Disclosure policy

What we publish, and what we never publish.

A firm with no clients still owes the people who deal with it facts they can check. This page lists what the site publishes and what it never does, and gives the reason for each.

Figures published: One
Results: Never published
Corrections: Dated, never silent

Published

What we publish.

Facts about how the desk works, and one dated figure about what it has done.

One figure about the desk’s trading: trades executed, on the Record page.: It lets a venue or a reviewer see that the desk is a standing presence without writing in first. It is dated and rounded down, so it never overstates, and the record method defines how it is counted. A venue can recount the firm’s trades on it from its own records.
We quote on Kalshi and Polymarket US, both CFTC-regulated exchanges. We have also quoted on ProphetX and Novig.: Where the firm trades is the first fact a reviewer needs. Naming a venue says nothing about what the desk trades on it.
We take part in the liquidity programs venues run for market makers: incentive programs on some venues, market-maker agreements with quoting requirements on others.: Programs are part of how a market maker is paid, so a reader should know they exist and how they are counted. Program payments are counted in the record as operating revenue, kept separate from the result of trading.
Who runs the desk: one person, Grayson Dodson, with AI agents, described by role on the Firm page.: A reviewer should know who is accountable. He sets every limit and approves every change, and every trading decision is his.
How every figure is counted, including the ones that stay with the full record. Methods are published; data and code are not.: Publishing the rules binds the firm to them. Once they are written down in public, they cannot be changed quietly.
Research notes on how event contracts are quoted and settle, with invented examples that say they are invented. A figure about the firm in a note is dated, with its method beside it, and stays as written.: They show the work behind a quote without naming anything the desk trades.
Corrections, dated and added to the note they correct, and any restatement of a published figure, with its date and reason. All of them are in the corrections log.: A reader can see what changed and when. A published claim is never edited silently, and a check before every deploy stops one that is.

Never published

What we never publish.

The same list every dataset card leaves out, and the rules that are not about data.

Results: profit and loss, realized or not.: Results go out only with the full record, on request, where they come with their dates, their method and the notes that explain them.
Operating revenue.: It is part of the result, so it stays with the full record.
Account balances and account value.: They are part of the full record, shared on request only.
What any liquidity program pays.: The site says the desk takes part in incentive programs and market-maker agreements, and how their payments are counted. It stops there.
What share of revenue the programs are.: A share is a figure about revenue, and about what the programs pay. Both stay with the full record.
Deposits to and withdrawals from the venue accounts.: They are part of the full record, kept there with its complete history, and shared on request only.
Open positions and position sizes.: A position names what the desk holds, and so what it trades.
Any figure for a single market, event, contract or ticker.: The site never names what the desk trades. Examples are invented, and say so.
Tips, signals, predictions or advice.: The firm has no clients and advises no one. The research explains mechanics; none of it says what anyone should trade.
Any offer, or any request for money.: The firm has no clients, takes no outside money and is not raising any. Nothing on the site is an offer or a solicitation.
The terms of any liquidity program agreement.: The site says the desk takes part, and how payments are counted. It stops there.
How quotes are priced, beyond what the Approach page says.: The Approach page says quotes come from proprietary algorithms built on the desk’s own research, through a low-latency quoting system. How they work is not published.

Why no results

Leaving results out is a rule. It says nothing either way about how the trading has gone. Published to everyone, results would mostly tell the people we trade against how large we are.

The full record, results included, is available on request to venues (for example for their programs), banks and payment providers, counterparties, and regulators, with its as-of dates, its method and its notes. Requests go to compliance@cipherg.io.

How the figure is counted The record, and how to request it Corrections