IsochronsCapital
315 configurations tested · how we checkedReporting restarted August 2026
Inverse ETHAccount
1 June 2026 · 50.00 openingpeak 59.62realised 54.87
+10.02%Return, coin
−6.43%ETH since 1 Jun
+2.95%In dollars
$1,877.40ETH price
Approach

We sell ETH against ETH we already own, and the account grows in coin, not in dollars.

The stack sits in ETH, and the short is opened in a coin-margined contract, so what we put up and what we earn are both ETH. ETH fell 5.97% over the first reporting period. The stack of ETH grew 10.01%.

We ran the same trade on bitcoin and shut it down on 1 August. It failed the test ETH passed: the one that asks whether a good result is just curve-fitting. The write-up is in the notebook. We now run one account, one asset, one strategy.

Letter 001 is our first letter, not our first year. What came before it is in the notebook, including everything we tested and threw away.

On record

315Configurations testedEvery combination our parameters allow. The one we trade ranks 59th, not first.8.9Years of dataThe window everything is measured on. Two full cycles, and no more than that.3Components removedAveraging down, the entry pattern, the bitcoin leg. We held on to each of them months too long.

Latest

14 Aug 2026Letter to Investors No. 001The first 74 days, and what we still cannot claimOpen28 Jul 2026We tried to break the strategy with a price stopLab Notebook · thresholds from 5% to 60%Open11 Aug 2026Position budget: measured, not estimatedWhere the ceiling sits and why it stays thereOn request
Read on

Letters go out monthly and land in your chat the day they publish. The closed reports open with the same link.

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