One position, many assets
Custom Basket Swaps bundle a set of crypto assets into a single position. The 'custom' part means the client gets to pick which assets go into the basket, and the swap is then priced as one unit. So a fund that wants exposure to, say, a basket of major coins or a mix of tokens can execute that in a single swap instead of juggling multiple futures or perpetual contracts.
That cuts down on the operational work — fewer margin accounts, fewer trade executions, fewer places to track. For a portfolio manager, it also simplifies the accounting. The swap is one line item, not a bunch of disparate positions.
Built for hedging and portfolio work
Wintermute is marketing this as a tool for hedging and portfolio strategies. If a fund holds a basket of tokens and wants to reduce risk, it can take a synthetic short or hedge via a custom swap rather than selling each token individually. Or, if a manager wants to add exposure to a theme — like a basket of layer-1s or DeFi tokens — they can do it without building out the underlying wallet infrastructure.
The product is aimed squarely at institutional clients. Wintermute has not disclosed the minimum trade size, fee structure, or which assets are eligible for inclusion. What's clear is that the firm is pushing deeper into structured products for sophisticated traders, where a single custom instrument can replace a pile of separate trades.
Custom Basket Swaps are live now, and Wintermute says they're available to institutional clients. The firm has not yet published a list of supported tokens or a pricing sheet, so the
