# llms.txt for Unravel Unravel is a quantitative research firm providing high-performance, market-neutral factor portfolios based on sound statistical and behavioral edges. We offer cross-sectional crypto factors and multi-factor portfolios with strong risk-adjusted returns. ## Product Overview - [Homepage](https://unravel.finance): Learn about Unravel's market-neutral factor portfolios and data services - [About Us](https://unravel.finance/about): Our mission, team, and research timeline - [Pricing](https://unravel.finance/pricing): Subscription plans for accessing factors and portfolios ## Multi-Factor Portfolios Market-neutral, cross-sectional crypto portfolios that exploit cross-asset alpha with near zero beta. - [Portfolio Catalog](https://unravel.finance/portfolios): Browse all available market-neutral portfolios - [Portfolio Universe: Top 20](https://unravel.finance/portfolios/20): Market-neutral portfolios using top 20 tokens - [Portfolio Universe: Top 30](https://unravel.finance/portfolios/30): Market-neutral portfolios using top 30 tokens - [Portfolio Universe: Top 40](https://unravel.finance/portfolios/40): Market-neutral portfolios using top 40 tokens - [Spectra Portfolio](https://unravel.finance/portfolio/spectra.40): Combines 6 cross-sectional, orthogonal factors optimizing for market-neutral risk-adjusted performance - [Spectra Adaptive Portfolio](https://unravel.finance/portfolio/spectra_adaptive.40): Adaptive multi-factor portfolio that adjusts factor weights based on market conditions - [Recent Portfolio Performance](https://unravel.finance/portfolios/recent): Latest performance metrics for all portfolios ## Cross-Sectional Factors Predictive factors for disclosing cross-sectional alpha across cryptocurrencies. - [Factors Index](https://unravel.finance/factors): Browse all cross-sectional factors - [Factors Universe: Top 20](https://unravel.finance/factors/20): Cross-sectional factors using top 20 tokens - [Factors Universe: Top 30](https://unravel.finance/factors/30): Cross-sectional factors using top 30 tokens - [Factors Universe: Top 40](https://unravel.finance/factors/40): Cross-sectional factors using top 40 tokens ## API Documentation Programmatic access to factors, portfolios, and data via REST API. - [API Overview](https://unravel.finance/api): Introduction to the Unravel API - [API Base URL](https://unravel.finance/api/v1): API endpoint documentation - [OpenAPI Specification](https://unravel.finance/api.specification.json): Machine-readable API specification in OpenAPI 3.0 format ### Portfolio and Cross-sectional factor Endpoints - [Live Weights](https://unravel.finance/api/v1/portfolio/live-weights): Get current portfolio weights for rebalancing - [Historical Weights](https://unravel.finance/api/v1/portfolio/historical-weights): Retrieve historical portfolio weights - [Portfolio Returns](https://unravel.finance/api/v1/portfolio/returns): Get historical portfolio returns - [Portfolio Factors](https://unravel.finance/api/v1/portfolio/factors): Retrieve raw factor data used in portfolios - [Portfolio Universe](https://unravel.finance/api/v1/portfolio/universe): Get universe of assets for a portfolio - [Portfolio Tickers](https://unravel.finance/api/v1/portfolio/tickers): List available tickers in portfolio universe - [Price Data](https://unravel.finance/api/v1/price): Retrieve historical price data ### Authentication - [Manage API Keys](https://unravel.finance/home/api): Create and manage your API keys - [API Documentation](https://unravel.finance/home/api/docs): Detailed API documentation for authenticated users - [Browse API Catalog](https://unravel.finance/home/api/catalog/portfolios): Explore available portfolios that are available via API ## Resources & Research Reproduction notebooks and analysis tools for validating our research. - [Resources](https://unravel.finance/resources): Research notebooks and replication tools - [Construct a Multi-Factor Portfolio](https://github.com/unravel-finance/api-guide): Replicate a multi-factor market-neutral portfolio using Unravel API - [Factor Analysis Examples](https://github.com/unravel-finance/api-guide): Jupyter notebooks demonstrating factor analysis of Unravel's cross-sectional factors - [Get Live Weights](https://github.com/unravel-finance/api-guide): Fetch current portfolio or factor weights - [Replicate Portfolio Backtest](https://github.com/unravel-finance/api-guide): Replicate a portfolio backtest with Unravel API ## Risk Management Active risk overlays and portfolio construction insights. - [Risk Overlays Overview](https://unravel.finance/risk/overlays): Overview of risk management overlays - [Factor Risk Analysis](https://unravel.finance/risk/BTC): Risk analysis for specific factors ## Account Management User portal for managing subscriptions, API keys, and team accounts. - [Dashboard](https://unravel.finance/home): User dashboard and overview - [Your Portfolios](https://unravel.finance/home/portfolios): Manage your subscribed portfolios - [Billing](https://unravel.finance/home/billing): Manage your subscription and billing - [Settings](https://unravel.finance/home/settings): Account settings and preferences ## Authentication - [Sign Up](https://unravel.finance/auth/sign-up): Create a new account - [Sign In](https://unravel.finance/auth/sign-in): Sign in to your account - [Password Reset](https://unravel.finance/auth/password-reset): Reset your password ## Legal - [Terms of Service](https://unravel.finance/terms-of-service): Terms and conditions - [Privacy Policy](https://unravel.finance/privacy-policy): Privacy policy and data handling - [Independent Terms](https://unravel.finance/terms-of-service/independent): Terms for the Independent Trader Programme ## Contact & Booking - [Contact Us](https://unravel.finance/contact): Get in touch with our team - [Book a Call](https://unravel.finance/booking): Schedule a consultation with our team - [Booking with Daniel](https://unravel.finance/booking/daniel): Book a call with Daniel - [Institutional Sales](https://unravel.finance/institutional): Apply for Proof of Concept (three weeks live access) - [Independent Traders](https://unravel.finance/independent): Apply for Independent Trader Programme (discount) ## External Resources - [Blog](https://blog.unravel.finance): Research insights and market analysis - [Telegram](https://t.me/unravel_finance): Join our Telegram channel for announcements - [Twitter/X](https://x.com/unravel_finance): Follow us on Twitter - [LinkedIn](https://www.linkedin.com/company/unravelfinance/): Follow us on LinkedIn ## How It Works ### Multi-Factor Portfolios 1. Universe Selection: Top 20, 30, or 40 cryptocurrencies, updated on a rolling basis based on liquidity and market capitalization metrics (there is a rolling universe endpoint in the API) 2. Factor Construction: Cross-sectional factors derived from trades, order books, on-chain data, and more 3. Weight Calculation: Cross-sectional binning (quantiles) combined with inverse volatility scaling 4. Rebalancing: Daily at 00:15 UTC, with point-in-time availability 5. Risk Management: Market-neutral by design, with close to zero beta exposure ### Cross-Sectional Factors - Daily resolution (hourly coming soon) - Point-in-time data (survivorship-bias free) - Demonstrable predictive power (high Information Coefficient) - Standardized execution and daily rebalancing - Available via API for integration ### Subscription Tiers Different subscription levels provide access to different factor tiers and API features. Some factors may have weekly resolution or delayed data access depending on subscription level. ## Key Concepts ### Cross-Sectional Alpha Exploiting relative differences between assets at a point in time, rather than directional price movements. ### Market-Neutral Portfolios constructed to have near zero beta, with weights summing to zero across long and short positions. ### Factor Construction Proprietary factors derived from: - Order book data and trade flow - On-chain metrics - Sentiment aggregation - Cross-correlation analysis - And other exogenous datasets ### Smoothing Some factors use moving averages to reduce turnover and transaction costs while preserving alpha. ### Point-in-Time Data Historical data that reflects only information available at that moment in time, free from survivorship bias.