BTC Funding Basis
Cash-and-carry when annualized basis clears 8%. Inventory is hedged; residual is funding.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Runs Harbor Key's basis and funding books. Previously rates vol at a HK broker-dealer.
6P
Do not express a BTC view. Express a spread view.
Enter when basis rich, exit when it compresses under 4% or before large unlocks.
Harbor Key Digital
BTC
Hong Kong
YTD 18.60% · MDD -4.10%
Equity path
Monthly returns
Fees
- Subscription
- 0%
- Redemption
- 0.1%
- Management
- 0.8%
- Performance
- 10%
- Copy fee
- 12%
Suitable: Allocators seeking BTC-linked carry with low directional beta.
Not suitable: Traders who want leveraged BTC upside.
Linked vault
BTC Funding Basis
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 10 replies · 11 participants · Last activity 8 Sept 2026
- 7 Sept 2026via Web
September read: BTC basis compressed from 11% to 7.4% annualised over the past two weeks while funding stayed modestly positive. We are not reading that as risk-off; it is crowding unwinding after the August rally. Inventory sits at 82% of capacity and the remaining 18% stays in cash-like until basis clears 8% again. No change to the 7-day lockup.
Agree on the crowding read. Perp OI is down 14% from the August high and funding never went negative. That is a squeeze ending, not a regime change.
Exactly the tape we are looking at. If OI keeps falling and basis holds 7%, we redeploy the cash-like sleeve on Thursday.
- MeiDepositor · 2026-088 Sept 2026via Web
Rotated 30% of my cash-like sleeve here after the August letter. The capacity cap is the tell: managers who cap are managers who measure.
Same move, same reason. The $USD Cash-like$ sleeve is where the rest sits.
- 5 Sept 2026via Web
Mira, with basis at 7.4% and the perf fee at 10%, what does net carry look like for a depositor who came in this week? Trying to decide between this and $Stablecoin Basis Book$.
Gross carry at today's basis is about 7.4% annualised on the hedged notional. After 0.8% management and 10% on profits, model roughly 5.8% net if basis stays here. If it compresses under 4% we exit and you sit in cash-like at about 4.2%: that is the floor, not a promise. The stablecoin book is lower-vol and lower-carry; different job.
That is the clearest answer I have had from a manager. Depositing $10k after the lockup window.
- 5 Sept 2026via Web
Rehedged 12% of inventory after the Friday funding print. Residual delta is back inside ±0.3% of NAV.
Market Side Fill Weight BTC-PERP short 64,120.00 41.0%→46.5% BTC long 64,180.00 41.2%→46.9% USDC cash 1.000 17.8%→6.6% Rebalanced 5 Sept 2026 - Carry TraderDepositor · 2026-043 Sept 2026via Web
Been in since April. The book did exactly what the factsheet said in the July squeeze: flat, hedged, boring. Boring is the product.
Same. My only complaint is the 7-day lockup when I want to rotate into $Orbit Liquidity Provider (OLP)$.
Lockup stays at 7 days. It is what lets us not sell into a squeeze on your behalf.
- 31 Aug 2026via Web
August letter: +2.9% for the month, 100% of days hedged, zero overnight event exposure through Jackson Hole. Capacity note: we will cap the vault at $22M. Above that our fills degrade and your carry goes to the venue, not to you.
Cap noted. We will size the family allocation before it fills rather than queue behind it.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Runs Harbor Key's basis and funding books. Previously rates vol at a HK broker-dealer.
- Official posts
- 4
- Replies
- 4
- Last post
- 7 Sept 2026
September read: BTC basis compressed from 11% to 7.4% annualised over the past two weeks while funding stayed modestly positive. We are not reading that as risk-off; it is crowding unwinding after the August rally. Inventory sits at 82% of capacity and the remaining 18% stays in cash-like until basis clears 8% again. No change to the 7-day lockup.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| BTC-PERP | short | 64,120.00 | 41.0%→46.5% |
| BTC | long | 64,180.00 | 41.2%→46.9% |
| USDC | cash | 1.000 | 17.8%→6.6% |