Track Record

These are the results of prior trading businesses, not of USDx or sUSDx. Those businesses were not open to the public, and nothing on this page is a quote or forecast of sUSDx yield. Past performance does not guarantee future results.

The strategy behind Axis is not new. The same core team has run the same market-neutral book since 2018, through every market cycle since.

Cumulative return since July 2018

360.7% cumulative since July 2018, gross of fees, across 77 months.

Through every cycle

Market-neutral means the book does not need the market to go up. What it needs is fragmentation and volume, and both tend to arrive when markets move, in either direction.

Cycle	What happened	Result
2018–2019	Post-peak contraction, thin liquidity	Profitable in every month of 2019
2020	March dislocation, then recovery	39.2%
2021	Expansion, peak fragmentation across venues	37.5%
2022	Industry-wide contraction and venue failures	−7.0%, the only negative year
2023–2024	Recovery, tightening spreads, growth in scale	17.9%, then 27.0%

Annual return

Positive in six of seven years, including the year the market lost roughly two thirds of its value. The worst full year was −7.0%.

Scale in the market

This is not a small book capturing a rounding error. It is consistently responsible for a measurable share of global spot trading.

Share of global centralized spot volume

• 0.2% to 0.5%+ of global centralized spot volume, month after month, rising with volatility.

• 14 to 64 basis points of volume on Binance, OKX and Bybit, and materially higher on regional venues.

• Billions of dollars of stablecoin transfers per month, rebalancing inventory across venues.

Operating record

For anyone holding a synthetic dollar, the more useful question than return is whether the book absorbs stress.

• Absorbed a redemption of more than 20% of AUM without a liquidity crunch. No gating, no suspension, no forced unwind at adverse prices.

• Best month +16.4%. Worst month −10.3%, in May 2022, alongside the industry-wide contraction of that period. The book recovered without gating.

One team, three capital structures

Period	Structure	Capital
2018–2021	Proprietary trading	Own capital, plus lenders at fixed and variable rates
2022–2025	Licensed fund	External investor capital alongside partners' capital
2026–	Axis	Protocol-sourced capital via USDx

The 2022 move into a fund structure was a licensing decision, not a change of strategy. Same book, same venues, same risk limits, same people. The continuity is the team: the same capital managers, risk managers, quantitative researchers, traders and engineers have run it throughout.

Methodology

Every figure on this page is computed from the monthly return series published on the 2018–2025 Historical Composite, so the record reconciles against itself.

• Return basis. Gross, before fees. No net-of-fees figure is published, because that requires a stated fee schedule matched to the period and none is reconcilable to this series.

• Period. July 2018 to December 2024 for the return series. Volume and market-share figures run to July 2025.

• Compounding. Annual and cumulative figures are compounded from the monthly series, not annualized from a mean.

• Drawdown basis. Monthly. A monthly figure does not establish the maximum intraday, daily, or position-level loss, and can conceal losses that recovered before month end.

• Realization. Historical realized results, not simulated, and not a live onchain protocol result.

• Comparability. Compare against another record only when period, compounding convention, gross-versus-net treatment and risk-free-rate convention all match.

Read next

• 2018–2025 Historical Composite: the full series, month by month.

• Trading Strategy Overview: what the book actually does.

• How Axis Earns Yield: where sUSDx yield comes from today.