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ETH basis sleeve: post-mortem on the squeeze

Silas Ong · 2026-08-21 · 7 min

The book was crowded on the same side of the basis. When perp premium flipped, hedges paid more than the carry earned.

We reduced size by 40% and published the negative 30-day. Orbit will not hide a red sleeve to protect a leaderboard.

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This is a product demo, not an offer or solicitation. Segregation, custody and licence marks are illustrative. Past performance is not future performance.

Institution names are illustrative, not real licence holders.