0D Capital

0D Capital // Liquidity KPI Review

We can support most of the proposed US equity list. RTH is the cleanest regime: spreads are mostly workable, and hedge liquidity is available. The constraint is not quoting a number on screen. The constraint is what happens after we get filled.

Outside RTH, the problem changes. After-hours liquidity thins out. Weekend exposure is largely naked for most names. That means the right control surface is inventory caps, weekend bands, and TOB obligations, not just the headline depth.

Launchable LRCX and AMAT are clean. IREN is liquid, but expensive on hedge margin and needs hard inventory caps.

Supportable CRDO, COHR, TER, CIEN, VST, and NET are workable if weekend risk is treated separately from RTH.

Pushback BOT is the outlier. We would prefer to exclude it initially, or quote it indicative / materially wider.

Per-name requirements

RTH / AH / WKD = regular trading hours / after-hours / weekend.

Tier

Name	Tier ↕	Depth ($)			TOB ($)			Spread (bps)			Min Capital ↕	Read
Name	Tier ↕	RTH	AH	WKD	RTH	AH	WKD	RTH	AH	WKD	Min Capital ↕	Read
LRCX	Tier 1	$200k	$200k	$150k	$50k	$35k	$22.5k	5-14	10-22	30-58	$254k	clean
AMAT	Tier 1	$200k	$200k	$150k	$50k	$35k	$22.5k	5-14	10-22	30-58	$254k	clean
CRDO	Tier 2	$200k	$200k	$150k	$50k	$35k	$10-15k	7-17	16-34	50-100	$278k	support
COHR	Tier 2	$200k	$200k	$150k	$50k	$35k	$10-15k	7-17	16-34	80-100	$280k	support
TER	Tier 2	$200k	$200k	$150k	$50k	$35k	$10-15k	7-17	16-34	50-100	$288k	support
CIEN	Tier 1	$200k	$200k	$150k	$50k	$35k	$10-15k	5-14	16-34	40-68	$314k	support
VST	Tier 1	$200k	$200k	$150k	$50k	$35k	$10-15k	5-14	10-22	50-100	$238k	support
NET	Tier 3	$175k	$175k	$125k	$42.5k	$30k	$10k	10-22	24-75	54-150	$209k	support
IREN	Tier 3	$175k	$175k	$125k	$42.5k	$30k	$20k	10-22	24-48	54-112	$848k	cap
BOT	Tier 3	$175k	$175k	$125k	$42.5k	$30k	$20k	10-22	24-48	54-112	$537k	phase 2
Total min capital · 10 names											$0k

Minimal adjustment per name

LRCX clean

No material change. One of the best names in the set.

AMAT clean

No material change. One of the best names in the set.

CRDO support

Keep RTH/AH. Weekend should be wider: 50-100 bps and $10-15k TOB.

COHR support

Keep RTH/AH. Weekend is workable with 80-100 bps max and $10-15k TOB.

TER support

Keep RTH/AH. Weekend should be 50-100 bps with $10-15k TOB.

CIEN support

Keep RTH. AH/WKD should move to Tier 2-style bands: 16-34 / 40-68 bps; weekend TOB $10-15k.

VST support

Keep RTH. Weekend is not easy to hedge; prefer 50-100 bps and $10-15k TOB.

NET support

Keep RTH. AH up to 75 bps; WKD up to 150 bps; weekend TOB around $10k.

IREN cap

Keep spreads. Needs hard inventory caps because hedge margin is punitive, especially short.

BOT phase 2

Only name we would push back on. Exclude initially, or quote indicative / materially wider.

Capital

Raw per-name margin is not the binding number. The desk needs room for adverse fills, borrow, stress moves, and inventory that cannot be flattened until liquidity returns. For the full US basket, practical operating capital is closer to $3.5m. Starting with the clean names only, especially LRCX and AMAT, requires materially less.

What makes this easy

One maker can support the launch if the agreement separates RTH from weekend risk, allows hard per-name inventory caps, and gives wider weekend bands. That lets us keep the customer-facing market live without forcing the desk to warehouse unhedgeable risk at RTH-style terms.