Getting out
of what cannot be sold
Large, illiquid positions worked out over time: measuring real venue depth, sizing against daily volume, and using passive liquidity where it beats crossing the spread. Mandated separately from the yield books.
Some positions are too large for their market. A holding worth two days of a token's global volume cannot be sold at the screen price, and attempting it converts a liquidity problem into a price problem.
The work is measurement first: real depth at each venue, participation rates that stay invisible, and whether passive liquidity fills better than crossing the spread. Sometimes the answer is that on-chain venues are decoration. A token whose entire on-chain volume is a few hundred dollars a week has one real venue, and the plan is built around that.
This book is mandated separately from the yield strategies. It is priced on execution quality against a benchmark agreed at the outset, not on return.
Execution mandates are bespoke and capacity-constrained. Opencurve does not take custody; orders are worked from the client's own accounts.