Lucida

Most crypto quant shops say as little as possible. Lucida does the reverse: under the Lucida & Falcon banner it publishes long-form research and runs a podcast picking apart how crypto quant managers actually source alpha, an openness that sits oddly against its work as a global Bitcoin options market maker.

Founded in Hong Kong in 2018 by Naiqian Zheng, with Fabian Bjorklund as co-managing partner, the firm blends statistical arbitrage, multi-factor models, trend and options strategies with discretionary macro timing. Its funds are Cayman-registered, and it deliberately takes no retail money.