- MDD
- -14.90%
- Sharpe
- 0.21
- Win rate
- 49.0%
- Vol 30D
- $2.26M
- Age
- 504d
- Skin in game
- 31%
- Perf fee
- 15%
- Lockup
- 7d
- Depositors
- 10
- Description
- Currently a losing book after a squeeze. Published anyway — Orbit does not hide negative sleeves.
- Short perp / long spot when annualized basis > 12%. This sleeve lost money in the last 30 days.
- Process
- Short perp / long spot above 12% annualized basis. Failed to cut crowding in July.
- Custody
- Capital enters a MAIN illustration account, subscription moves to STRATEGY, exits return to MAIN then redeem. Segregation is illustrative.
| Market | Side | Size | Entry | Mark | uPnL (ROE) | Liq. price | Margin |
|---|---|---|---|---|---|---|---|
| ETH | long | $48,175 | 3,370.87 | 3,420.00 | $702.09 +12.14% | 2,427.03 | $5,781 |
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 5 replies · 8 participants · Last activity 7 Sept 2026
- 22 Aug 2026via Web
Post-mortem, in full: the book was crowded on the same side of the basis. When perp premium flipped, hedges paid more than the carry earned. −6.4% over 30 days. Size is cut by 40%, the 12% basis entry threshold is now 14%, and I have added a positioning filter (open interest to volume) that would have kept us out in July. I am not asking anyone to stay. I am publishing the number.
- Linh Tran22 Aug 2026
First loss post-mortem I have read on any platform that does not blame the market. Following.
- 6 Sept 2026via Web
Annualised basis this week: 9%. Below the new 14% threshold, so we are 64% in cash-like and earning about 4%. The book will be boring until positioning clears. That is the fix working, not the strategy failing.
- Carry TraderDepositor · 2026-044 Sept 2026via Web
Kept a small position through the cut. The new OI-to-volume filter is the kind of rule that should have existed from day one, and it is public now. That is enough for me.
Should have. Did not. Does now.
- 1 Sept 2026via iPhone
Size cut complete. Entry threshold is now 14% annualised basis.
Market Side Fill Weight ETH-PERP short 3,440.00 60.0%→36.0% ETH long 3,438.00 60.0%→36.0% USDC cash 1.000 0.0%→28.0% Rebalanced 1 Sept 2026 - 25 Aug 2026via Web
ETH Perp Basis remains listed with its negative 30-day return. Orbit does not delist or hide losing vaults; the post-mortem above is linked from the factsheet.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
ETH perp basis. Currently underwater after a crowded-short squeeze.
- Official posts
- 4
- Replies
- 3
- Last post
- 22 Aug 2026
Post-mortem, in full: the book was crowded on the same side of the basis. When perp premium flipped, hedges paid more than the carry earned. −6.4% over 30 days. Size is cut by 40%, the 12% basis entry threshold is now 14%, and I have added a positioning filter (open interest to volume) that would have kept us out in July. I am not asking anyone to stay. I am publishing the number.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| ETH-PERP | short | 3,440.00 | 60.0%→36.0% |
| ETH | long | 3,438.00 | 60.0%→36.0% |
| USDC | cash | 1.000 | 0.0%→28.0% |
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.