# NYX Suite > NYX Suite: fund accounting and LP reporting for emerging funds, a live ledger, risk desk, and AI-written LP reports, compressing the back office around your administrator, from $2,500/mo. NYX Suite is fund accounting and LP reporting for emerging fund managers across 13 asset classes, crypto and multi-asset. Connect 95 exchanges, 21 blockchains, and 4 stock brokers, or book any other holding manually, and run a real double-entry shadow ledger with deterministic NAV across every asset class, monitor risk with a full exposure and stress-testing desk, generate AI-written LP reports, and keep a maker-checker-approved compliance trail. Your fund administrator stays the official book of record and NYX Suite reconciles to it; what NYX Suite compresses is the internal back-office tooling and workload stacked around it, from $2,500/month banded by fund size. NYX Suite is a product of Nyx Labs Ltd. Built for: Emerging hedge fund managers ($1M–$50M AUM) across asset classes. ## What NYX Suite does - Live portfolio dashboard across 95 exchanges, 21 blockchains, and 4 stock brokers - Double-entry shadow ledger with deterministic, byte-reproducible NAV strikes - Management and performance fees with per-series high-water mark and hurdle - Per-investor capital accounts, share classes, and a dealing workflow - Reconciliation engine with typed breaks and one-click book-to-ledger - Risk desk: exposure engine, daily P&L attribution, and a scenario/VaR stress lab - AI-generated monthly LP reports with net-of-fee returns (PDF + PPTX) - Nyx Analyst: AI chat grounded in your general ledger with citations - Read-only LP portal with per-investor, row-level-isolated capital accounts - Investor messaging bots for Telegram, Slack, and Discord - Maker-checker approvals and hard period locks for multi-manager funds - Form PF data-readiness export, tax lot tracking, and K-1 data package ## Key facts - Product: NYX Suite - Company: Nyx Labs Ltd - Category: Fund accounting and LP reporting for emerging funds, live NAV, risk, and LP / investor reporting software for crypto and multi-asset hedge funds - Audience: Emerging hedge fund managers ($1M–$50M AUM) across asset classes - Pricing: banded by fund AUM, $2,500 / month (Under $25M AUM), $4,000 / month ($25M – $100M AUM), Negotiated · from $6,000 / month (Above $100M AUM); plus a $3,500 one-time implementation fee; billed by invoice, net 30, bank transfer, no card checkout; 10% discount for annual prepayment is the only discount. NYX Suite does not offer a free trial. Instead, it offers a paid parallel-run pilot: Nyx runs alongside your existing fund administrator for three month-end closes, and you get a full refund if it doesn't reconcile. - Security: read-only access (never trades or withdraws), AES-256-GCM-encrypted API keys, mandatory two-factor authentication for manager accounts - Website: https://nyxsuite.com - Contact: jack@nyxsuite.com ## Key pages - [Home](https://nyxsuite.com/): product overview, features, and pricing - [Free LP report generator](https://nyxsuite.com/free-report): build a branded LP report PDF in the browser: no signup, no exchange connection, illustrative numbers - [Book a 20-minute call](https://nyxsuite.com/book): live walkthrough against your own fund - [Talk to the founders](https://nyxsuite.com/contact): direct line to the team - [Create an account](https://nyxsuite.com/signup): create a fund manager account - [System status](https://nyxsuite.com/status): live status, incidents, scheduled maintenance and 90-day uptime for every NYX Suite service - [Operations wiki](https://nyxsuite.com/wiki): a glossary of fund-operations terms: fund structures, fees, NAV, trading, legal docs, LP relations, and risk analytics - [Learn](https://nyxsuite.com/learn): in-depth guides on shadow NAV, reconciliation, and fund operations for emerging crypto and multi-asset hedge fund managers - [Jack Perkins](https://nyxsuite.com/authors/jack-perkins): author profile for NYX Suite's Learn guides - [Privacy policy](https://nyxsuite.com/privacy): data handling and sub-processors - [Trust Centre](https://nyxsuite.com/trust): vendor due-diligence questionnaire, NAV & valuation methodology, business & data continuity statement, and security & compliance roadmap ## Developer APIs - Fund Data API: 25 read-only REST endpoints (positions, NAV history, exposure, risk/VaR, P&L attribution, and more) over Nyx's own shadow ledger, reconciled against your fund administrator. Bearer nyx_dk_ key required. https://nyxsuite.com/developers/api - Calculator API: 7 free, illustrative fund-math endpoints (fees with high-water mark, NAV validation, exposure, operating cost), no auth, no fund required. https://nyxsuite.com/developers/calculators - OpenAPI specification: the full REST v1 surface as OpenAPI 3.1, generated from the live route schemas. https://nyxsuite.com/api/v1/openapi.json - MCP server for AI agents: POST /api/mcp/public speaks MCP over streamable HTTP with no auth required, exposing the same 7 calculators plus a search_docs tool. https://nyxsuite.com/developers/mcp - Full machine-readable API reference (every endpoint, parameter, sample, FAQ): https://nyxsuite.com/llms-full.txt ## Operations wiki - [Master-Feeder Structure](https://nyxsuite.com/wiki/master-feeder-structure): A structure where one or more feeder funds pool investor capital into one master fund that holds all positions: commonly paired onshore and offshore feeders. - [Offshore Fund](https://nyxsuite.com/wiki/offshore-fund): A fund legally organized outside investors’ home country, commonly Cayman or BVI, for tax-neutral treatment and regulatory flexibility, not to evade tax. - [Fund Domicile](https://nyxsuite.com/wiki/fund-domicile): The jurisdiction under whose law a fund vehicle is legally organized, which fixes its corporate law, tax treatment, and regulatory regime. - [General Partner](https://nyxsuite.com/wiki/general-partner): The entity in a limited partnership that manages the fund, makes all investment decisions, and bears unlimited liability for the partnership’s obligations. - [Limited Partner](https://nyxsuite.com/wiki/limited-partner): A passive investor in a limited partnership whose liability is capped at their committed capital and who takes no role in managing the fund. - [Limited Partnership](https://nyxsuite.com/wiki/limited-partnership): A legal structure with a general partner who manages the fund and limited partners who invest passively with liability capped at their capital. - [Special-Purpose Vehicle](https://nyxsuite.com/wiki/special-purpose-vehicle): A standalone legal entity created for a single, narrow purpose: typically to isolate a specific asset or exposure from the rest of a fund’s balance sheet. - [Segregated Portfolio Company](https://nyxsuite.com/wiki/segregated-portfolio-company): A single corporate entity that creates multiple statutorily ring-fenced cells, each with its own assets and liabilities, without a separate entity per cell. - [Open-End vs Closed-End Fund](https://nyxsuite.com/wiki/open-end-vs-closed-end-fund): Open-end funds accept ongoing subscriptions and redemptions at NAV; closed-end funds raise a fixed capital pool upfront with no ongoing redemption right. - [High-Water Mark](https://nyxsuite.com/wiki/high-water-mark): The highest NAV per unit a fund has reached and crystallized: performance fees apply only above this level, never on a recovery from a prior loss. - [Management Fee](https://nyxsuite.com/wiki/management-fee): A recurring fee, commonly 1-2% annually of NAV or committed capital, a fund charges to cover operating costs, independent of investment performance. - [Performance Fee](https://nyxsuite.com/wiki/performance-fee): A fee, commonly 15-20%, charged on a fund's investment gains, typically only above a high-water mark or hurdle rate, not on every dollar of NAV growth. - [Hurdle Rate](https://nyxsuite.com/wiki/hurdle-rate): The minimum annual return a fund must clear before any performance fee accrues: a hard hurdle exempts only the gain up to it, a soft hurdle none once cleared. - [Distribution Waterfall](https://nyxsuite.com/wiki/distribution-waterfall): The ordered sequence (return of capital, preferred return, GP catch-up, then a profit split) in which a fund's proceeds are paid out to LPs and the GP. - [Carried Interest](https://nyxsuite.com/wiki/carried-interest): The general partner's share of a fund's investment profit (commonly 20%) paid as compensation for performance rather than for managing the fund day to day. - [Crystallization](https://nyxsuite.com/wiki/crystallization): The defined date on which a fund's accrued performance fee is locked in and charged, and its high-water mark is reset, not a continuous, real-time charge. - [Clawback](https://nyxsuite.com/wiki/clawback): A provision requiring a fund's general partner to return carried interest received in excess of what the fund's actual lifetime performance justified. - [Fee Offset](https://nyxsuite.com/wiki/fee-offset): A provision crediting some or all of certain other fees a manager earns against the management fee LPs would otherwise owe, to prevent double-charging. - [Expense Ratio](https://nyxsuite.com/wiki/expense-ratio): A fund's total annual operating costs (commonly including the management fee) expressed as a percentage of AUM, used to compare overhead across funds. - [Net Asset Value](https://nyxsuite.com/wiki/net-asset-value): A fund's total assets minus total liabilities at a point in time: the single figure every fee, subscription, and redemption is struck against. - [NAV Per Share](https://nyxsuite.com/wiki/nav-per-share): A fund's net asset value divided by units or shares outstanding: the price used to strike new subscriptions and redemptions. - [Series Accounting](https://nyxsuite.com/wiki/series-accounting): Tracking capital that entered a fund at different times as separate series, each with its own NAV per unit and high-water mark. - [Equalization](https://nyxsuite.com/wiki/equalization): A single-NAV alternative to series accounting that charges performance fees fairly using a credit or holdback at subscription. - [Shadow Accounting](https://nyxsuite.com/wiki/shadow-accounting): An independent, parallel NAV and ledger a manager runs alongside the official books to catch errors before investors see them. - [Fund Administrator](https://nyxsuite.com/wiki/fund-administrator): An independent third-party firm that maintains a fund's official books, calculates NAV, and processes subscriptions and redemptions. - [Side Pocket](https://nyxsuite.com/wiki/side-pocket): A segregated sub-account isolating an illiquid or hard-to-value asset from a fund's main NAV, so redeeming investors aren't diluted by it. - [Valuation Policy](https://nyxsuite.com/wiki/valuation-policy): A fund's documented methodology for pricing every asset it holds: which sources take priority, at what cadence, and who can override a price. - [Fair Value Hierarchy](https://nyxsuite.com/wiki/fair-value-hierarchy): A three-level classification ranking how reliable the inputs behind an asset's fair value are, from quoted market prices to manager models. - [NAV Break](https://nyxsuite.com/wiki/nav-break): A discrepancy between what a fund's books expect an asset or NAV figure to be and what an independent source confirms it actually is. - [Capital Account](https://nyxsuite.com/wiki/capital-account): The ledger tracking one investor's ownership stake in a fund: contributions, allocated P&L, fees, and distributions, summing to fund NAV. - [Prime Broker](https://nyxsuite.com/wiki/prime-broker): A prime broker bundles custody, financing, execution, and securities lending into one relationship for an institutional trading client. - [Custodian](https://nyxsuite.com/wiki/custodian): A custodian holds a fund's assets in segregated, bankruptcy-remote accounts, separate from a broker's own financing and trading activity. - [OTC Derivatives](https://nyxsuite.com/wiki/otc-derivatives): OTC derivatives are privately negotiated contracts traded directly between two counterparties, governed by a bilateral master agreement rather than an exchange. - [Initial vs. Variation Margin](https://nyxsuite.com/wiki/initial-vs-variation-margin): Initial margin is collateral posted upfront to open a leveraged position; variation margin settles gains and losses on it as the position is marked. - [Rehypothecation](https://nyxsuite.com/wiki/rehypothecation): Rehypothecation is when a broker or lender re-uses a client's pledged collateral for its own financing or lending, rather than holding it untouched. - [Mark-to-Market](https://nyxsuite.com/wiki/mark-to-market): Mark-to-market values a position at its current market price rather than its original cost, recording the difference as an unrealized gain or loss. - [Slippage](https://nyxsuite.com/wiki/slippage): Slippage is the gap between a trade's expected execution price and the price it actually fills at, driven mainly by order size versus available liquidity. - [Counterparty Risk](https://nyxsuite.com/wiki/counterparty-risk): Counterparty risk is the risk that the entity on the other side of a trade or deposit fails to meet its obligations, independent of market performance. - [Securities Lending](https://nyxsuite.com/wiki/securities-lending): Securities lending is the temporary transfer of a security or token to a borrower, often to cover a short sale, in exchange for collateral and a fee. - [Private Placement Memorandum](https://nyxsuite.com/wiki/private-placement-memorandum): A fund's core disclosure document (strategy, risks, fees, and terms) given to prospective investors before they subscribe under a private-placement exemption. - [Limited Partnership Agreement](https://nyxsuite.com/wiki/limited-partnership-agreement): The binding contract governing a fund's operations: capital commitments, fees, distributions, and the rights and duties of the general and limited partners. - [Subscription Agreement](https://nyxsuite.com/wiki/subscription-agreement): The contract an investor signs to actually commit capital to a fund: including eligibility representations, subscription amount, and wiring instructions. - [Side Letter](https://nyxsuite.com/wiki/side-letter): A separate agreement between a fund and one investor that modifies or adds to the standard fund terms just for that investor. - [ISDA Master Agreement](https://nyxsuite.com/wiki/isda-master-agreement): The standard-form contract, published by ISDA, that governs over-the-counter derivative trades between a fund and a counterparty. - [Due Diligence Questionnaire](https://nyxsuite.com/wiki/due-diligence-questionnaire): A standardized set of questions institutional investors send a fund to evaluate its operations, risk controls, and service providers before investing. - [KYC/AML](https://nyxsuite.com/wiki/kyc-aml): The identity verification and source-of-funds screening a fund runs on investors before accepting a subscription, satisfying anti-money-laundering obligations. - [Subscription Line of Credit](https://nyxsuite.com/wiki/subscription-line-of-credit): A credit facility, secured against LP capital commitments, that lets a fund draw cash to invest before actually calling capital from its investors. - [Capital Call](https://nyxsuite.com/wiki/capital-call): A general partner's formal notice requiring limited partners to fund a portion of capital they previously committed but have not yet paid in. - [Redemption](https://nyxsuite.com/wiki/redemption): An LP's request to withdraw some or all of its capital from an open-end fund, priced at NAV per unit as of a scheduled dealing date. - [Redemption Gate](https://nyxsuite.com/wiki/redemption-gate): A contractual cap on the percentage of a fund's NAV that can be redeemed on a single dealing date, used to prevent a forced-selling spiral. - [Lock-Up Period](https://nyxsuite.com/wiki/lock-up-period): The minimum period an investor's capital must remain in a fund before it becomes eligible for redemption, sometimes with an early-redemption fee instead. - [LP Reporting](https://nyxsuite.com/wiki/lp-reporting): The ongoing disclosures (performance, portfolio, risk, and commentary) a fund sends its limited partners, commonly monthly or quarterly. - [IRR (Internal Rate of Return)](https://nyxsuite.com/wiki/irr): The discount rate at which the net present value of a fund's cash flows to an investor equals zero: a money-weighted return sensitive to cash-flow timing. - [TVPI, DPI & MOIC](https://nyxsuite.com/wiki/tvpi-dpi-moic): The multiples LPs use to measure fund performance in dollars returned per dollar invested: DPI (realized), RVPI (unrealized), and TVPI/MOIC (their sum). - [Performance Attribution](https://nyxsuite.com/wiki/performance-attribution): A breakdown of a fund's NAV change into its drivers: price moves, new/exited positions, flows, and fees, so a return can be explained, not just reported. - [Value at Risk](https://nyxsuite.com/wiki/value-at-risk): A statistical estimate of the loss a portfolio is not expected to exceed over a given time horizon at a given confidence level, under normal market conditions. - [Maximum Drawdown](https://nyxsuite.com/wiki/maximum-drawdown): The largest percentage decline from a prior peak NAV to a subsequent trough: the standard measure of the worst loss an investor would have experienced. - [Sharpe Ratio](https://nyxsuite.com/wiki/sharpe-ratio): A risk-adjusted return measure (annualized excess return over the risk-free rate, divided by annualized volatility) showing return earned per unit of risk. - [Gross vs. Net Exposure](https://nyxsuite.com/wiki/gross-vs-net-exposure): Gross exposure sums every long and short position to measure total market risk; net exposure nets longs against shorts to measure directional bias. - [Stress Testing](https://nyxsuite.com/wiki/stress-testing): Repricing a fund's current positions through a hypothetical or historical adverse scenario to estimate the resulting loss, a complement to VaR for tail risk. ## Guides (/learn) - [Shadow NAV and Continuous Reconciliation for Emerging Crypto Funds: The Complete Guide](https://nyxsuite.com/learn/shadow-nav-continuous-reconciliation-crypto-funds): What a shadow NAV is, how double-entry reconciliation catches administrator errors, defensible tolerance gates, and the real cost vs. manual LP reporting. A shadow NAV is an independent, parallel net-asset-value calculation a crypto fund manager runs alongside, never instead of, the fund administrator, built from its own double-entry ledger and reconciled against live exchange, wallet, and broker balances. Continuous reconciliation means that comparison runs on every sync, not once a month, so a break surfaces in hours instead of at the next audited close. - [What Is a Shadow NAV? Definition, Purpose, and How It Works](https://nyxsuite.com/learn/what-is-a-shadow-nav): A shadow NAV is an independent parallel valuation crypto fund managers run alongside their administrator. Learn how it works, why it matters, and what it costs. A shadow NAV is an independent net asset value calculation a fund manager runs alongside their official fund administrator, using the same source data, so the manager has a second, timely answer to "what is my fund worth today?" It never replaces the administrator's NAV: it is a parallel check that catches errors, lag, and discrepancies before LPs see them. - [Shadow Accounting for Fund Managers: Why Run a Parallel Book](https://nyxsuite.com/learn/shadow-accounting-for-fund-managers): Shadow accounting means running a double-entry ledger independent of your administrator. See how typed breaks and deterministic NAV catch errors early. Shadow accounting means the fund manager keeps their own double-entry ledger, priced and reconciled independently of the administrator, so errors surface in days instead of at month-end. For emerging crypto funds juggling many exchanges and wallets, a parallel book catches missed transfers, stale prices, and administrator mistakes long before they reach an LP report. - [Real-Time NAV vs. Monthly NAV: The Operational Risk Comparison](https://nyxsuite.com/learn/real-time-vs-monthly-nav): Monthly NAV can hide a stale price or sync failure for up to 30 days. Compare the operational risks of monthly vs. real-time crypto fund NAV. Monthly NAV means a fund's value is only known once a month, at the administrator's close; real-time (or continuous/daily) NAV means it is known constantly, from a live shadow ledger. The operational risk gap between them is real: a monthly cycle can hide a stale price, a missed transfer, or a drawdown for weeks before anyone notices. - [Multi-Venue Reconciliation for Crypto Funds: Real Failure Modes](https://nyxsuite.com/learn/multi-venue-reconciliation-crypto-fund): Quiet exchange API failures, wallet sync gaps, and venue collisions are the real risks in crypto fund reconciliation. See the failure modes and how to catch them. Multi-venue reconciliation is the process of checking that a crypto fund's expected balances, from its ledger, match what every exchange, wallet, and broker actually reports. Most failures aren't dramatic: they're quiet API errors, wallet sync gaps, and same-venue collisions that silently understate or overstate a position until someone notices. - [How to Reconcile Exchange and Wallet Positions Against Your Fund Administrator](https://nyxsuite.com/learn/reconcile-exchange-wallet-positions-fund-administrator): Step-by-step process to reconcile exchange and wallet positions against your fund administrator: pull, diff, grade materiality, investigate, and tie out. Reconciling exchange and wallet positions against your fund administrator means comparing, per asset and per venue, what your ledger expects you to hold against what each exchange, wallet, and broker actually reports, then investigating every discrepancy above a set dollar threshold before it reaches an LP report. Below is the step-by-step process. - [NAV Discrepancy Tolerance Gates: How Much NAV Variance Is Acceptable?](https://nyxsuite.com/learn/nav-discrepancy-tolerance-gates): NAV discrepancy tolerance for a crypto fund: four gates for completeness, ledger accuracy (5bps GAV), per-investor allocation, and pricing methodology. There is no single acceptable NAV variance: a flat tolerance conflates timing differences with real errors. A defensible reconciliation uses four separate gates: position completeness (binary, 100%), ledger accuracy under normalised pricing (5 basis points of gross asset value), per-investor allocation (5bps or $1, whichever is greater), and a documented, not scored, pricing-methodology delta. - [How to Automate LP Reports From a Live Shadow Book](https://nyxsuite.com/learn/automating-lp-reports-from-a-live-shadow-book): Automating LP reports for a crypto fund: a live, reconciled shadow ledger feeds deterministic NAV and returns, with AI drafting commentary only after human approval. Automating LP reports requires a data source the reporting layer can trust: a live, continuously reconciled shadow ledger with a deterministic NAV. Once that exists, a report becomes a period query against numbers already computed and audited, with AI drafting only the narrative sections around figures it never calculates, and a manager approving the draft before anything reaches an investor. - [The Real Cost of Manual LP Reporting for a Crypto Fund](https://nyxsuite.com/learn/cost-of-manual-lp-reporting): What manual LP reporting actually costs a crypto fund: addressable vs non-addressable back-office spend, a worked $20M fund example, and where automation helps. Manual LP reporting is rarely one line item; it is a share of a finance hire, a per-report drafting cost, and overlapping software, sitting alongside spend that automation cannot touch: your fund administrator, compliance advisor, auditor, and counsel. Separating addressable spend from non-addressable spend is what turns "we should automate reporting" into an actual number. - [CARF Reporting for Crypto Funds: Reconstructing Records From a Shadow Ledger](https://nyxsuite.com/learn/carf-reporting-crypto-fund-reconstruction): OECD CARF crypto tax reporting explained for fund managers: EU/UK effective dates, 2027 deadlines, who must report, and why ledger reconstruction matters. The OECD's Crypto-Asset Reporting Framework (CARF) requires crypto-asset service providers to report user transaction data to tax authorities, with EU rules (via DAC8) and UK rules applying from 1 January 2026 and first reports due in 2027. A fund is not itself an RCASP in most structures, but CARF-style transaction reconstruction (acquisitions, disposals, transfers, and counterparties) is far easier from an append-only ledger than from exchange CSVs. - [NYX Suite vs Traditional Fund Administrator: What Is the Difference?](https://nyxsuite.com/learn/nyx-suite-vs-traditional-fund-administrator): How a shadow NAV platform like NYX Suite differs from a traditional crypto fund administrator: cost, cadence, and independence, compared honestly with sources. A traditional fund administrator calculates your official NAV and typically charges a fixed annual fee of roughly $25,000–$75,000 for a small fund, regardless of size. NYX Suite is not an administrator: it is software that runs a live, second shadow ledger alongside your existing administrator, at $2,500–$4,000/month, so a solo GP gets daily visibility and automated LP reports between the administrator's monthly closes. - [Best Shadow NAV Software for Emerging Managers (2026)](https://nyxsuite.com/learn/best-shadow-nav-software-emerging-managers): Honest, source-linked comparison of shadow NAV options for emerging crypto funds in 2026: spreadsheets, administrators, Cryptio, Bitwave, Lukka, and NYX Suite. There is no crowded "shadow NAV software" category yet: most emerging crypto managers choose between a spreadsheet, a full crypto fund administrator, an enterprise crypto accounting/data platform (Cryptio, Bitwave, Lukka), or purpose-built shadow-NAV software. NYX Suite is the only option in this list built specifically for continuous shadow NAV plus LP reporting at $1M–$50M AUM. - [Lukka and Cryptio Alternatives for Fund Managers](https://nyxsuite.com/learn/lukka-cryptio-alternatives-fund-managers): Lukka and Cryptio are crypto accounting platforms, not fund-ops tools. See the real distinction and a source-linked alternative for shadow NAV and LP reporting. Lukka and Cryptio are crypto accounting and data infrastructure platforms, built for institutional treasuries, exchanges, and CPA firms producing GAAP/IFRS books: not fund-operations software. A fund manager needing NAV strikes, per-investor capital accounts, and LP reporting needs a different category of tool; NYX Suite is a fund-ops-first alternative built for that job at $1M–$50M AUM. - [Spreadsheets vs Shadow NAV Software: Why Excel Fails Emerging Funds](https://nyxsuite.com/learn/spreadsheets-vs-shadow-nav-software): The real incumbent for emerging crypto funds is Excel, not a vendor. See the specific failure modes of spreadsheet NAV and how shadow NAV software closes them. Excel is the real incumbent most emerging crypto funds compete against, not another vendor. A spreadsheet NAV model has no audit trail, depends on one person's formulas, and cannot catch a silent copy-paste error or a stale exchange balance: failure modes that continuous shadow NAV software is specifically built to close. - [Running a Multi-Asset Book on One Shadow Ledger](https://nyxsuite.com/learn/multi-asset-shadow-nav-hedge-funds): How a multi-asset shadow NAV prices crypto, equities, bonds, and private holdings in one ledger, and why the pricing method differs by asset class. A multi-asset shadow NAV means one double-entry ledger prices every holding a fund owns (crypto priced live from exchanges and wallets, listed equities and ETFs priced end-of-day, and bonds, options, private holdings, and real assets priced from manager-entered fair-value marks with provenance and maker-checker approval) instead of a separate spreadsheet, tool, or administrator relationship per asset class. ## Frequently asked questions ### What is NYX Suite? NYX Suite is the operating system for emerging fund managers, crypto and multi-asset. It connects to your exchanges, wallets, and brokers, runs a real double-entry shadow ledger alongside your fund administrator, strikes deterministic NAV, accrues fees, monitors risk, and generates LP reports automatically. Your administrator stays the official book of record; what Nyx compresses is the internal back-office tooling and workload around it: a stack that typically runs well over $300,000 a year, starting at $2,500 a month, banded by fund AUM. ### Who is NYX Suite for? NYX Suite is built for solo and small-team fund managers running roughly $1M to $50M in AUM, crypto-native funds and multi-asset managers with a crypto sleeve, who need institutional-grade accounting, reporting, and risk monitoring without building an internal finance and operations team around their existing fund administrator. ### How much does NYX Suite cost, and how does that compare to a fund administrator? NYX Suite is banded by fund AUM: $2,500/month under $25M, $4,000/month from $25M to $100M, and negotiated (from $6,000/month) above $100M, plus a $3,500 one-time implementation fee, with a 10% discount for annual prepayment the only discount offered. Billed by invoice, net 30, via bank transfer: no card checkout and no self-serve signup. No per-seat fees and every feature is included at every band: the ledger, risk desk, reports, and compliance tools are not separate add-ons. Your price never changes mid-term; re-banding happens only at the 12-month renewal, using your fund's own reported AUM. For context, a comparable fund's operating stack (a finance hire, a fund administrator with a $25K–$60K annual minimum, and a compliance advisor) runs over $300,000 a year. Nyx does not displace the administrator, who remains your official book of record; it compresses the internal tooling and month-end workload built around them. ### What is "shadow accounting," and does NYX Suite replace my fund administrator? No. NYX Suite runs a genuine double-entry ledger (append-only, balanced, audit-traceable) that reconciles against your exchange and wallet data in real time. It is a shadow book that sits alongside your official administrator, not a replacement for one. The value is that you (and your LPs) get an institutional-grade, always-current NAV and audit trail between the administrator's periodic statements, and a second set of numbers to catch discrepancies early. ### Is NYX Suite secure, and does it have trading access to my funds? NYX Suite is read-only and never places trades or moves funds. You connect read-only exchange API keys and public wallet addresses; keys are encrypted with AES-256-GCM, accounts support TOTP two-factor authentication with backup codes, and Nyx never requests withdrawal or trading permission. Your capital stays entirely under your control. ### What asset classes does NYX Suite support? NYX Suite prices 13 asset classes inside one shadow ledger. Digital assets (crypto and stablecoins) are live-priced across 95 exchanges and 21 blockchains. Equities, ETFs, and funds price end-of-day via a market-data feed. FX, commodities, and futures price against a registered symbol. Bonds, options, private holdings, and real assets price from a manager-entered fair-value mark, timestamped with provenance and approved through maker-checker before it can move NAV. Every class books into the same double-entry ledger and the same NAV strike, alongside stock brokers: Alpaca, Tradier, Interactive Brokers, and SnapTrade (which reaches Robinhood, Schwab, Fidelity, and more). ### Can my investors see their own numbers or ask questions directly? Yes. Every fund gets a read-only LP portal where each investor sees their own capital account, isolated at the database level so one LP can never see another's numbers. Investors join by invite-only magic link (no password to manage) and can optionally ask questions through bots on Telegram, Slack, or Discord, with dollar figures shared only when you enable full disclosure for that channel. ### Does paper trading affect my real NAV? Nothing from a paper or simulated account ever touches your real NAV. If you connect a TradingView or Alpaca paper-trading feed, Nyx keeps it in a completely separate, clearly labeled statement. It cannot post to your real positions, AUM, LP reports, alerts, or ledger under any circumstance. ### Can NYX Suite build and backtest trading strategies? Yes. NYX Suite's Strategy Lab lets you build a trading strategy with a visual node-graph builder or a sandboxed JavaScript code node, then run it through a deterministic backtest engine. The same strategy and the same data always produce the identical result. You can test long and short positions with up to 3× leverage and realistic costs (margin interest, funding, a modeled liquidation path), validate with walk-forward out-of-sample folds, and run portfolio backtests across multiple strategies as one book. An AI improve loop (strategy_improve missions) has the Analyst critique a strategy against a benchmark library and propose revisions you approve. Backtests are simulation, strictly segregated from your fund: they never touch real NAV, positions, or LP reports, and Strategy Lab, like the rest of NYX Suite, remains read-only and never places a trade. ### Does NYX Suite help with Form PF, K-1s, or tax reporting? Yes. NYX Suite exports a Form PF data-readiness package (a structured summary plus monthly series covering the categories the form requires), tracks tax lots under your elected cost-basis method (average, FIFO, or HIFO), and generates tax-gains and tax-capital CSVs alongside a K-1 data package. These are data-handoff exports for your preparer, not a filing service. ### Can I try NYX Suite before paying? NYX Suite does not offer a free trial. Instead, it offers a paid parallel-run pilot: Nyx runs alongside your existing fund administrator for three month-end closes, and you get a full refund if it doesn't reconcile. The pilot runs for three consecutive month-end closes at your band's normal monthly rate, and the $3,500 implementation fee is deferred until you convert to the annual agreement, not waived.