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Basis Desk One
Delta-neutral ETH basis on Hyperliquid: staked spot long against a perp short at equal notional.
Modeled APY1.5%net of venue costs and the 20% compute fee
TVL$0$186K seeded
Share value0.00001.0000 at inception
Depositors4since inception
Capacity$472K$286K left
Capacity usedlimited by the depth of the ETH perp book at Hyperliquid
39%
$186K deposited$472K total capacity
Overview
Basis Desk One collects funding on ETH-USD at Hyperliquid. The basis engine holds spot long against a perp short at equal notional, and margin rules keep the short funded. Earned yield is swept back into the position on a 24h cadence.
All figures on this page are modeled from the vault's published parameters.
Vault configuration
CuratorNorth Basis
CreatedFeb 14, 2026
VenueHyperliquid
ChainHyperliquid L1
Strategy classFunding-rate carry
ModulesPerp marketBasis engineFunding guardAuto-compound
VerificationOperator quorum (WAVS), every action co-signed · modeled
Automations
Hyperliquid · ETH perp
In shadowDynamic hedge
Keeps net delta at zero and the short funded.
+0.04%net delta · target 0 · inside the bandlive
−0.5%0+0.5%
Margin · keeps the short funded
Margin is below3.5%→Trim short, restore to 20%
Funding below−5.00% for 3 periods→Exit the venue
Cadence · every 5 minShort leverage · 3.00xMargin reserve · 15%Margin now · 10.5%Last check · 2 min ago
Hyperliquid · Compounding
In shadowAuto-compound
Sweeps earned yield back into the position once it clears the threshold.
Accrued since last compound$0.00
$0$7.53 accrues per 24h check · clears $155.00 in 21 checks
At the 24h check, accrued at least$155.00→Harvest and re-supply
Cadence · 24hLast compound · 7h agoNext check · in 3h
ETH-USD · What defeats the reaction
What would have to break
Every row is a mechanism and the clock it runs against. Nothing here is a probability.
- Automations compile in shadownot armed→nothing acts yet
Faster than we act
- Refilling the ETH short's marginThe reserve holds that share of the short. Then someone has to act.15%→margin 3.5% → 20% · every 5 min
- Unwinding ETH-USD at the capThe exit crosses the ETH perp book at Hyperliquid.$472K→margin 3.5% → 20% · every 5 min
Acts and still loses
- The ETH short that collects the fundingOn Hyperliquid, that leg can be closed against you.33.3%
- Hyperliquid freezing the ETH bookA frozen book stops the exit, not the position.structural
Takes the yield, not the capital
- Funding on ETH turning negativeThe guard closes the short after 3 periods under it. The carry stops with it.−5.0%
2 things this vault does not measure
- The funding print behind ETH-USDThe record was priced from one read of the venue table. The rate at open is not the rate you are reading.not measured
- Oracle, bridge, stablecoin and RPC healthNot watched by this vault. Their state never crosses into ETH-USD.not measured
Also installed
Funding guardCloses the short and parks in spot when funding sits under the published floor.
Envelope, bands and thresholds are the vault's published parameters.
Performance
Share value, modeled
1.0061Deterministic model from inception at the vault's modeled APY. 1.0000 at inception.
Returns
Since inception 195d+0.61%
7d change modeled−0.05%
30d change modeled−0.01%
Parameters
MarketETH-USD
VenueHyperliquid
Guard window24h under the floor
Hedge leverage3.00x
Margin reserve15% of short notional
Margin rule3.5% → 20%
Hedge coinETH perp
Funding floor−5.0% APR
Harvest threshold$155
Compound cadence24h
Capacity$472K
Capacity bindinglimited by the depth of the ETH perp book at Hyperliquid
Funding guardfloor −5.0%, 3 periods under it
Delta band±0.5%
Main riskFunding turns negative. The carry pays only while longs fund the short; after 3 periods under −5.0% the guard closes the short and parks in spot.
Remaining capacity$286K
Min deposit$50
Compute fee20% of yield, at harvest
Settlement fee2% of each deposit
Management feenone on idle capital
Withdrawal feenone on principal
Composed modules
Perp marketPins the perp venue and market the basis position runs on.
Basis engineHolds spot long against a perp short at equal notional, and collects the funding.
Funding guardCloses the short and parks in spot when funding sits under the published floor.
Auto-compoundSweeps collected funding back into the carry once it clears the harvest threshold.
Activity
| Action | Detail | Time |
|---|---|---|
| Hedge trimmedmodeled | margin restored to 20% | 6h ago |
| Compound executedmodeled | $161.56 re-supplied | 7h ago |
| Hedge trimmedmodeled | margin restored to 20% | 5d ago |
| Hedge trimmedmodeled | margin restored to 20% | 9d ago |
| Compound executedmodeled | $144.61 re-supplied | 21d ago |
| Compound executedmodeled | $148.36 re-supplied | 42d ago |
| Compound executedmodeled | $161.53 re-supplied | Jun 26, 2026 |
| Compound executedmodeled | $170.46 re-supplied | Jun 5, 2026 |
Earlier activity truncated