- MDD
- -1.10%
- Sharpe
- 2.60
- Win rate
- 61.4%
- Vol 30D
- $5.62M
- Age
- 575d
- Skin in game
- 14%
- Perf fee
- 10%
- Lockup
- 7d
- Depositors
- 10
- Leader
- Description
- Lends stablecoins against hedged BTC inventory and collects the basis. Low volatility, real counterparty risk.
- Earn spread, hedge residual delta hourly, never warehouse weekend event risk.
- Process
- Fully hedged inventory, venue exposure capped at 25% each, daily mark and attestation.
- 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 |
|---|---|---|---|---|---|---|---|
| USDT | long | $69,181 | 1.01 | 1.00 | -$879.20 -10.59% | 0.73 | $8,302 |
| USDC | short | $116,334 | 1.00 | 1.00 | $493.89 +3.54% | 1.29 | $13,960 |
| BTC | short | $92,601 | 64,484.04 | 64,200.00 | $407.89 +3.67% | 82,539.57 | $11,112 |
Community & manager updates
The manager's market reads, rebalance records and monthly letters, alongside depositors' discussion. All simulated.
Discussion
8 posts · 6 replies · 7 participants · Last activity 3 Sept 2026
- 5 Sept 2026via Web
Hedge cycle ran clean this week on Stablecoin Basis Book: residual delta inside band on every check. The net carry after hedge cost is what the 30D shows, nothing more, nothing hidden.
The R1 grade is honest. Do not size an R1 like a cash sleeve and then complain in the comments.
Checked this against the fills. Consistent with the letter.
- 3 Sept 2026via Web
How would you size Stablecoin Basis Book inside a book that already holds $Orbit Liquidity Provider (OLP)$ as ballast?
Both are ballast, so split by liquidity need: OLP redeems in 3 days, this sleeve in 7. Keep the part you might need sooner in OLP.
- 3 Sept 2026via iPhone
Scheduled rebalance, largest moves listed.
Market Side Fill Weight USDT short 0.990 59.0%→64.0% USDC short 1.010 23.0%→33.0% BTC short 63,538.48 14.0%→3.0% Rebalanced 3 Sept 2026 - 1 Sept 2026via Web
How does the 10% performance fee interact with a drawdown, is there a high-water mark?
High-water mark, yes. The performance fee only accrues on new highs, and it is netted before your NAV prints, so what you see is what you keep.
- 31 Aug 2026via Web
August letter for Stablecoin Basis Book: +0.7% for the month, intramonth drawdown inside budget, no rule changes. Fees and lockup unchanged: 10% performance, 7-day lockup. Full attribution is on the factsheet.
Attribution before excuses. Thank you.
- MeiDepositor · 2026-0829 Aug 2026via iPhone
Compared Stablecoin Basis Book with the two closest vaults on the list. Same category, lower drawdown here, slightly lower APR. I will take that trade every time.
This is the comment every new depositor should read before the factsheet.
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.
Lead market-maker. Inventory first, opinion second.
- Official posts
- 4
- Replies
- 2
- Last post
- 5 Sept 2026
Hedge cycle ran clean this week on Stablecoin Basis Book: residual delta inside band on every check. The net carry after hedge cost is what the 30D shows, nothing more, nothing hidden.All vaults by this manager
Latest rebalances
Fills and weight changes the manager published
| Market | Side | Fill | Weight |
|---|---|---|---|
| USDT | short | 0.990 | 59.0%→64.0% |
| USDC | short | 1.010 | 23.0%→33.0% |
| BTC | short | 63,538.48 | 14.0%→3.0% |
Trading involves risk. Past performance is not indicative of future results. Vault NAV can rise or fall.