A portfolio management system for digital asset derivatives has to show what no single exchange screen can: every position, Greek, PnL figure and margin balance across all of your venues in one normalized book. Kemet aggregates positions, Greeks and PnL from every connected venue, including Kalshi and Polymarket event contracts, and lets the desk act on that view through auto-hedging, Vega and Gamma targeting and a portfolio hedger. Collateral stays in the desk’s own venue and custody accounts, so Kemet aggregates risk across venues without moving collateral or netting margin between them.

Why derivatives risk ends up scattered across venues

Most institutional desks trade options and futures on more than one venue. Liquidity in BTC and ETH options concentrates on Deribit, perpetuals are spread across OKX, Binance, Coinbase International Exchange and Hyperliquid, and on-chain options trade on Derive. Each venue reports only its own positions and its own margin, so the real book exists nowhere except in a spreadsheet someone rebuilds every morning.

The fragmentation is worse than a missing total, because the numbers do not share units. Deribit’s original BTC and ETH options are inverse: premium and settlement are in the underlying coin, and the net delta Deribit reports for them is premium-adjusted. Since August 2025 Deribit has also listed USDC-settled linear BTC and ETH options alongside them, so even a single venue can hold both conventions. A USDT- or USDC-margined linear contract on another venue reports PnL and margin in stablecoin. Adding a delta figure from one screen to a delta figure from another produces a number that is wrong in a way nobody notices until a large move.

Greeks conventions differ too. One venue reports delta in coin, another in contracts, and contract sizes vary by venue and by product. Vega may be quoted per vol point in coin or in USD, and theta per calendar day under one venue’s model. Event contracts add a further layer: a Kalshi or Polymarket position on where BTC settles at month end is a binary payoff priced between 0 and 1, held in a separate account and invisible to every exchange risk screen, even when it is economically a short-dated digital option on the same underlying.

What a risk management system for digital asset derivatives needs

A cross-venue view earns its place only if a trader can make a hedging decision from it without opening another window. In practice that means:

• Positions normalized to one unit convention, with contract sizes, inverse versus linear settlement and quote currency resolved before anything is summed.
• Delta, gamma, vega and theta grouped by underlying and by expiry, so a desk can see that it is long front-month gamma on Deribit and short it in a later expiry on OKX.
• Realized and unrealized PnL in a single reporting currency, broken out per venue and per strategy.
• Margin usage shown venue by venue, because a liquidation happens on one venue even when the portfolio as a whole is healthy.
• Scenario and shock views that move spot and implied vol across the whole book and show the resulting PnL and Greeks.
• Alerts on Greek, PnL and margin thresholds that reach the trader before the venue’s own margin call does.

How Kemet’s unified portfolio and risk view works

Kemet connects to Deribit, Coinbase (Exchange, Derivatives Exchange and International Exchange), OKX, Binance, Bullish, Hyperliquid and Derive, plus Kalshi and Polymarket for event contracts. Positions from all of them land in one portfolio, normalized for settlement currency, contract size and Greeks conventions, and shown by underlying and expiry alongside PnL and per-venue margin. New listings sync the same day they go live, so a fresh expiry appears in the book without manual mapping. The Kemet platform covers the full trade lifecycle: Discovery, Execution and Position management.

Because event contracts sit in the same model as options, a desk holding Polymarket or Kalshi crypto contracts can see their delta against its Deribit position and hedge one with the other, allowing for differences in each venue’s settlement index and fixing time. That workflow is covered in detail in hedging Kalshi and Polymarket crypto contracts with Deribit options.

Scenario analysis and stress testing run on the same normalized book: shift spot, shift the vol surface or apply a combined shock, and see the projected PnL and Greeks by venue and by expiry. Desks use this to size hedges before a known event rather than after.

Acting on the view: auto-hedging and Greek targeting

A risk screen that only reports leaves the trader to rebuild the hedge by hand on whichever venue is cheapest. Kemet ties the risk view to execution.

• Auto-hedging fires against thresholds the desk sets per strategy, so delta drifting past a band triggers a hedge on the chosen venue without a trader watching it.
• Vega and Gamma targeting lets a trader specify the exposure they want and have Kemet work out the legs to get there.
• The portfolio hedger stores hedge configurations that can be enabled, disabled, scheduled or run manually across the book.
• Multi-leg packages built from the risk view can be sent to the order book or out as an RFQ on Deribit, Paradigm or Derive, described in crypto options RFQ and block trading.

Execution algorithms work orders across venues, which matters when the hedge is larger than the top of book on any one of them. See multi-venue crypto options execution for how routing and algorithms fit together.

Shared margin across derivatives venues: what is and is not possible

Desks often ask which platforms make capital more efficient with shared margin across derivatives. The honest answer is that a venue only cross-margins positions held in its own account. Several venues, including Deribit, OKX and Binance, offer portfolio margin modes that offset risk across products in the same account. Offsetting margin across venues takes a prime broker or similar credit intermediary standing between the desk and the exchanges. Execution software cannot do it, because each venue margins and liquidates against its own collateral on its own numbers.

Kemet does not move collateral and does not net margin across venues. What it does is show margin usage at every venue next to the portfolio’s total risk, so a desk can see where it is close to a margin call, where collateral sits idle, and where an offsetting hedge would free up the most margin. Transfers between venue accounts remain the desk’s decision, made from its own accounts.

Keep your existing PMS and use Kemet for execution and real-time risk

Many funds already run a dedicated portfolio management system for accounting, NAV and investor reporting. Kemet does not need to replace it. Desks keep their PMS of record and use Kemet for execution plus real-time, intraday derivatives risk, exporting positions, fills and Greeks into the PMS through the REST and WebSocket API. An MCP server exposes the same data to AI agents for desks building automated monitoring.

Kemet is a technology provider. It is not an exchange, broker or counterparty and never holds client assets. Desks connect their own venue accounts with their own API keys, and Kemet rejects any key that carries withdrawal rights. Kemet is SOC 2 Type II compliant.

FAQ

Is Kemet a portfolio management system for digital asset derivatives?

Kemet provides a real-time portfolio and risk view across every connected derivatives venue and event contract market, with positions, Greeks and PnL normalized into one book. Desks that need fund accounting and investor reporting typically keep a dedicated PMS for that and feed it from Kemet’s API.

Can Kemet give me shared or cross margin across venues?

No. Collateral sits at each venue, and only the venue can net margin within its own account. Kemet aggregates risk and shows per-venue margin usage so you can manage collateral and hedges across venues yourself.

How does Kemet handle inverse and linear contracts in the same book?

Positions are normalized for settlement currency, contract size and Greeks convention before aggregation, so a coin-margined Deribit option and a stablecoin-margined perp on another venue roll up into consistent delta, gamma, vega and theta by underlying and expiry.

Does the risk view include Kalshi and Polymarket positions?

Yes. Event contracts from Kalshi and Polymarket appear in the same portfolio as options, perps and futures, so a desk can hedge a crypto event contract against listed options. More on these venues: Kemet for prediction markets.

What is the difference between this and an execution management system?

An EMS handles order entry, routing, algorithms and RFQ. Kemet combines that with the cross-venue risk view in one platform. For the category definitions, read what is a crypto derivatives EMS.

To see your own venues in one risk view, Book a demo.