Chris Kim@bidorder · 2026/08/26观点输出@AxisFDN gAxis
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Chris Kim@bidorder · 2026/08/21赛道影响@0xNairolf https://t.co/8ERJxPuOW4
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Chris Kim@bidorder · 2026/08/21观点输出RT @PrimeBroker: When looking at tokenization and yield strategies, there is misguided perception that more transparency would provide bett…
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Chris Kim@bidorder · 2026/08/21观点输出@0xG00gly big difference whether bitcoin is above “1 Eok (억)” (as in 100m KRW) or below 😉
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Chris Kim@bidorder · 2026/08/20政策影响Very aligned. We wrote about a similar problem in May: stablecoins didn’t eliminate the balance-sheet requirement, they moved it down to the conversion layer. (https://t.co/m6mUKACZdE)
If FX and conversion become an important revenue layer for fintechs, someone still needs to provide the inventory, firm pricing, hedging and settlement underneath them 24/7.
Our bet with Axis is that this becomes its own specialized principal-liquidity layer.
Fintechs own the customer and distribution. The liquidity provider runs the balance sheet underneath it, and ideally makes that capital productive instead of leaving it idle.
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Chris Kim@bidorder · 2026/08/20政策影响Appreciate the detailed follow-up. I think we agree on one thing. CEX counterparty risk is real, and we do price and manage it.
Where I disagree is the assumption that the spread can mostly be decomposed into venue credit risk + carry.
The spreads we trade come from many different sources: fragmented inventory and flows, different market participants, local currencies, funding, fees, latency, market access, transfer constraints and execution costs, as well as venue risk.
So taking the observed spread, subtracting an assumed carry, and treating the remainder as implied venue failure probability doesn’t really represent how our returns are generated.
Also worth separating liquidity of the underlying reserves from accessibility of assets at a venue.
Our underlying positions are liquid. We don’t rely on a reserve where the liquid portion of TVL changes materially with market conditions or redemption flows. That doesn’t remove venue counterparty/access risk, but it is a different risk and we manage it separately through limits, allocation and continuous rebalancing.
On the letters, fair point. We are thinking about how we can reveal more here without giving other trading firms enough information to infer how the book is positioned or executed. We already offer eligible institutions direct API read access for deeper verification beyond the public dashboard, and we’re working on extending this further.
And agreed on Hyperliquid. We trade there too and think onchain venues are an important part of the future.
I also think our businesses are ultimately being built for somewhat different counterparties. Neutrl primarily serves projects and exchanges. Axis is being built to serve licensed fintechs and exchanges that need 24/7 principal liquidity across stablecoins, FX and tokenized markets.
So I don’t think the answer is one venue replacing all others. Fragmentation across venues, currencies, assets and client flows is structural, and that fragmentation is exactly what our engine is built to price and connect.
Chris Kim@bidorder · 2026/08/20观点输出@cryptobyrde time is money
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Chris Kim@bidorder · 2026/08/19赛道影响Indeed the case, as Rik mentioned.
It’s been quite difficult for us to balance transparency and protecting critical trading information.
Our engine looks at tens of millions of pricing permutations across crypto, tokenized RWAs and FX. Venue selection, inventory placement and routing are all part of the strategy, so we don’t want to give other trading firms information that could affect our execution.
This is not the final state though. we are working on ways to make more information independently verifiable without exposing critical parts of the strategy.
Also one important point. our positions are liquid. We don’t rely on illiquid or long-duration positions for yield, and mint/redemption flows are managed with liquid inventory.
AI：偏主题投资表达，释放对基础设施与新叙事的偏多信号。
Chris Kim@bidorder · 2026/08/19观点输出@wassielawyer ☠️
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
Chris Kim@bidorder · 2026/08/18观点输出@delucinator are you trying to buy something not listed elsewhere 😁
AI：延续个人公开立场，强调长期主义、执行效率与行业方向判断。
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