Practice · Institutional
Overlay design and tail-aware advisory.
The same framework we apply to digital-asset treasuries, adapted to hedge funds, family offices, and DAOs. Cross-asset derivatives expertise applied to the book you already run: volatility, futures and basis, swaps, structured products, financing trades. Long, short, structured, or layered, sized by regime, governed by policy, aligned with the client. Where a public derivatives market doesn't exist for the underlying, we structure synthetic markets directly with the client and a counterparty network. Any crypto, any mandate.
Engagements are limited to accredited investors, qualified clients, and qualified eligible persons.
Pain → Posture
What changes when the overlay is built right.
From
Volatility drag, leakage on every roll, and a hedging line the LP letter cannot really defend.
To
An overlay sized to your underlying book, settled on a transparent benchmark, and reportable in language the LP keeps.
From
Tail risk left un-hedged because the structuring desk priced it where it stopped being worth the cost.
To
Custom payoff structures bid out across multiple dealers, built by a manager who has been one of the largest open-interest holders in tail products through dislocations.
From
Family-office hedging programs that reset every time the generalist analyst rotates out.
To
One framework, one decision-maker, and a sizing rule the next analyst can implement without losing the thread.
What we do for institutional capital
An overlay shaped to the book you already run.
Overlay design
A derivatives overlay, long, short, structured, or layered, designed by Gammon, implemented by the client, sized to your underlying book and settled on a transparent benchmark.
Structured exposure
Custom payoff structures around catalysts, financings, or regime trades, built to fit your existing risk envelope.
Counterparty alignment
Pricing discipline, multi-dealer access across instruments (vol, futures, swaps, structured-product desks, financing), and ISDA / CSA negotiation support so execution quality doesn’t depend on a single relationship that’s being paid on the spread.
Cross-asset risk expression
Vol, futures and basis, swaps, structured products, financing trades, and structured equity in correlated names. The right answer is rarely a single instrument; we structure the cleanest cross-asset expression for the view you have.
Tail-aware sizing
Sizing built by a desk that has been one of the largest open-interest holders in triple-leveraged ETF options through a tail event. Tail positioning is not a back-test, it’s a posture.
Capital-markets convexity
Pre-trade convexity consultations on proposed transactions: financings, secondaries, structured products, basis trades.
Family-office advisory
For principals who want one decision-maker, one framework, and a derivatives program that doesn’t reset every time the generalist analyst rotates out.
Talk to the desk.
Engagements are bespoke. Tell us about the book, the mandate, and the risk you're trying to shape — across whatever instruments make sense.
Schedule a callEngagements are limited to accredited investors, qualified clients, and qualified eligible persons.
Derivatives, digital assets, and overlay strategies involve substantial risk, including the risk of total loss. Past performance is not indicative of future results.