ARCHON & LOCKE

DIGITAL ASSET STRATEGIES

ἄρχων Archon Ancient Greek — the one who governs. Disciplined stewardship of capital.

1632–1704 Locke Classical liberalism. The philosophical foundation of trustless systems.

ἄρχων Archon Ancient Greek — the one who governs. Disciplined stewardship of capital.

1632–1704 Locke Classical liberalism. The philosophical foundation of trustless systems.

Approach

Quantitative strategies across digital asset derivatives. All infrastructure written and operated in-house.

Co-located in Tokyo

Our execution infrastructure sits in the same Tokyo datacenter as Binance's futures matching engine. Round-trip latency is 1.5 milliseconds. On Hyperliquid, we operate our own validator node for direct market access.

High-frequency and mid-frequency

We run multiple books across Binance Futures and Hyperliquid. High-frequency strategies operate at tick level. Mid-frequency strategies capture basis, pairs, and cross-venue dislocations on longer timeframes.

On-chain intelligence

A proprietary monitoring system tracks large-scale position movements across chains in real time, generating supplementary signals for our trading decisions.

Portfolio

Beyond the trading floor.

Our primary focus is systematic digital asset strategies. Selectively, we deploy capital into high-conviction opportunities across healthcare, deep tech, and consumer — where we see structural value.

Healthcare

Ningbo Geriatric Rehabilitation Hospital

Specialized geriatric rehabilitation facility serving the aging population in the Yangtze River Delta. Long-duration, demographically driven demand.

nbkfzx.com →

Industrial Materials

Kent Catalyst (Listed)

Publicly traded manufacturer of industrial catalysts. Structural position in China's chemical processing supply chain.

chemptc.com →

Surgical Robotics

FoSurg

Hangzhou-based surgical robotics company developing next-generation precision instruments for minimally invasive procedures.

Digital Asset Infrastructure

Openliquid Exchange

Emerging digital asset exchange focused on transparent order matching and institutional-grade execution infrastructure.

openliquid.exchange →

Consumer

1leaf Tea

Premium tea brand bridging traditional Chinese tea culture with modern direct-to-consumer distribution.

Leadership

Founder-led.
Hands-on.

The person who writes the code is the person who manages the risk and makes the trades.

Founder & CIO

Michael Xiong

Before founding A&L Capital, Michael spent over a decade in private capital markets across New York, Boston, and Shanghai — structuring and executing strategies across traditional and alternative asset classes. He pivoted to digital assets in 2020, drawn to the structural inefficiencies and 24/7 market microstructure that define the space. With 5+ years of hands-on experience in crypto derivatives, on-chain analytics, and systematic execution, he built A&L Capital's infrastructure from the ground up. B.S. Computer Science, SUNY Binghamton.

A&L Capital is founder-operated with deep experience across quantitative systems, infrastructure engineering, and digital asset market microstructure. Every investment decision, risk parameter, and system design flows through hands-on leadership — ensuring alignment between strategy, technology, and capital stewardship.

Operating Principles

Long-term orientation

Decisions optimized for durability, not quarterly optics.

Intellectual honesty

Mistakes are recorded, studied, and corrected.

Capital stewardship

Every dollar is treated with fiduciary responsibility.

Operational intensity

Markets run 24/7. So do we.

What Sets Us Apart

Skin in the Game

Substantial personal capital invested alongside our partners. Our interests are fully aligned.

Transparent Reporting

Monthly performance reports with full strategy attribution, risk metrics, and market commentary.

Continuous Improvement

Every trade outcome feeds back into model refinement. Our systems get better with every market cycle.