Strategies

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Overview

Altura operates a multi-strategy trading framework designed to generate consistent, risk-
adjusted returns across varying market conditions.

The platform deploys capital exclusively into professional, non-directional and asset-backed strategies, prioritising:

• Capital preservation
• Liquidity discipline
• Institutional-grade execution
• Risk-controlled deployment

Altura strategies are not designed for speculative directional exposure. Returns are generated through:

• Market inefficiencies
• Liquidity provision
• Funding and basis differentials
• Real-world asset trading activity

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Strategy Pillars

Altura deploys capital across three complementary strategy pillars:

1. Delta-Neutral Crypto Market Making
2. Funding Rate & Basis Arbitrage
3. Real-World Asset (RWA)

Capital allocation between strategies is dynamically adjusted based on market conditions,
liquidity, and risk-adjusted return expectations.

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Strategy Pillar 1 - Delta-Neutral Crypto Market Making

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Objective

The market-making strategy is designed to:

• Generate spread-based returns
• Maintain low or neutral directional exposure
• Control inventory and volatility risk
• Provide liquidity across selected venues

Optimisation Objective: (Spread Revenue + Market Share) − (Inventory Risk + Hedging Cost + Execution Risk)

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Strategy Architecture

The strategy operates through: Quoting Engine

• Continuous bid/ask liquidity provision
• Adaptive spread management
• Optimal quote sizing

Hedging Engine

• Real-time inventory neutralisation
• Dynamic execution logic
• Slippage and risk control

Opportunistic Adjustments

• Regime-aware positioning
• Volatility-responsive execution

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Risk Management

• Inventory exposure limits
• Volatility-based hedging
• Automated kill-switches
• Exchange and venue diversification

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Strategy Pillar 2 - Funding Rate & Basis Arbitrage Strategy

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Objective

This strategy captures predictable yield from structural inefficiencies between:

• Spot markets
• Perpetual futures
• Dated futures

The strategy remains market-neutral and does not rely on directional exposure.

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Execution Structure

Typical positioning includes:

• Long spot / short perpetual
• Long perpetual / short futures
• Cross-venue arbitrage

Returns are driven by funding rates and basis convergence rather than price movement.

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Risk Controls

Funding persistence monitoring

• Margin and liquidation buffers
• Position size controls
• Continuous rebalancing

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Strategy Pillar 3 - REAL-WORLD ASSET (RWA)

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Asset Manager

All RWA trading activity is executed by: Inessa Holdings LLC FZ (Acting as Asset Manager) Inessa is responsible for:

• Physical gold trading
• Trade structuring and execution
• Capital and risk management; Altura does not directly trade or custody physical gold.

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Capital Deployment

Capital allocated to the RWA strategy:

• Is used solely for physical gold trading
• Is not leveraged or rehypothecated
• Is deployed in short settlement cycles
• Is allocated in tranches
• Remains fully recallable

Allocation remains flexible over time, with no minimum capital commitment

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Trading Methodology

The strategy focuses on:

• Physical gold arbitrage
• Buy–sell pricing inefficiencies
• Delivery-versus-payment settlement
• Short-duration trade cycles

All returns are generated from real-world asset activity.

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Aurellion Tokenized Gold  & On-chain trading

We have partnered with our tokenization provider Aurellion to bring this strategy on-chain Inessa will tokenize gold through Aurellion and the purchasing refinery will buy Gold from Inessa on-chain The transfer of the physical Gold and its associated logistics flows will also be signed and tracked on-chain coupling the real and tokenized asset together. Settlement of all trades and logistic process will occur on-chain on Aurellion’s platform. Giving users a direct look through the inner workings of the strategy, transaction by transaction.

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Capital Recall (RWA Only)

For capital deployed into the RWA strategy:

• Partial or full recall may be requested with 7 days’ notice
• New trade deployment ceases upon notice
• Open trades are settled
• Capital and accrued returns are returned within 7 days

There are:

• No lock-ups
• No exit penalties
• No restrictions beyond settlement completion

Failure to return capital within the stated period constitutes a contractual default.

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CUSTODY, TRANSPORT & INSURANCE

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All physical gold movements:

• Are executed through internationally recognised logistics providers
• Are fully insured at market value
• Follow delivery-versus-payment (DvP) standards
• Remain segregated from Altura operating funds

Inessa Holdings is responsible for:

• Logistics coordination
• Insurance coverage
• Secure transportation
• Settlement execution

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MF-One: Strategy Overview

mF-ONE operates a multi-strategy tokenized framework (issued as a certificate via Midas.rwa) that maps the performance of Fasanara Capital’s flagship “F-ONE” strategy, managing over $5 billion in AUM across traditional and digital markets. The strategy deploys capital exclusively into professional, non-directional, and asset-backed vehicles, prioritizing capital preservation, liquidity discipline, and institutional-grade execution.

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Strategy Pillars & Execution

Rather than pursuing speculative directional exposure, the framework dynamically splits capital across two core pillars to optimize risk-adjusted returns:

• Real-World Asset (RWA) Fintech Lending: Deploys capital into low-volatility, short-duration traditional market structures including SME loans, receivables, and real estate credit. Capital is allocated in structured tranches and remains asset-backed.
• Delta-Neutral Crypto Market Making: Employs a sophisticated quoting and hedging engine designed to capture spread-based returns, maintain a neutral directional inventory, and mitigate volatility risk across selected digital venues.

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Travessia: Strategy Overview

This strategy finances high-velocity Brazilian grain flows through a structured, on-chain credit vault. Altura provides stablecoin liquidity to Travessia, which allocates capital to Tauri Agrícola, a local commodity trade finance operator. Tauri uses the capital to fund short-duration physical grain transactions (corn, soy, and sorghum), paying producers immediately upon loading, coordinating logistics, and hedging commodity and FX exposure. The strategy captures yields by financing this working-capital gap, offering faster capital than traditional banks. Altura does not directly trade or custody physical grain.

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Core Execution & Methodology

• Operational Mandate: Tauri handles physical trading, integrated logistics, trade structuring, and risk management from negotiation to settlement.
• Inefficiency Capture: Returns are driven 100% by real-world asset activity, focusing on buy–sell pricing inefficiencies and short-duration, repeatable trade cycles.

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Capital Deployment Guardrails

• Strict Allocation: Capital is used exclusively for physical grain trading with zero leverage or rehypothecation.
• Liquidity Discipline: Funds are deployed in short settlement cycles and remain fully recallable.
• Flexibility: Allocations adjust dynamically over time with no minimum capital commitment.

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WITHDRAWAL & LIQUIDITY POLICY

(Applies to all Altura strategies unless otherwise stated)

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Standard Withdrawal

• Processed within 72 hours of request
• No withdrawal fee
• Executed within normal liquidity and risk management cycles

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Instant Withdrawal (Optional)

• Available on demand, subject to liquidity
• Processed immediately or as soon as technically feasible
• Subject to a 0.10% instant withdrawal fee

Instant withdrawals may require forced position unwinds or less optimal execution and are
priced to reflect this operational impact.

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RISK MANAGEMENT FRAMEWORK

Altura enforces:

• Capital exposure limits
• Strategy-level allocation caps
• Counterparty diversification
• Real-time monitoring
• Automated risk controls

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FEE PHILOSOPHY

Altura fees reflect:

• Institutional-grade execution
• Active risk management
• Capital efficiency
• Long-term alignment

Fee schedules are published separately.

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FINAL NOTES

Altura is designed for investors seeking:

• Professional execution
• Asset-backed strategies
• Transparent liquidity
• Disciplined risk management

This document represents the definitive description of Altura’s trading framework.