NEW WEBINAR with Chainlink: Deploying Tokenized Funds
Register Now
Launch App
Contact Us
.png)
Unsquared is a systematic crypto trading firm run by a team of five partners who pair institutional markets experience with applied-mathematics quant research.
The firm runs market-neutral, quantitative strategies across the top 100 crypto assets by liquidity, holding a diversified book of long and short positions that generates returns from relative price moves between assets rather than the direction of the broader market. The strategy has a live track record dating back to April 2025 and now manages eight figures in AUM for professional and institutional allocators, funds, and crypto-native investors.
Three independently engineered components sit behind the returns: a proprietary factor library built from alternative data spanning five-plus years, a daily portfolio-construction layer with a risk model and optimiser, and an in-house execution engine, four years in development — that runs natively on OKX perpetuals with per-trade size caps, real-time slippage tracking, and automated volume controls.
"Onyx let us take a strategy already running for institutional accounts and put it on-chain as a single tokenized vault, with a daily NAV our investors can verify for themselves. The Enzyme team got us live within a few weeks, and our investors value how transparent the vault is and how quickly updates come through."
Before Onyx, investors could only reach the strategy one account at a time. Each allocator was onboarded as a separately managed account on its own exchange venue, meaning individual setup, API-key provisioning, and separate operational handling for every mandate, with each account traded on its own.
Unsquared wanted a single tokenized vehicle it could run centrally: one tokenized position, a transparent daily NAV, and standard subscription and redemption mechanics, without standing up bespoke fund infrastructure and a separate admin stack for every investor. A single vehicle would also let the firm batch trading across all client capital through OKX directly and operate one standard set of terms, removing the per-account customization that came with each managed account and giving every investor in the vehicle the same treatment.
Unsquared deployed a vehicle on Onyx, live on Ethereum mainnet, that wraps the same strategy already trading on OKX perpetuals as a single tokenized position.
The strategy's daily management stays exactly as it runs for institutional accounts: a risk model and optimiser re-weight over 25 factors and re-size positions each day from a covariance matrix, and the execution engine places trades on OKX with per-trade size caps, real-time slippage tracking, and automated volume controls, running roughly 65% maker.
The centerpiece of the setup is NAV automation: daily valuation is pushed on-chain directly from Unsquared's OKX account keys to Onyx, so the vehicle's NAV reflects the live trading account without a manual valuation step.
The Enzyme team has also deployed a custom automated workflow moving deposits onto the same automated daily cycle, driven from the same OKX keys, so subscriptions process without manual intervention alongside valuation. Deposits and redemptions are queued and settled against the vehicle.
Unsquared now has a single tokenized vehicle that investors can subscribe to directly, with a daily on-chain NAV pulled automatically from the firm's OKX account. The strategy and trading environment haven't changed at all, as Onyx adapted to Unsquared's existing OKX setup.
Investor feedback has centered on transparency and speed: it takes investors a little time to adjust to the vehicle format, but once they do, they value how much faster updates come through compared to a traditional vehicle.
The whole process, from the decision to move forward to the vehicle going live, took just a few weeks.
