Risk21 Aug 20267 min3,656 reads

ETH basis sleeve: post-mortem on the squeeze

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

Independent manager

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

Related vaults

IndependentFunding / BasisR4

Currently a losing book after a squeeze. Published anyway — Orbit does not hide negative sleeves.

APR

+5.00%

30D

-6.42%

TVL

$3.10M

Max DD

-14.90%

Lockup

Min

$500

73 depositors · 504d

Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.