Calvera is a crypto-native quantitative trading firm. A boutique that trades delta-neutral strategies and engineers low-latency exchange infrastructure.
We trade the markets, and we build the systems behind it. Our book runs on the same stack.
Calvera is a quantitative trading firm in crypto. We trade arbitrage and market-making strategies on proprietary capital. The same low-latency software and engineering discipline we use for trading also powers the exchange primitives we build. The same discipline around latency, correctness, and financial precision underwrites both — capital and code held to a single standard.
A market-neutral trading program harvesting funding, basis, and cross-venue spreads across global crypto derivatives — engineered for the low-latency, never exposed to direction.
The strategy → Exchange as a serviceCustom limit order books, matching engines, order management, and zero-knowledge settlement layers — built for venues that need to own their core.
The practice →We are building a proprietary delta-neutral trading engine. It runs three families of arbitrage on the same production code, holding offsetting positions across venues so that P&L comes from structure: spreads, funding, and basis.
Capture perpetual funding by holding the perp against an offsetting spot or dated position — collecting the carry while staying flat on delta.
Trade the gap between spot, futures, and the same instrument priced differently across exchanges, converging as the spread mean-reverts.
We run algos with stable tail latency and low jitter on a reproducible architecture
Defense-in-depth risk framework with pre-trade checks, live margin monitoring, circuit breakers, and a hard kill switch. Continuous across every venue the book touches.
We derive edge from the speed in which the engine takes decisions and executes on them.
We design and deliver the performance-critical core of trading primitives. From the matching engine outward to a ZK settlement layer, built by a team of low-level systems engineers.
Price-time-priority CLOBs tuned to your instrument set, tick structure, and throughput ceiling — deterministic under load.
Low-latency matching cores with predictable tail behavior, deterministic replay, and clean audit trails from message to fill.
OMS with lifecycle tracking, risk gates, and failure feedback — fire-and-forget flow with duplicate prevention built in.
Scalable settlement layers using zero-knowledge rollups — on-chain-grade integrity at off-chain throughput, with verifiable state.
Backtests and simulations run the same production code, so what we test is what we run.
Hot-path computation never blocks on the network. A lock-free core and a cold path for everything else keep latency bounded and predictable.
The teams building exchange infrastructure and the teams running our trading share tooling and standards. Neither ships something the other wouldn't stake capital on.
Read the Quant Cookbook — the engineering principles behind our systems →
We partner with venues that need exchange infrastructure engineered to their specification, and we're always talking to exceptional engineers and traders. Tell us which conversation to start.