Record
The record.
We publish our numbers: what the operation has earned, what it has gained and lost on positions, and what its open positions are worth at conservative prices.
- Operating revenue
- through October 3, 2026
- Trading results
- as of October 6, 2026
- Account values
- as of October 6, 2026, 12:13 AM ET
- Status
- Unaudited · US dollars · rounded
Since inception
Notes on these figures- Net result since inception
- Operating revenue
- Realized trading result
- Exchange fees
- Open positions, unrealized (conservative)
- Withdrawn in excess of deposits
- Best month
- September 2026
- Best single day
- Consecutive days of revenue
- Trading since
Week by week
Operating revenue, every week since it began.
Operating revenue is what the company’s exchange account is credited by its trading operations. It excludes gains and losses on positions, which are reported separately below.
Weekly operating revenue
Weeks start on Monday, June 29, 2026 to September 28, 2026 (the last week is to date).
| Week starting | Operating revenue |
|---|---|
| June 29, 2026 | $400 |
| July 6, 2026 | $900 |
| July 13, 2026 | $2,300 |
| July 20, 2026 | $1,400 |
| July 27, 2026 | $2,700 |
| August 3, 2026 | $6,200 |
| August 10, 2026 | $17,200 |
| August 17, 2026 | $27,600 |
| August 24, 2026 | $38,300 |
| August 31, 2026 | $36,700 |
| September 7, 2026 | $50,400 |
| September 14, 2026 | $49,100 |
| September 21, 2026 | $28,500 |
| September 28, 2026 (to date) | $16,600 |
Month by month
Results since the first trade.
Unrealized results are measured only at the report date, so they are not spread across months. The headline net result above includes them.
Results by month
Realized net, under each month, is operating revenue plus the realized trading result.
- Operating revenue
- Realized trading result
- Month to date
| Month | Operating revenue | Realized trading result | of which exchange fees | Realized net |
|---|---|---|---|---|
| January 2026 | $0 | +$800 | $0 | +$800 |
| February 2026 | $0 | −$9,500 | −$100 | −$9,500 |
| March 2026 | $0 | +$1,900 | −$100 | +$1,900 |
| April 2026 | $0 | −$7,400 | −$300 | −$7,400 |
| May 2026 | $0 | +$4,700 | −$300 | +$4,700 |
| June 2026 | $400 | +$3,200 | −$300 | +$3,600 |
| July 2026 | $6,300 | +$7,100 | +$700 | +$13,400 |
| August 2026 | $97,100 | −$400 | +$700 | +$96,700 |
| September 2026 | $166,400 | +$10,400 | +$3,600 | +$176,800 |
| October 2026 to date | $8,600 | +$6,200 | +$1,300 | +$14,700 |
Exchange fees are included in the realized trading result; a positive figure is a net credit. For the current month, revenue and trading results run to their as-of dates.
Method
How the figures are measured.
- Operating revenue
- Revenue credited to the company’s exchange account by its trading operations, by the date it was earned. It excludes gains and losses on positions.
- Realized trading result
- Gains minus losses on positions that have been sold or settled, using first-in, first-out cost, after exchange fees.
- Exchange fees
- Charged or credited per trade. Since July 2026 they have been a net credit.
- Unrealized result
- The current conservative value of open positions minus their first-in, first-out cost.
- Net result (conservative)
- Everything above, including revenue earned but not yet paid out.
Open positions at the lower bound
Open positions are valued at the conservative end of a current, independent price estimate. Conservative means the lower bound: a position that can only be worth more than its bound is carried at the bound, even when the midpoint is higher. Positions with no current price estimate are counted between full cost and zero.
Measured two ways
The lifetime result is measured two independent ways: from the account’s value and its cash flows, and from the sum of revenue paid, other credits, the realized trading result and the unrealized result. The first falls inside the range of the second, within about 1.7% of its upper end. Both exclude revenue earned but not yet paid out, which the net result adds back.
From the exchange’s own records
Figures come from the exchange’s own account records, collected by the company’s reporting system. The deposit and withdrawal history is a complete backfill of the account’s records.
What is left out
Operating expenses (data services, hardware and professional fees) and taxes are excluded. The newest day’s revenue is still being posted, so revenue is reported through the day before.
Notes
- Operating revenue
- through October 3, 2026
- Trading results
- as of October 6, 2026
- Account values
- as of October 6, 2026, 12:13 AM ET
- Operating revenue is revenue credited to the company's exchange account by its trading operations, excluding gains and losses on positions.
- Trading results use first-in, first-out (FIFO) cost. Realized results include exchange fees, which were a net credit.
- Open positions are valued at conservative lower-bound prices, not at the midpoint of current estimates.
- Unaudited. The most recent days include revenue earned but not yet paid out. Figures are rounded.
- Past results do not guarantee future results.
Questions about these figures go to compliance@cipherg.io.