Kestrel AlphaCapital

Proprietary trading · Digital assets

Systematic trading, built on research.

We are a proprietary trading firm applying machine learning and market-microstructure research to spot, perpetual futures and options on the world's major digital-asset venues. We trade our own capital, around the clock.

About the firmOpen roles
2021Founded, New York
5Offices
24/7Risk coverage
12+Venues
BASIS / FUNDING · ROLLING 72HUTC
T-72HNOW

What we do

Liquidity, strategies and the platform behind them.

Three activities, one research process. Every model that trades has passed the same validation and runs inside the same risk framework.

Market making

Continuous two-sided liquidity in liquid pairs across centralised venues, with inventory managed by models that retrain daily.

Systematic strategies

Basis, funding and relative-value strategies that hold from minutes to days, sized by a firm-wide risk framework.

Research platform

A shared research cluster, versioned data and a model-validation process that every signal passes before it trades.

How we work

From hypothesis to production, in three gates.

A signal is a hypothesis until it has survived the people whose job is to break it.

1

Research

Developed on the research cluster against versioned tick data and transaction-cost models fitted on our own fills.

2

Validation

Reviewed out of sample by an independent group: capacity, decay, regime behaviour and what happens under stress.

3

Production

Promoted after the risk committee signs off. Monitored continuously against firm-wide limits and kill switches in the order path.

Research notes

Selected writing from the research group.

Markets

Where we trade.

Centralised venues for spot, perpetual futures and options, with institutional custody arrangements across multiple providers. Treasury and custody are separated from trading by design.

How the platform works
InstrumentActivityHorizon
SpotMarket making, cross-venue relative valueSeconds to hours
Perpetual futuresBasis and funding strategies, liquidity provisionMinutes to days
OptionsVolatility relative value, hedging of the bookDays to weeks
TreasuryCustody, settlement, venue fundingContinuous

Careers

Researchers and engineers who want real feedback.

Small teams, direct ownership, and a culture of writing things down. Six roles are open across four offices.

See open roles