Questions allocators ask.

No. We never pool or hold client capital, and there is nothing to subscribe to or redeem from. Your capital stays on your own exchange accounts. We provide the research, the risk management, the daily reports, and your own Hedgehog AI, which trades those accounts for you.

An AI that belongs to your account alone and is never shared with another client. It receives risk updates in real time, and research and regime updates every day, from our central AI. You decide which strategies it runs and at what size, and its execution engine places the orders on your exchange accounts.

Wherever suits you: on your own hardware, such as a Mac mini or a server in your office, on a cloud server you control, or on a server we host and dedicate to you. See Infrastructure.

No. Your AI does the trading, because that is how the day's risk limits are applied and how profit is measured fairly. You still see everything: the trader report shows what your AI plans to do before it does it, and your exchange account shows every order it places.

No. You are in control. Start on paper or an exchange test account, where no live orders are sent, or go live straight away. Either way, you can change strategies, sizing, and allocations at any time.

Hundreds of strategies and indexes across crypto, equities, rates, FX, and commodities. The library grows as we add instruments and venues. See Strategies.

Through research, not by volume. Our team invests heavily in data quality and original research, and we release a new set every month. Nothing is released until it has passed internal testing, then paper trading, then live trading by the team. New releases reach your AI automatically.

Yes. If you need a market, an asset, or a risk profile the library does not cover, tell us and we will add it to our research pipeline. It goes through the same testing as everything else before release.

A bot runs rules someone wrote once. Behind your Hedgehog AI is a research team with hedge fund experience, a central AI that monitors risk in real time and refreshes the regime across the whole library every day, a new set of tested strategies every month, and daily CIO and trader reports. It is built for institutions, with risk limits that tighten as the market changes.

No. A Mac mini in your office is enough, and we set it up with you during onboarding. If you would rather not run anything, we host your AI for you.

Institutions, funds, foundations, family offices, and professional trading firms, and high-net-worth individuals who qualify as professional or eligible investors where they live. We are not permitted to take retail investors as clients.

To trade live, we expect at least $100k on the book, on exchange accounts you already hold. Once you are live, how you scale into or out of strategies is up to you. On paper, you can trade any amount.

Kraken, Coinbase, Deribit, Binance, and Hyperliquid, with more as they meet our standards for reliability and liquidity. We never ask you to open an account somewhere new.

Everywhere except the United States, sanctioned jurisdictions, and anyone on a sanctions list. Because of US regulations, we're unable to offer our services to US citizens or residents. See the legal and risk notice.

There is no management fee. You pay a subscription of $500 a month, billed annually ($6,000 a year), and a 10% performance fee on measured profits above a high-water mark. The subscription counts toward the performance fee, so in any year you pay whichever is higher, never both.

The research and risk management, the daily CIO and trader reports, live global macro and crypto news, new strategies and indexes as they are released, your own Hedgehog AI, and managed hosting if you want it.

You do, as the account holder, at your exchange's normal rates. Your account value is measured after trading fees and funding, so the performance fee is only ever charged on profit after costs.

An invoice and a receipt for every subscription and performance-fee payment, showing the US-dollar price and the crypto amount paid, and an annual statement of fees and of the trades your AI placed. Your exchange also provides its own statements. We do not give tax advice; tax treatment depends on where you are.

Take a $1 million book that makes 20% in a year. The profit is $200,000, and 10% of it is $20,000. That is your total cost for the year: the $6,000 subscription you have already paid, plus $14,000. In a flat or losing year, you pay the $6,000 subscription and nothing more. See Fees.

In BTC, ETH, SOL, XRP, BNB, or USDC or USDT on Ethereum, to a deposit address we associate with your client account. All prices are set in US dollars.

Not on your capital, ever. You can stop trading at any time. The subscription covers the year you have paid for, and the refund terms are set out in the client agreement.

We know invoices get missed and things happen, so nothing stops without warning. We will contact you first, and everything keeps running through a 30-day grace period while you sort it out. If the payment is still outstanding after that, the service stops: live trading, paper trading, the reports, and the news. Your AI places no new orders, and your capital and any open positions stay on your exchange accounts, entirely under your control. Once the payment is made, we switch everything back on.

Your account value, the equivalent of a fund's NAV, is the US-dollar value of the exchange accounts or sub-accounts connected to your AI: cash, stablecoins, and open positions at each exchange's own mark prices, after trading fees and funding, and including unrealised profit and loss. We value your accounts every day at 00:00 UTC, and again the moment you deposit or withdraw.

Every deposit or withdrawal starts a new measuring period, so profit is always measured on the capital that was actually at work, and moving money in or out never counts as profit or loss. For example: your account is worth $10,000,000 at 00:00 UTC. By midday it is worth $10,050,000, and you withdraw $8,000,000, leaving $2,050,000. By the next 00:00 UTC that has grown to $2,060,000. The day's profit is $50,000 from the morning plus $10,000 from the afternoon, and 10% of that, $6,000, counts toward the year's performance fee. The day's return is time-weighted: 0.50% on $10 million in the morning, then 0.49% on $2.05 million in the afternoon, or about 0.99% for the day.

A deposit raises the high-water mark by the amount you add. A withdrawal lowers it in proportion to the share of the account you take out, so withdrawing 80% of the account lowers the high-water mark by 80%. You are never charged twice on the same profit, and a loss cannot be erased by moving money out and back in.

Only the accounts connected to your AI. We recommend a sub-account dedicated to it, so the rest of your trading stays separate and is never measured.

The central AI monitors risk in real time, with an EVAR-based limit for each strategy and for your book as a whole, and refreshes the market regime every day. When risk rises, limits tighten automatically and your AI reduces size; when it falls, they widen again. Size also has two hard limits, and the smaller wins: what you choose to allocate, and the most that strategy can take. See Platform.

Yes. Trading digital assets and derivatives carries significant risk, and you can lose some or all of the capital you allocate. Risk limits reduce exposure; they do not remove it. See the legal and risk notice.

Your capital sits with your exchange, under your account and that exchange's terms, so the exchange's own risk is yours, as it is today. Hedgehog never holds your assets, so there is no second counterparty. Many clients spread capital across more than one supported exchange.

Leverage is your decision. Each strategy shows its leverage settings in your AI, starting at 1x, which means no leverage, and you choose the level for each strategy you run. Our risk AI reports on your leverage every day, Hedgehog's risk limits apply on top, and your exchange's own margin rules always apply.

No. Your AI trades through an exchange key with read and trade permissions only, and it refuses any key that allows withdrawals. Your capital never moves to us. See Security.

Only what we need to measure the performance fee: your account value and the trades your AI placed. Nothing else in your accounts.

Yes, instantly. Revoke the key on your exchange and your AI can no longer place orders. There is no notice period.

They stay on your exchange account, under your control. Once the key is revoked or the service stops, your AI places no new orders, so you decide whether to hold or close what is open.

It places no new orders while it is offline, and your positions stay as they are on your exchange. When it reconnects, it takes the latest research and risk limits before it trades again. If we host your AI, we monitor it for you; if it runs on your own hardware, we alert you when it goes offline.

Your capital is never with us, so there is nothing to recover from Hedgehog. Your AI would stop receiving updates and place no new orders, and your capital and positions would stay on your exchange accounts, under your control.

We only ever email from addresses ending in @hedgehogcapital.ai. We will never ask you to move your capital, and we never change our deposit address by email. If in doubt, read our fraud warning and contact us directly.

By holding as little as possible. When your AI runs on your hardware, your exchange keys never leave your machine, and we receive only your account value and the trades your AI placed.

A CIO report and a trader report every morning, sent to you and to your AI at the same time, and live global macro and crypto news streamed to your AI in real time.

The CIO report covers the current regime and what is driving it, EVAR for your book and each strategy type, the view on what the environment favours, and any strategy nearing its risk limit. The trader report covers what each of your strategies intends to do that day, suggested sizes under the current limits, and the orders your AI plans to place, and why.

Yes. Every strategy and index has its own record, which you can review in your AI before you select it. Backtested periods are clearly marked as simulated. We do not publish these records on this public site, and we never share client data: no client's positions or results are ever shown to anyone else.

Your own results need nobody's word: every order, fill, and balance is recorded by your exchange, on your account, and you can check them there at any time.

No. Our research notes and newsletters are education. Nothing on this site is investment, tax, or legal advice.

Book a 20-minute call. Onboarding follows: identity or organisation checks and sanctions screening, the client agreement, installing your AI, and connecting a trade-only key. Then you start on paper or go straight to live.

Every client has a dedicated contact on our team, with a direct mobile number, so you can reach a person who knows your set-up. You can also email hello@hedgehogcapital.ai. Our team is based in London and the EU and works during UK and European office hours. At present we cannot offer full support outside office hours. See Support.

Yes. Add as many people as you need. There is no per-seat licence: the subscription covers your whole team.