Strategy Overview
Dolphin is FX Rabbit’s proprietary, rule-based trading strategy. It operates through the company’s controlled research, validation and execution infrastructure, with predefined quantitative rules, embedded risk limits and full test-to-live parity. The Apex-reviewed live period covered systematic XAUUSD CFD trading from November 2025 through April 2026. Results presented on this page reflect that limited observed period and are not a forecast of future performance.
Archived chart data (source claims)
| November 2025 | 10% |
|---|---|
| December 2025 | 10.1% |
| January 2026 | 10.3% |
| February 2026 | 31.4% |
| March 2026 | 10.6% |
| April 2026 | 5% |
Monthly registered net performance during the Apex-reviewed live-capital period. Returns reflect the specific account and period reviewed and should not be interpreted as a projection or guarantee of future performance.
Performance Metrics
Annualised Sharpe ratio
6.9
Sortino ratio
11.7
Calmar ratio
58.6
Annualised volatility
24.7%
Maximum drawdown
−7.8%
Win rate
83.8%
Average daily return
0.7%
Review Scope
Strategy provider
FX Rabbit AB
Strategy
Dolphin v2
Trading approach
Systematic and active
Instrument reviewed
XAUUSD CFDs
Review period
1 Nov 2025–30 Apr 2026
Active trading days
105
Individual trades
8,252
Complete buy-and-sell cycles
4,126
Average activity
Total notional traded
USD 159.6m
Broker
IC Markets
Independent reviewer
Review publication date
1 June 2026
Monthly registered net performance during the Apex-reviewed live-capital period. Returns reflect the specific account and period reviewed and should not be interpreted as a projection or guarantee of future performance.
Performance Context
Average daily return during the reviewed period was 0.7%. Mathematically annualised using 252 trading days, this equates to 457.8%. This figure represents the compounding of a limited six-month observed period and is not a forecast, target or indication of future performance. FX Rabbit’s stated long-term base case is approximately 50% annualised net return, equivalent to approximately 3.44% per month.
Independant Review
Evidence supported by underlying broker records. Apex Corporate & Advisory Services Ltd independently reviewed the trading activity, reported investment performance and corresponding broker records for the period from November 2025 through April 2026. “We noted no material inconsistencies between the trading activity, reported investment performance, and performance metrics reviewed and the corresponding Broker records and account data.” — Apex Corporate & Advisory Services Ltd, 1 June 2026
Scope of review
The reviewed live period covers 105 active trading days across one six-month period characterised by elevated gold-market volatility. It has not yet been observed through a sustained multi-quarter bear market. Apex performed a review of information and broker records made available for the engagement. The work did not constitute an audit or assurance engagement, and Apex did not independently assess the commercial merits of individual trading decisions. Dolphin v2 is a parameter refinement of the same underlying engine used for Dolphin v1. Results from earlier live-simulation periods are not directly comparable with the reviewed live-capital period because the capital basis, parameter configuration and calculation methodology differed.
Important Information
Past performance is not indicative of future results. The figures shown reflect observed results over a limited period and should not be relied upon as a projection, forecast or guarantee of future performance. Trading leveraged instruments involves a high degree of risk and may result in substantial losses.
