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The principal risk to Pythagoras’ Arbitrage Fund is counterparty danger. With a purpose to make instantaneous trades, the agency has to maintain cash on exchanges. Pythagoras diversifies its property throughout a minimum of a dozen exchanges with not more than 10% of its funds with anyone brokerage, Dong mentioned. Previous to the FTX collapse, Pythagoras did have 10% of its property with that alternate.
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