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Overview

Cross-Asset Strategy is an autonomous treasury protocol generating organic yield from market volatility by capitalizing on cross-asset price inefficiencies. Rather than relying on the price appreciation of a single asset, the strategy focuses on how digital assets are valued relative to one another.
  • Assets are evaluated not only by their USD price, but by their relative value against BTC and other assets in the portfolio
  • Relatively overvalued and undervalued assets are identified on a continuous basis
  • These assessments are used to inform portfolio rebalancing decisions
  • The strategy is designed to grow the quantity of assets held, and the growth is converted to USDT and distributed as Rewards through a daily batch
  • Returns are not fixed and may vary depending on market conditions, fees, and redeem timing
Fees, minimum deposit, lock-up, and other Vault conditions are shown on the RondoSync website. Please review them before participating.

Multi-Factor Relative Value Analysis

Our strategy continuously analyzes multiple market factors, including relative pricing, momentum, volatility, correlation, and liquidity, to identify changes in relative value across digital assets. These signals are combined into a dynamic scoring model, enabling the strategy to continuously evaluate which assets are relatively overvalued or undervalued as market conditions change.

Adaptive Multi-Factor Relative Value Engine

At the core of the strategy is the Adaptive Multi-Factor Relative Value Engine: a continuously updated scoring system that evaluates relative value, momentum, volatility, correlation, liquidity, and market regime across multiple digital assets. The engine normalizes each market indicator and combines them into a composite score for each asset. The importance of each factor is adjusted dynamically according to market conditions. “Adaptive” means the strategy does not rely on fixed rebalancing rules. Instead, it changes how assets are evaluated as the market environment changes.

How the Strategy Works

The system is organized into six stages.
1

Market Data

Market data is collected continuously, including price, volume, order book, volatility, funding, open interest, correlation, and relative price.
2

Feature Engine

Raw data is transformed into features such as z-scores, momentum, volatility, correlation, spreads, liquidity, and trend strength.
3

Adaptive Multi-Factor Score

Each feature is normalized and combined into a relative value score for each asset.
4

Portfolio Optimizer

Scores alone do not trigger trades. The optimizer combines the scores with the current portfolio, transaction costs, and market liquidity to determine target allocations.
5

Risk Engine

Proposed changes are checked against risk limits, which may restrict position sizes or the size of adjustments.
6

Execution Engine

Rebalancing is executed only when the required conditions are met.

Adapting to Market Conditions

Factor weights are not fixed. They shift with the market environment.

Scoring vs. Portfolio Adjustments

The scoring engine continuously evaluates market conditions in near real time, while portfolio adjustments are executed only when predefined signal and risk thresholds are met.
Continuously updating scores is not the same as continuously trading. The strategy does not rebalance every time a score changes.

Quantity Growth and Daily Distribution

The strategy is designed with a primary focus on increasing the quantity of assets held in the portfolio, rather than on the USD value of any single asset. By rotating out of relatively overvalued assets and into relatively undervalued ones, each rebalance aims to end with more units of the portfolio’s assets than before. This approach seeks to accumulate value through relative price movements between assets, rather than relying on the overall market moving in one direction.

Daily Batch Distribution

The quantity gained by the strategy is processed through a daily batch:
1

Measure quantity growth

The increase in asset quantity over the settlement period is calculated.
2

Convert to USDT

The increased quantity is converted into USDT.
3

Distribute as Rewards

The converted amount is distributed as Rewards to participants, based on their Shares and the applicable Vault rules, and credited to their USD Balance.
Because gains are realized in USDT on a daily basis, distributed Rewards are separated from subsequent price movements of the underlying digital assets.
Daily distribution does not mean that returns are fixed or guaranteed. If asset quantity does not increase during a settlement period, there may be no Rewards for that period. Distribution timing and calculation methods follow the applicable Vault rules. See Profit Distribution for how Rewards and USD Balance work.

Technical Details

Conceptually, the score for asset ii at time tt can be expressed as:Scorei(t)=w1(t) RVi+w2(t) MRi+w3(t) MOMi+w4(t) VOLi+w5(t) LIQi+w6(t) REGIMEiScore_i(t) = w_1(t)\,RV_i + w_2(t)\,MR_i + w_3(t)\,MOM_i + w_4(t)\,VOL_i + w_5(t)\,LIQ_i + w_6(t)\,REGIME_iThe weights w(t)w(t) are not fixed. They change over time according to market conditions.For illustration only, the engine may produce relative value scores such as:These values are hypothetical examples and do not represent actual holdings, signals, or performance.

Key Risks

Participation in this Vault involves risk, including the possible loss of capital. Past performance and scores do not guarantee future results.
  • Model risk: The scoring model may not accurately capture changes in market behavior
  • Correlation risk: During market stress, correlations between assets may rise, reducing the effectiveness of relative value signals
  • Liquidity and execution risk: Rebalancing may not be possible at expected prices, and transaction costs may affect results
  • Market-wide decline: A relative value strategy may still be affected when the overall market declines
  • Conversion risk: Converting increased quantity into USDT is subject to market prices, liquidity, and transaction costs at the time of the daily batch
  • Data and system risk: Delays, errors, or outages in market data or systems may affect decisions
For more information, see Risk Overview and Risk Disclosure.