Liquibit is a systematic investment manager applying market-neutral arbitrage to digital asset markets since 2014.

Our strategy is not limited to cryptocurrency. It applies to any asset that trades digitally.

Our History

2014
We built the first generation of our trading platform and began market-making on BitMEX.
2016
Cash-and-carry arbitrage expanded across multiple exchanges. Headcount doubled.
2018
We incorporated Liquibit Limited as our holding company. The trading desk expanded.
2020
We launched the Liquibit USD Market Neutral Arbitrage Fund (LUMNAF) in June, registered with the Cayman Islands Monetary Authority.
2021
LUMNAF closed its first full calendar year at 34.5% gross — 47% gross since inception.
2022
Weathered the FTX collapse. Our only counterparty loss since trading began in 2014.
2023
LUMNAF returned over 20% gross. Trading costs fell 70% from 2021 levels.
2024
LUMNAF returned 35% gross — its best year since inception.
BTC+ launched in Q2, giving investors direct bitcoin exposure with yield enhancement.
Named Best Performing Fund 2024, Market Neutral Digital Currency Arbitrage (Quant), by The Hedge Fund Journal.
2025
Firm AUM surpassed US$100 million. LUMNAF completed five years of audited track record.

Team

Liquibit was built by traders from institutional equity derivatives and the technologists who built the systems behind their desks. In arbitrage, spotting the dislocation and executing on it are different problems. We solve both in-house.

The Founding Team

Joseph Chang
Co-Founder, CEO & Chief Investment Officer
Twenty years trading equity derivatives at Merrill Lynch, HSBC and Citi, starting in Asian markets in 1997. Leads strategy design and portfolio construction.
Ken Howlin
Co-Founder & Chief Operating Officer
Ran the technology functions behind institutional trading desks at banks and buy-side firms. Owns operations, counterparty onboarding and the daily running of the platform.
Gray Webb
Co-Founder & Chief Technology Officer
Equity derivatives, prime brokerage and risk technology, including Citi and Digital Asset. Owns the architecture of our trading platform — built in-house, built to run continuously.

Investment Strategy

Market-Neutral Arbitrage

Market-neutral exposure to underlying crypto markets — all positions and profits hedged to USD / BTC.
Enter the market only when arbitrage is available, otherwise stay on the sidelines — minimizing downside.
Algorithmic, automated trading system that continuously monitors markets — maximizing profits.

Risk Management

Counterparty Risk Assessment
Real-time Margin Risk Management
Operational Risk Management

Technology

Co-located with multiple venues supporting 24/7 quoting and trading.
System designed from the ground up to be fault tolerant.
Agile development enables rapid releases of proprietary algos to exploit new trading opportunities.
Cloud-first infrastructure.
Internal and external security audits.