Runs Harbor Key's basis and funding books. Previously rates vol at a HK broker-dealer.
Thesis
Harvest positive funding when basis is rich; cut inventory overnight around event risk.
Deposits go into a specific vault: a manager can run several strategies, and each vault has its own lockup, fees and risk grade.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Each vault is deposited into and redeemed on its own.
Protocol vault. Provides market-making and liquidation liquidity for Orbit; depositors share profits pro rata. No leader profit share.
Cash-and-carry when annualized basis clears 8%. Inventory is hedged; residual is funding.
Staked spot versus hedged perp. Yield is the residual after hedge cost — it can be negative.
Draft sleeve combining listed and digital risk-on/off. Not live.