Wholly owned subsidiary of Dellecod Digital Ltd.

Finding structure in fragmented markets

Otra Software Ltd. is the research and relative-value company of the Dellecod group. We look for opportunities in the gaps between exchanges, instruments, protocols and blockchains, and we work with independent teams who can show us why those gaps exist.
Show us your edge Dellecod Digital
CROSS-VENUE · RELATIVE VALUE · ON-CHAIN · RESEARCH-DRIVEN · OWN CAPITAL · NO CLIENT FUNDS ·
Liquidity differs
Depth is spread unevenly, and a visible price is not always a price you can trade at size.
03
Funding differs
Holding a position costs different amounts on different venues and in different instruments.
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Settlement differs
Venues and protocols settle on their own clocks, with their own custody and counterparty risk.
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Prices differ
The same exposure is quoted differently on different venues and networks, and updates at different speeds.
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The same risk, in many forms
In digital assets, one economic exposure can live in many places at once: a spot asset, a perpetual contract, a future, an option, a wrapped token, a staking token, a position in a DeFi protocol. Each trades on its own venue, with its own price, fees, funding and settlement rules. The distance between them is where Otra works.
The thesis
A visible gap is only the start of the analysis. It has to survive fees, depth, latency, funding, settlement and counterparty risk before it counts as an opportunity.

Why Software. The name says where the value is made: not in the idea alone, but in carrying it reliably through data, research, execution, control and reporting.
A GAP WITHOUT A REASON IS NOT A TRADE.
What we study
Areas of interest, not a list of live strategies. A strategy enters our universe only after we have assessed the legal status of the instrument and venue, liquidity, custody, smart-contract and bridge risk, the cost of funding, and whether we can exit the position reliably.
Research universe
AREAS OF INTEREST
On-chain and DeFi research
Calendar spreads
Cross-chain opportunities
Funding-rate strategies
Volatility relative value
Spot–derivative basis
Systematic rebalancing
Triangular and multi-leg arbitrage
Statistical relative value
Cross-exchange arbitrage
Six questions
What we will ask you
What breaks first?
06
How did it behave during a stress event?
04
Which part is yours, and which part is a library?
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How much survives if fees double?
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Who is on the other side of this trade?
01
What happens to the edge as size grows?
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Asked early, so that neither side wastes time.
Interesting results with no explanation behind them do not go far here. Neither do black boxes. We will also ask for live results kept separate from backtests, your infrastructure and third-party dependencies, and the legal entity and background of the people involved.
What we
need to see
Show us how your edge survives real markets. A good first message is one page, in plain language, and answers three things.

We are a principal, not an intermediary. Formats range from joint research and licensing to a proprietary strategy mandate with defined limits.
Submissions
The setup
Your legal entity, ownership and people. The access rights and dependencies the strategy needs. Who owns the IP, and how the collaboration ends.
03
The edge
Where it comes from and who is on the other side. Which venues and instruments it needs, and how much capital it can take before it breaks.
01
The evidence
Live results, kept separate from backtests. Costs included: fees, slippage, funding, borrow, gas and market impact. Behaviour in stress events.
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CAPITAL FOR CONTROLLED TESTING · A RESEARCH ENVIRONMENT · MARKET MICROSTRUCTURE EXPERTISE · PROFESSIONAL FEEDBACK · A LONG HORIZON ·
Agreed before
descent
Every collaboration is defined in writing before anything runs: scope, permitted venues and instruments, capital and loss limits, access rights, reporting, intellectual-property ownership, grounds for immediate suspension, and how control returns to us.

Where possible we use segregated exchange subaccounts, API keys without withdrawal permissions, and independent reconciliation of positions. These are normal working conditions, not signs of distrust.
How a mandate is structured
What we do not do
Sign anything before the risk framework is agreed
Promise returns or publish performance figures
Offer brokerage, custody or investment advice
Accept client deposits or manage third-party funds
Show us how your edge survives real markets
Tell us who you are and what you work on: the strategy or technology, where the edge comes from, which markets it needs. One page is enough to start. We reply to everything we can act on.
This form is for prospective technology and strategy partners.
We do not accept investments or client funds. We use your details only to reply to your message.
Dellecod Digital Ltd. and Otra Software Ltd. are privately owned proprietary trading companies. They trade exclusively with their own capital and for their own account. They do not accept client deposits, manage third-party funds, solicit investments, provide brokerage, custody or investment advisory services, or offer any financial product to the public. Nothing on this website constitutes investment advice, an offer, or a solicitation.

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© 2026 Dellecod Digital Ltd. and Otra Software Ltd. · Registered in Saint Lucia