Regime4 Sept 20266 min492 reads
September regime: mixed, not risk-off
Funding on BTC remains modestly positive but the 30-day basis has compressed. We are not treating this as a risk-off flag.
Cash-like sleeves stay the ballast. Directional tech remains a satellite, sized off realized vol rather than narrative.
Risk: a sudden funding flip around US data would force carry books to cut together. Capacity in basis vaults is therefore capped.
Related vaults
InstitutionalFunding / BasisR2
BTC Funding BasisCash-and-carry when annualized basis clears 8%. Inventory is hedged; residual is funding.
APR
+28.28%
30D
+3.82%
TVL
$18.70M
Max DD
-4.10%
Lockup
7d
Min
$500
623 depositors · 760d
InstitutionalCash-likeR1
USD Cash-likeShort-duration tokenized T-bills and deposit-like instruments. NAV noise is small, not zero.
APR
+5.33%
30D
+0.41%
TVL
$28.40M
Max DD
-0.22%
Lockup
1d
Min
$100
295 depositors · 887d
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.