Typical market-neutral equity arbitrage funds tend to post annualized returns of around 8%, according to Crachilov, who previously worked at Goldman Sachs and JPMorgan. He believes crypto-focused funds may exceed that number in the short term, citing further market disruption. In the longer term, as crypto markets become more efficient, Crachilov guides his clients towards similar returns, in the 8-10% range. Last year, Nickel's arbitrage fund posted returns of 15%.