We consider a model of Parisi where a single particle hops on an infinite-dimensional hypercube, under the influence of a uniform but disordered magnetic flux.  We reinterpret the hypercube as the Fock-space graph of a many-body Hamiltonian, and the flux as a frustration of the return amplitudes in Fock space. We will show that this model has the same correlation functions as the double-scaled Sachdev-Ye-Kitaev model, and hence is an equally good quantum model for near-AdS$_2$/near-CFT$_{1}$  holography. Unlike the SYK model, the hypercube Hamiltonian is not $p$-local. Instead, the SYK model can be understood as a Fock-space model with similar frustrations. Hence we propose this type of Fock-space frustration as the broader characterization for NAdS$_2$/NCFT$_1$ microscopics, and speculate the possible origin of such frustrations.