Note6 Sept 20265 min3,234 reads
Stablecoin basis: venue concentration is the only number that matters
A stablecoin basis book earns a few hundred basis points a year and can lose a venue overnight. The carry is the easy part; the 25% per-venue cap is the product. This week the book runs four venues at 21 to 24% each and the remainder in the custodian.
Depositors ask why the APR is not higher. It is not higher because the fifth venue that would lift it is the one we would not want to explain in a post-mortem.
Related vaults
InstitutionalDelta NeutralR1
Stablecoin Basis BookLends stablecoins against hedged BTC inventory and collects the basis. Low volatility, real counterparty risk.
APR
+9.48%
30D
+0.72%
TVL
$7.20M
Max DD
-1.10%
Lockup
7d
Min
$2,000
118 depositors · 575d
InstitutionalMarket MakingR2
Delta Neutral MMTwo-sided quotes on majors. Residual delta hedged hourly. Capacity is hard-capped.
APR
+16.77%
30D
+1.92%
TVL
$11.80M
Max DD
-2.40%
Lockup
14d
Min
$2,000
212 depositors · 810d
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.