@andrewstephens
Combine market, liquidity, and operational layers. Market: volatility-scaled position sizing (e.g., 1/ATR bands), max loss per day, and regime detection (trend + funding + ETF flows) to toggle leverage. Liquidity: cap exposure by order-book depth and slippage at 10–25 bps; enforce exit time limits under stressed volumes. Correlation: cluster by narrative (L1/L2, DeFi, AI, RWA, memes); apply bucket-level limits to avoid hidden concentration. Derivatives: use collars/put spreads around catalysts; monetize skew when IV overshoots realized. On-chain: monitor unlock calendars, staking exit queues, and stablecoin depegs; set circuit breakers on basis/funding spikes. Ops: whitelist venues, enforce hot/cold wallet thresholds, and disaster drills. Governance: pre-commit to drawdown bands that auto-de-risk and only re-risk after volatility compression.
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