The real DML is yet to come fr 🙂‍↔️

What makes Zeron better at delta-neutral trading? The advantage isn’t just having more perp exchanges in one place. It’s what that wider access changes: the markets you can compare, the hedges you can build, and the amount of manual work required to keep a strategy running. Let’s break it down. 🧵↓ ➥ The problem with being limited to one venue Perpetual futures markets don’t operate identically. The same asset can trade at slightly different prices across venues. Funding rates can differ. Liquidity, trading fees and execution conditions also vary. That creates opportunities to compare markets instead of accepting whatever one exchange offers. But if your strategy only operates on one venue, your opportunity set is limited to that venue’s markets and conditions. When the setup isn’t attractive, your options become narrower. This is where Zeron’s multi venue approach becomes interesting. ➥ More perp venues means a wider opportunity set @zeronfi supports 11 perp venues: Lighter, Hyperliquid, BULK, Pacifica, Perpl, Nado, RISEx, Aster, Lighter on Robinhood, Arcus and TxFlow. That is a much wider surface area to work with than a strategy confined to one exchange. More venues mean more markets to compare, more potential combinations to evaluate, and more chances to find differences worth investigating. But there’s an important distinction here: More markets create more opportunities to evaluate. They don’t automatically create more profit. The quality of the opportunity still depends on funding, basis, liquidity, fees and execution. ➥ Why funding differences matter Funding is one of the mechanics that makes perpetual futures different from traditional futures. Depending on market conditions, traders holding long or short positions may pay or receive funding. Those rates can vary across exchanges, even for the same underlying asset. For example, imagine BTC funding is more favorable to a short position on Venue A, while the funding cost of a long position on Venue B is relatively low. A trader could evaluate a short on A and a corresponding long on B. If the positions are properly sized, their directional exposure can largely offset one another. The trader is then exposed to the economics of the hedge: funding received or paid, price basis changes, trading fees and execution costs. The goal is to find a combination where those costs and payments make sense together. That is the logic behind cross venue funding opportunities. ➥ Delta-neutral doesn’t mean risk-free Let’s make the hedge itself clear. Suppose you open a $1,000 long position in BTC and a $1,000 short position in BTC. If both positions track the same underlying asset and remain equally sized, a general BTC price move should affect the two legs in opposite directions. That reduces directional exposure, but it doesn’t eliminate every risk. The exchanges may have different prices. One leg might fill before the other. Funding can change. Fees and slippage can eat into the result. Margin requirements and liquidation conditions can differ between venues. A hedge that looks neutral on paper can also become unbalanced if one side changes without the other. Delta-neutral describes the exposure you’re trying to control, not a guarantee that the strategy cannot lose money. Understanding that distinction matters. ➥ More delta-neutral opportunities Now combine the hedge with access to multiple venues. Instead of evaluating just one exchange’s conditions, a system can compare potential combinations across a wider set of markets. That creates more possibilities to investigate: • Funding rate differences between venues. • Price basis differences between otherwise comparable contracts. • Differences in liquidity and execution costs. • Alternative pairs when a particular combination becomes less attractive. The point isn’t to trade every possible pair. It’s to have a broader selection from which to identify combinations that meet the strategy’s criteria. A larger opportunity set can improve the odds of finding a suitable setup, but only if the system evaluates the costs and risks correctly. More choices are useful when they lead to better decisions. ➥ What Zeron changes about the workflow Cross venue trading can become operationally demanding. You have to select the markets, size both legs, manage leverage, monitor positions and make sure the hedge stays balanced. Doing that manually across multiple venues adds complexity. Zeron’s Autopilot is designed to automate much of this process. Rather than manually coordinating every leg, users configure their setup and let the system handle the trading workflow according to its selected mode and parameters. The platform describes modes including Cheapest Fees, Fast and OI, giving users different ways to configure how the strategy operates. That matters because the best execution choice depends on what you’re optimizing for. Minimizing fees, prioritizing execution and targeting open-interest-related activity are not necessarily the same objective. Automation reduces the operational burden, but it doesn’t remove the need to understand the strategy or its risk. ➥ Volume is not the same thing as profit This is another point worth understanding. Generating trading volume can be relevant to exchange activity and points campaigns, but volume itself isn’t a return. A strategy can generate substantial volume while paying trading fees, experiencing slippage or losing money on its positions. Funding payments also affect the economics of a hedge. Receiving funding on one leg doesn’t mean the entire strategy is profitable if the other leg, execution costs or adverse basis movements outweigh it. So when evaluating a strategy like this, I would look beyond the volume number. I’d want to understand the fees paid, funding received or paid, changes in basis, execution quality and overall position exposure. The objective is to understand the full cost of generating that volume, not just how much volume the bot produces. ➥ What about custody and security? Zeron states that funds remain on users’ exchange accounts rather than being transferred into a Zeron controlled wallet. Its security documentation describes exchange specific trading keys designed to place orders without having withdrawal permissions.m, that separation is important. A trading key that cannot withdraw funds reduces one category of risk associated with giving a third party account access. However, it doesn’t eliminate trading risk. An automated system can still place losing trades, encounter execution problems or leave a hedge exposed if one leg fails. Users should check the permissions on every connected key, understand the exchange’s own security model and know how to revoke access. Non custodial execution is a meaningful security property, but it isn’t a promise of profitable or risk free trading. ➥ So, what makes Zeron different? For me, the value proposition comes down to three things. More markets: access to 11 perp venues creates a wider set of conditions and potential combinations to evaluate. More potential hedges: a broader market set gives the strategy more opportunities to compare funding, basis, liquidity and execution costs. Less manual coordination: Autopilot is designed to handle much of the work involved in selecting and managing the trading process. Those advantages reinforce one another. A larger market set is more useful when you can compare it efficiently. A potential hedge is more useful when you can execute both legs in a coordinated way. And automation becomes more valuable when the workflow would otherwise require constant attention across several venues. That is the case for Zeron’s approach. Not that every trade will work or that delta-neutral means no risk, but that access, selection and execution can be brought into one workflow. ➥ The part I’d pay attention to The real test isn’t how many exchanges appear on the integrations list. It’s whether the system can turn that access into better decisions after accounting for fees, funding, slippage, liquidity and the risks of running positions across multiple venues. That’s what determines whether a wider opportunity set is genuinely useful. Because in delta-neutral trading, the hedge is only one part of the equation. The economics of both legs and the system managing them matter just as much. That’s what makes Zeron worth examining.

Some traders are already positioning for the next points season. But what if you could automate your delta-neutral volume strategy instead of managing every loop yourself? That’s what Zeron is built for. Here’s how to get started. 🧵↓ ➥ 1. Sign up and connect your accounts Head to zeron.fi/app and follow the onboarding steps. Connect your wallet, then link the supported perpetuals exchanges you want to use. Review the permissions requested before authorising anything. ➥ 2. Set your volume budget Decide how much you’re comfortable spending on trading fees. Zeron uses your budget to help size your trading loops. Remember that generating volume comes with real costs, and points or rewards are never guaranteed. ➥ 3. Choose your venues and trading mode Select the exchanges where you have margin available, then choose the mode that suits your strategy. Zeron supports different approaches to execution, including fee conscious trading and faster execution. OI mode is designed for strategies where open interest matters. ➥ 4. Let Zeron automate the loops The strategy pairs a long position on one venue with a corresponding short on another, then closes both legs together. The aim is to keep directional exposure low while generating trading volume. You can monitor your activity and costs through the dashboard. Before enabling Autopilot, understand how the bot handles failed orders, position imbalances and stopping a run. ➥ 5. Understand the risks before you start Delta-neutral doesn't mean risk free. Funding payments, exchange fees, differences between venues and one leg failing to execute can all affect your results. Always check the current plan limits and security documentation before committing capital. Zeron is designed to take some of the manual work out of managing these trading loops, but you still need to understand the strategy you're running. App: zeron.fi/app Security details: zeron.fi/security If you're exploring automated perp strategies ahead of the next points season, Zeron is worth looking into.