Managing a Portfolio at Drastically Different Sizes I've led the DeFi Dojo community for nearly half a decade now. We have family offices, hedge funds, trade shops, founders, and VCs in there. We also have real estate investors, software engineers, and investment managers in there. We also have blue-collar workers, graduate students, and office workers in there. I've seen people of every size, and I can, with a degree of confidence, give an overview of what has been most profitable for each. SO, let's get into it: $1-$100K: These portfolios tend to have delta exposure. Feverishly airdrop farming without losing capital (delta neutral, ETH lending, etc) is a great way to stack here quickly. Getting big wins from airdrops while getting small wins from being early on good projects can go a long way. This is really the level where you need to be OBSESSED with defi in order to grow, because at this level, there is real edge in putting in hours of effort into farming the first incentives, getting airdrops, finding outsized returns on strategic LPs, etc. and holding some runners with conviction. Funding Rate Arbitrage games to farm Perp Dex airdrops, high FRs on volatile assets with low OI, etc is another good strategy in this range. $100K-$1M: This is where you need to start diversifying, protecting capital, get obsessed with opsec, have a dedicated laptop just for transacting, etc. PTs on Pendle will be an obvious go-to for idle capital that you don't need immediately. Lend aggregation is another great source of consistent but fully liquid yields. Airdrop farming larger campaigns (HL, Lighter, Monad, Eigen, Ethena, etc) makes a lot of sense, again you want to do this in a principal protected way. You will likely have or want to have 10-40% of your portfolio in blue chips like BTC/ETH/SOL etc because you can afford to have "forever hold" positions that you don't really intend to sell for the forseeable future. NO DIRECTIONALLY EXPOSED LEVERAGE. FR Arb here can be great with large mcap assets, but you really don't want to play with leveraged betting, since you'll do better YoY just growing through holding and yielding. Maybe you have a small high-conviction alt bag, but it's likely <5% of your portfolio. You might start to dabble in seed round investments via Echo or Legion, but that should not be your main strategy. $1M-$10M: Here you are likely starting to consider hiring people to help with the portfolio, to run algorithmic market making bots, to do more advanced basis trading. You are also likely participating in private liquidity deals. I would warn against private liquidity deals that have TGE at some indefinite future, and prefer the deals that get 15-35% APR in liquid tokens or from established teams. Seed round investments are probably 5-10% of your investments, but you might also be outsourcing this to a hedge fund allocation, and diligence funds should be something you do actively, or outsource to a family office. PTs are still pretty good here as are a lend agg vaults, but you're probably not doing too much funding rate arbitrage ON CHAIN. Rather, doing the basis trade with CME futures against onchain longs is much better and can still do 10-20% APR pretty consistently. You likely have a better idea of how to use margin, and may be trading through your Roth IRA with personal funds, or have some tax-setup that's favorable to you for longterm investments. $10M-$100M: Here, you're probably working directly with teams, perhaps you have your own VC firm, you're an SLP "strategic liquidity provider," and it is unlikely you are the sole manager of your own funds / portfolio. You should be spending most of your "work" time in the telegram trenches, on calls with investable teams or teams you want to deploy capital towards, and possible also be involved with either a family office or fund that you either own or are working with. You may also outsource these tasks to a trusted partner. Finding talent to help manage the funds so that you don't have to is important here, since you're probably either retired or partially retired. You can have a variety of "forever hold" positions, likely in cold storage, that you don't really care about price action on, since you can, if you need to, borrow against them for income. Surprisingly, PTs and Lend agg can still be good here, but you'll want to have alerts for large arbitrage opportunities, for automated exit strategies, you should probably invest in a risk team or auditor to help with diligence. CME Basis still also works here, and you may be doing fewer and fewer things on chain, though still having exposure to crypto as a whole. OTC buying and OTC basis may become an important part of your portfolio as well, being able to buy in size without meaningful price impact, potentially hedging your exposure for an arbitrage to your purchase price.