Capital deployed
Live pilot · Monad × Hyperliquid
ETH carry,
measured live.
carry.capital captures ETH funding and lending spreads through a market-neutral strategy across Hyperliquid and Monad.
Variable yield. Capital at risk.
Live pilot readout
CollectingIndicative net APY
Cumulative realized carry
Normalized ETH delta
Indicative metrics are computed from live venue observations and settled ledger entries. APY is not a forecast or guaranteed return.
The mechanism
One ETH position.
Two offsetting legs.
The vault pairs productive onchain collateral with an equal-and-opposite perpetual short. The goal is to isolate carry—not predict direction.
A
Collateral leg
Aave / Monad
SUPPLYWETHProductive collateral
→
BORROWUSDCStable debt
ReceivesWETH supply yield
B
Hedge leg
Hyperliquid
POSITIONSHORT ETH-PERPSigned exposure offsets supplied WETH
Receives when positivePerpetual funding
SUPPLY YIELD+FUNDING−BORROW COST=NET CARRY
Live performance
Performance telemetry.
Realized carry comes from settled funding, observed lending accrual, and recorded costs. Historical return percentages remain withheld until vault share accounting is live.
Collecting pilot data
Realized carrySampled strategy equity
Public risk surface
What we
publish.
Only strategy-level measurements cross the public boundary. Account addresses, balances, transactions, alerts, and machine internals remain private.
Venue allocationData unavailable
—Aave / Monad
Aave / Monad—
Hyperliquid—
Delta neutralityTarget ±1.00%
LONGNEUTRALSHORT
—
Supplied WETH exposure plus signed ETH-perp exposure, normalized by supplied WETH.
Liquidation distanceMaintenance-aware
Aave downside
—
Current HF → 1.00
ETHNOW
HL short adverse move
—
Mark → HL-reported liq
HL is the adverse ETH rise from mark to Hyperliquid’s reported liquidation price. It reflects current isolated margin and maintenance requirements—not 1 ÷ leverage. Distances remain snapshots, not guarantees.
Defense in depth
A deterministic
control loop.
A deterministic control loop observes both venues independently. Guardrails escalate from monitoring to risk reduction as the corridor narrows.
- 01
Observe
Independent venue prices, collateral health, margin, and data freshness.
- 02
Defend locally
Strengthen the pressured venue without depending on the opposing feed.
- 03
Rebalance
Restore hedge alignment and target buffers under bounded execution policy.
- 04
Reduce
Cut exposure when defensive thresholds or integrity checks are breached.
Disclosures
What can go wrong.
Market neutrality reduces directional exposure; it does not remove the possibility of loss. This pilot has no principal guarantee.
Funding reversal
Funding can turn negative, converting the short from income into a recurring cost and compressing or reversing carry.
Liquidation
Sharp moves can pressure Aave collateral or Hyperliquid margin faster than automated defenses can restore the corridor.
Venue
Exchange downtime, insolvency, withdrawal restrictions, or market-structure changes can impair hedging and access to assets.
Bridge
Cross-domain transfers can be delayed, censored, misconfigured, or exposed to messaging and finality failures.
Oracle
Venue-specific oracle divergence, latency, or manipulation can alter collateral valuation and liquidation behavior.
Smart contract
Protocol, token, integration, or upgrade defects can lead to loss even when the intended hedge remains balanced.
Pilot access
Follow
the pilot.
Join the waitlist for pilot updates and early access. No wallet connection. No deposit. No commitment.