FAQ
Questions we get.
Answered straight. Most of them come back to the same few facts: one owner, no clients, no tips, and a record kept conservatively.
Money and clients
Can I invest with you, or open an account?
No. The firm trades only its own capital. It has no clients, takes no outside money and isn’t raising any, so there is no fund to join and no account to open. The disclosures say the same in legal language.
Do you give tips, signals or trade ideas?
No. We don’t publish predictions, positions or recommendations, and we don’t run a paid group, a tips newsletter or a copy-trading service. Anyone offering one in our name isn’t us; Security says how to report them. The research notes explain mechanics with made-up numbers, and none of them is advice.
Do you trade against your own customers?
We don’t have any. The firm takes no orders, holds no one’s money and routes no one’s trades, so there is no customer flow to see or to trade against. Our quotes rest on a venue’s order book alongside everyone else’s.
Do you publish your results?
One figure, not results. More than 105,000 trades executed across the firm’s venue accounts, as of October 19, 2026. It is on the Record, refreshed monthly with its method. Results stay in the full record, counted conservatively and checked two ways, which is available on request to venues (for example for their programs), banks and payment providers, counterparties, and regulators. The record, in practice explains the figures it published as of October 6, 2026.
The record
Is the record audited?
No. It is unaudited: no outside accountant has examined it. The figures come from the venues’ own account records, open positions are valued at the conservative end of an independent estimate, and the lifetime result is measured two ways and checked one against the other. The method is on the record page.
How do I see it?
Ask. Venues (for example for their programs), banks and payment providers, counterparties and regulators can request it from compliance@cipherg.io. It is refreshed weekly (the published figure monthly), and every copy carries its as-of dates and notes, so the date beside a number tells you how old it is.
Why does the record have no return or yield figure?
Those words answer an investor’s question, and we have no investors. A firm that adds and withdraws its own capital also has no single honest number to divide by. The record shows plain dollar amounts instead, counted conservatively. More on the words we avoid.
Trading
Which venues do you trade on?
Kalshi and Polymarket US. Both are CFTC-regulated exchanges. We have also quoted on ProphetX and Novig. For venues says what we do there.
Who is on the other side of my trade?
Whoever’s order matched yours on the venue’s book: a market maker, another trader, or several of each if your order filled in pieces. On a regulated exchange, orders are matched anonymously and settled through its clearing arrangements, so neither side has to know or trust the other. Sometimes it is us. When it is, that is because our quote was resting at that price, not because anyone picked you.
Why would anyone quote both sides?
Because a trader who wants to trade now shouldn’t have to wait for someone with the opposite view to turn up. Keeping a bid and an offer up is a service, and the gap between them is its price. A contract with a live two-sided quote is also a forecast people can actually trade.
How does a market maker make money?
From the spread, when it works: buy at the bid, sell at the offer, keep the difference. Then subtract what informed traders take when a quote is stale, what inventory costs when a contract jumps to 0¢ or 100¢, and the fees and systems. Many venues also run liquidity programs that pay market makers for keeping quotes up, and we take part in them. Program payments are counted in the record as operating revenue, kept separate from the result of trading. What a two-cent spread pays for works through the spread with made-up numbers.
Do you know how events will turn out, or trade on inside information?
No, and no. Our prices are estimates, and estimates are wrong often enough that the spread and the limits exist to absorb it. We don’t trade on material non-public information, we don’t try to influence any event or how it resolves, and we follow the rules of the venues we trade on. The conduct rules are on Approach.
Do you ever stop quoting?
Yes, on purpose. Around releases and news we may widen, cut size or step out entirely, depending on how far the price can gap; there is no fixed playbook. When an input to a quote stops updating, that quote comes down until the input recovers. Sizing for the jump describes the controls.
The firm
Who runs it?
Grayson Dodson, the Managing Member, in Raleigh, North Carolina. He is the firm’s one human: he sets every limit, approves every change and makes the trading decisions. The quoting system runs only on parameters he approves, and AI agents research, build and report around him (the desk). Entity details for reviewers are on the Firm page.
Is this the Bitcoin business that started in 2015?
Same name, separate company. CipherG began in 2015 as a peer-to-peer Bitcoin liquidity operation, became CipherG LLC in 2022 and wound down in an orderly way in October 2024. CipherG Liquidity LLC was formed in 2026 and began trading in January 2026. The history is on the Firm page.
How do I reach you?
By email. contact@cipherg.io for general questions and venues; compliance@cipherg.io for onboarding, KYC and document requests. Please don’t send confidential or material non-public information. The Contact page has the details.
This site
Is the market on the home page real?
No. The moving board is a stylized simulation that runs in your browser; nothing on it comes from a market. The colophon explains the model. The only figures about the firm’s own trading are on the Record, each with its date.
Will you write about what you’re trading?
No. The notes cover mechanics: how we price, size and count, with a long note each month. Field notes go up in Research as things happen on the desk, and none of them names a market or a position.
Does this site track me?
It measures visits, and carries no ads. Cloudflare’s cookieless Web Analytics counts page views, and Google Analytics sets first-party cookies to tell first visits from repeat ones (without cookies in Europe, the UK and Switzerland). Privacy has the details.
Research
How do I cite a note?
Give the author, family name first; the note’s title in quotation marks; its number and version; CipherG Liquidity LLC; the date it was published and the date it last changed; and its address on this site. Each note ends with a “Cite this note” block that gives the citation ready to copy, and a note’s version counts its corrections.
How are corrections handled?
In the open. When something in a published note turns out wrong, a dated correction goes at its foot; the earlier claim is never changed silently. Every correction, and any restatement of a figure from the record, is listed newest first in the corrections log. Before every deploy, a check stops any change to a published note that comes without a new dated correction. Found an error? Write to contact@cipherg.io.
What do you never publish?
Results (profit and loss), operating revenue, account balances, what any liquidity program pays or what share of revenue the programs are, deposits and withdrawals, positions, and any figure for a single market, event, contract or ticker. Datasets lists each one and why, and What we publish sets them beside what we do publish. The full record goes on request to venues, banks and payment providers, counterparties and regulators.
Not answered here
A question that isn’t on the list?
Send it by email. Onboarding, KYC and document requests go to compliance@cipherg.io; everything else to contact@cipherg.io.