results that no account achieved. It runs the frozen configuration on the production engine, with the signal generated walk-forward, at 20 bps round trip; the final configuration was selected on results to 30 June 2026, and the collateral allocation rule was chosen on data within the window. Simulated results have inherent limitations and are not a forecast.Returns are time-weighted, measured daily in USDT over UTC days. USDT is a stablecoin, not the US dollar: its value can move away from 1 USD, and returns measured in dollars or another currency would differ.Every series is rebased to 0% on 1 January 2024, the start of the simulation. Gross figures are before any performance fee. Simulated and past performance are not a guarantee of future results.
- Benchmarks Bitcoin: BTC-USDT spot on OKX. BITA Crypto 10 (B10): price-return index of the ten largest cryptocurrencies by trading volume (BITA Crypto 10 Index, BITA GmbH; not sponsored or endorsed by BITA). These two are the primary references.S&P 500 (SPY-USDT-SWAP perpetual on OKX; Investing.com SPY ETF data before 4 March 2026) and gold (PAXG-USDT spot on OKX; Investing.com XAU/USD data before 15 October 2025) are shown for context.Benchmarks are unmanaged and bear no fees or trading costs; an index cannot be invested in directly. Risk-free rate for Sharpe and Sortino: US 3-month Treasury yield (FRED GS3M), 4.46% on average.
- Gross, Net 30 and Net 25 Gross is the simulated return before any performance fee.Net 30 and Net 25 deduct a 30% or 25% fee on net trading profit above the rolling, post-fee high watermark, settled quarterly for the quarter just closed. The standard schedule is 30% for an account below 100,000 USDT, falling one point per band to 25% at 1,000,000 USDT and above; an executed contract may set a different rate.Both net paths are modelled from the gross simulated curve, not taken from a fee-paying account. There is no management fee and no hurdle. Benchmarks carry no fee and read the same in every mode. All switches on this page move together.
- Adjusted drawdown Drawdowns on this page use Algotoria’s adjusted definition.Peak: a new high counts only at the lowest balance of the following 24 hours, and the accepted peak never falls.The headline drawdown is measured on the strategy’s five-minute equity path, where intraday troughs count in full, so it reads deeper than the daily-close figures in the tables. Figures are gross; net drawdowns are larger by construction.
- Monthly returns Calendar-month time-weighted returns of the simulated track in USDT, on UTC days. Year compounds the months of that year; Since simulation start is the cumulative return from 1 January 2024 to the year’s last month shown.
- Rolling returns Trailing time-weighted return to 30 September 2026 over each window. CAGR and total return run from 1 January 2024, the start of the simulation.
- Current drawdown Adjusted drawdown on the as-of date, measured from the confirmed peak. The last day has no following day to confirm it, so it is read at its closing value.
- Max drawdown duration The longest stretch, in calendar days, from the day the series first fell below its adjusted peak to the day it regained it. Where that stretch is still open on the as-of date, it is counted to that date.
- Ulcer index Root-mean-square of the daily adjusted drawdown, in percentage points. Unlike maximum drawdown it counts both how deep and how long the series stays under water; lower is better.
- Calmar ratio CAGR divided by the adjusted maximum drawdown over the same period.
- Sortino ratio CAGR minus the risk-free rate, divided by the annualised standard deviation of losing days (downside deviation, √252 scaling).
- Sharpe ratio CAGR minus the risk-free rate, divided by annualised volatility.
- Annualised volatility Standard deviation of daily returns, scaled by √252.
- Collateral The sleeve is the gold and equity part of the collateral, held only part of the time. It is the one thing Algotoria Spike Diversified changes against Algotoria Spike Stable.The account is funded in USDT, which Algotoria converts into a base of RLUSD and OKUSD and, under its allocation rule, into the sleeve of tokenised gold and equity index tokens. Investors deposit and withdraw in USDT.Collateral yield. The base earns the venue’s rewards, credited day by day through a collateral ledger together with the sleeve’s own gains and losses while it is held: about 6.8 percentage points a year over the window, of which about 3.7 are the sleeve’s mark-to-market. Every Spike series includes this yield, and a series without it is never published.
- Stablecoins other than USDT To 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, OKUSD, USDG) typically earn more than this cost, offsetting it and adding to returns. USDT collateral carries no such cost.
- Concentration caps Maximum share of the account’s net asset value, checked at every rebalance and every change of allocation. Stablecoins are uncapped: they are how clients fund the account and how trading profits arrive.
- Minimums and risk tiers Three risk tiers are chosen at onboarding: High (35% drawdown budget, maximum leverage 3×, minimum 50,000 USDT), Medium (25%, 2×, 100,000 USDT) and Conservative (15%, 1×, 150,000 USDT). Lower tiers scale leverage down; signal and execution are otherwise identical. They need a larger minimum because per-account operating costs do not fall with leverage. Spike Diversified’s budgets sit five points above Spike Stable’s to allow for the volatility of its collateral.
- Drawdown budget The investor selects the budget at 15%, 25% or 35%. The default is 35% at 3× gross exposure, and the simulated record on this page is not an account run at any of these budgets. It is a monitored ceiling, not an automatic stop. Alerts fire at 60%, 80% and 100% of it; at two-thirds the Investment Committee reviews the account and decides case by case whether to reduce risk; at the full budget the client elects to continue, lower the budget or stop.The Committee may also run the strategy below the budget, down to 0%, and restore it later; returns are then proportionally lower. The budget is not a guarantee and can be exceeded.
- Investment universe 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. Six legs are long/flat; Ethereum is the only leg permitted to go short.
- Capacity Estimated capacity of the engine on OKX alone is about $2.5 million before per-order size caps begin to reduce returns (Algotoria’s capacity study, September 2026). Larger accounts need their own assessment.
- Leverage and concentration Gross leverage is capped at 3×, enforced at entry; the cap is touched briefly and is not an operating level. It can be selected per account at 3×, 2× or 1×.Concentration limits scale with the leverage selected: on a 1× basis Bitcoin and Ethereum are each held to at most 35% of net asset value (105% at 3×) and any other instrument to 10% (30% at 3×), with the whole book at most 100% (300% at 3×).
- Crash-candle entry guard The guard was sized on the crash candles of 3 February 2025 and 10 October 2025. It blocks new altcoin entries only: it 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.
- Execution Taker: price-protected marketable orders at the decision, completed within minutes. No maker/taker mix is measured, because the strategy has no real account. Stop-losses and take-profits stay inside the strategy.
- NAV-Based Method Net trading profit is the change in the account’s aggregate USDT-equivalent net asset value, adjusted for net inflows and fees. Collateral gains and losses are inside the performance measure, which is the correct treatment when Algotoria manages the collateral.
Due-diligence downloads
Everything to verify this strategy independently
No exchange statements exist for this strategy: its record is simulated and no account has traded it.
For professional investors (as defined by SIBA) only: information, not an offer or investment advice; past performance is not a guarantee of future results, and all capital can be lost.
Shorter waits, a real chance of deeper drawdowns
The managed sleeve is designed to shorten the time under water, not to reduce the deepest loss: it can be held while the account is down, so a sell-off that reaches gold, equities and the trading book together can add the sleeve’s loss to the engine’s. The simulation’s deepest adjusted drawdown is −9.1% and its longest spell below a previous peak 52 days. The investor drawdown budget is 35% at the default 3×, a monitored ceiling that leaves room for that case, not a guarantee, and it can be exceeded; size the allocation on the budget, not on the simulated figure.
Crypto is volatile, and this strategy is leveraged
The strategy trades leveraged crypto perpetual futures and posts yield-bearing stablecoins and, part of the time, tokenised gold and equity index tokens as collateral, each a claim on its issuer. Its annualised volatility in simulation is 32.2%, against 39.2% for Bitcoin and 14.9% for the S&P 500. Losses can arrive quickly and last for months.
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, and all capital committed can be lost. Read the full Risk Notice before allocating.