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Oct 28

2026

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126

Proof runs

51/51

last 2026-10-09

slisBNB

slisBNB yield

+0.68%

0.68%

Worst 24h fall

lighter 18.9% · hyperliquid 18.9% · aster 18.9%

on Feb 6

Fastest fall

4.5% in 1 min

5.1% in 2 min · Aug 22

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

Redemption

7 to 8 days

Lista unstake to BNB

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Lighter via USDC Lista U → USDT → USDC → bridge → Arbitrum → short BNB on Lighter	Lista U	lighter-main	+3.41%	69.7%	-18.9%	$187k	6.77% 90d 8.02%
Lighter via USDC Lista USDT → USDC → bridge → Arbitrum → short BNB on Lighter	Lista USDT	lighter-main	+3.31%	64.9%	-18.9%	$17k	6.77% 90d 8.02%
Hyperliquid via USDC Lista USDT → USDC → bridge → Arbitrum → short BNB on Hyperliquid	Lista USDT	hyperliquid	+2.54%	64.9%	-18.9%	$17k	5.96% 90d 9.64%
Hyperliquid via USDC Lista U → USDT → USDC → bridge → Arbitrum → short BNB on Hyperliquid	Lista U	hyperliquid	+2.52%	69.7%	-18.9%	$187k	5.96% 90d 9.64%
Raw slisBNB as margin slisBNB → deposit on Aster as margin → short BNB on Aster	slisBNB on Aster	aster	+0.68%	none	—	$3.57M	2.52% 90d 3.08%
Lighter via USDC Venus U → USDT → USDC → bridge → Arbitrum → short BNB on Lighter	Venus U	lighter-main	+0.21%	64.9%	-18.9%	$53k	6.77% 90d 8.02%
Lighter via USDC Venus USDT → USDC → bridge → Arbitrum → short BNB on Lighter	Venus USDT	lighter-main	-0.45%	64.9%	-18.9%	$53k	6.77% 90d 8.02%
Hyperliquid via USDC Venus U → USDT → USDC → bridge → Arbitrum → short BNB on Hyperliquid	Venus U	hyperliquid	-0.55%	64.9%	-18.9%	$53k	5.96% 90d 9.64%
Aster native Lista USDT → short BNB on Aster	Lista USDT	aster	-0.72%	64.9%	-18.9%	$17k	2.52% 90d 3.08%
Hyperliquid via USDC Venus USDT → USDC → bridge → Arbitrum → short BNB on Hyperliquid	Venus USDT	hyperliquid	-1.22%	64.9%	-18.9%	$53k	5.96% 90d 9.64%
Aster native Lista U → short BNB on Aster	Lista U	aster	-1.25%	69.7%	-18.9%	$187k	2.52% 90d 3.08%
Aster native Lista lisUSD → short BNB on Aster This is year one. Entry is all taker: the loop sells lisUSD into a pool that trades about $1.2k a day, losing 1.29% of what it sells at the $4.49M ceiling, 1.36% of equity. Year two onward earns -1.80%. Past the pool, lisUSD → USDT goes through Lista's PSM at 2%. Exit is free: USDT → lisUSD 1:1.	Lista lisUSD	aster	-3.21%	68.9%	-18.9%	$705k	2.52% 90d 3.08%
Aster native Venus U → short BNB on Aster	Venus U	aster	-3.81%	64.9%	-18.9%	$53k	2.52% 90d 3.08%
Lighter via USDC Venus USD1 → USDT → USDC → bridge → Arbitrum → short BNB on Lighter	Venus USD1	lighter-main	-3.83%	64.9%	-18.9%	$53k	6.77% 90d 8.02%
Aster native Venus USDT → short BNB on Aster	Venus USDT	aster	-4.48%	64.9%	-18.9%	$53k	2.52% 90d 3.08%
Hyperliquid via USDC Venus USD1 → USDT → USDC → bridge → Arbitrum → short BNB on Hyperliquid	Venus USD1	hyperliquid	-4.59%	64.9%	-18.9%	$53k	5.96% 90d 9.64%
Aster native Venus USD1 → short BNB on Aster	Venus USD1	aster	-7.85%	64.9%	-18.9%	$53k	2.52% 90d 3.08%
Lighter native Lista USDC → short BNB on Lighter Lista USDC is already past its 90% kink (94.9% used): every dollar borrowed here pays the steep rate.	Lista USDC	lighter-main	+3.63%	64.9%	-18.9%	no room	6.77% 90d 8.02%
Hyperliquid native Lista USDC → short BNB on Hyperliquid Lista USDC is already past its 90% kink (94.9% used): every dollar borrowed here pays the steep rate.	Lista USDC	hyperliquid	+2.86%	64.9%	-18.9%	no room	5.96% 90d 9.64%
Aster native Lista USDC → short BNB on Aster Lista USDC is already past its 90% kink (94.9% used): every dollar borrowed here pays the steep rate.	Lista USDC	aster	-0.40%	64.9%	-18.9%	no room	2.52% 90d 3.08%
Lighter native Venus USDC → short BNB on Lighter Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	lighter-main	-0.56%	64.9%	-18.9%	no room	6.77% 90d 8.02%
Hyperliquid native Venus USDC → short BNB on Hyperliquid Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	hyperliquid	-1.32%	64.9%	-18.9%	no room	5.96% 90d 9.64%
Aster native Venus USDC → short BNB on Aster Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	aster	-4.58%	64.9%	-18.9%	no room	2.52% 90d 3.08%

market	rate	LLTV	kind
Venus USDT	5.65%	80%	variable
Venus U	5.12%	80%	variable
Venus USD1	8.32%	80%	variable
Venus USDC	5.73%	80%	variable
Lista lisUSD	3.42%	85%	flat
Lista U	3.00%	86%	variable
Lista USDT	2.67%	80%	variable
Lista USDC	2.42%	80%	variable

venue	back on BSC in	path
lighter-main	31 min	Lighter withdrawal to Ethereum 30.2 min (fast bridge limit $0) + relay Ethereum to BSC 24 s + repay
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile (5,549 withdrawals over 3 days; 0.5% took over an hour) + relay Arbitrum to BSC 1 s + repay
aster	1 min	no bridge: Aster is on BSC, withdraw and repay in about a minute

BTCB

BTCB yield

0.00%

Worst 24h fall

lighter 18.2% · hyperliquid 18.2% · aster 18.2%

on Feb 6

Fastest fall

3.4% in 1 min

3.7% in 2 min · Nov 21

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

Redemption

none on-chain

Binance only, no public on-chain redemption

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid native Lista USDC → short BTC on Hyperliquid	Lista USDC	hyperliquid	+1.94%	65.4%	-18.2%	$112k	5.81% 90d 8.53%
Hyperliquid via USDC Lista USD1 → USDT → USDC → bridge → Arbitrum → short BTC on Hyperliquid	Lista USD1	hyperliquid	+1.55%	57.3%	-18.2%	$330k	5.81% 90d 8.53%
Lighter native Lista USDC → short BTC on Lighter	Lista USDC	lighter-main	+1.10%	65.4%	-18.2%	$112k	4.94% 90d 7.89%
Hyperliquid via USDC Lista U → USDT → USDC → bridge → Arbitrum → short BTC on Hyperliquid	Lista U	hyperliquid	+1.00%	70.3%	-18.2%	$486k	5.81% 90d 8.53%
Lighter via USDC Lista USD1 → USDT → USDC → bridge → Arbitrum → short BTC on Lighter	Lista USD1	lighter-main	+0.90%	57.3%	-18.2%	$330k	4.94% 90d 7.89%
Aster native Lista USD1 → short BTC on Aster	Lista USD1	aster	+0.14%	57.3%	-18.2%	$424k	3.93% 90d 6.04%
Aster native Lista USDC → short BTC on Aster	Lista USDC	aster	+0.12%	65.4%	-18.2%	$112k	3.93% 90d 6.04%
Lighter via USDC Lista U → USDT → USDC → bridge → Arbitrum → short BTC on Lighter	Lista U	lighter-main	+0.03%	70.3%	-18.2%	$486k	4.94% 90d 7.89%
Raw BTCB as margin BTCB → deposit on Aster as margin → short BTC on Aster	BTCB on Aster	aster	0.00%	none	—	$10.3M	3.93% 90d 6.04%
Hyperliquid via USDC Lista USDT → USDC → bridge → Arbitrum → short BTC on Hyperliquid	Lista USDT	hyperliquid	-0.00%	65.4%	-18.2%	$76k	5.81% 90d 8.53%
Lighter via USDC Lista USDT → USDC → bridge → Arbitrum → short BTC on Lighter	Lista USDT	lighter-main	-0.84%	65.4%	-18.2%	$76k	4.94% 90d 7.89%
Aster native Lista U → short BTC on Aster	Lista U	aster	-1.10%	70.3%	-18.2%	$648k	3.93% 90d 6.04%
Aster native Lista USDT → short BTC on Aster	Lista USDT	aster	-1.81%	65.4%	-18.2%	$76k	3.93% 90d 6.04%
Hyperliquid via USDC Venus U → USDT → USDC → bridge → Arbitrum → short BTC on Hyperliquid	Venus U	hyperliquid	-2.04%	65.4%	-18.2%	$486k	5.81% 90d 8.53%
Hyperliquid via USDC Venus USDT → USDC → bridge → Arbitrum → short BTC on Hyperliquid	Venus USDT	hyperliquid	-2.72%	65.4%	-18.2%	$4.30M	5.81% 90d 8.53%
Lighter via USDC Venus U → USDT → USDC → bridge → Arbitrum → short BTC on Lighter	Venus U	lighter-main	-2.88%	65.4%	-18.2%	$486k	4.94% 90d 7.89%
Lighter via USDC Venus USDT → USDC → bridge → Arbitrum → short BTC on Lighter	Venus USDT	lighter-main	-3.55%	65.4%	-18.2%	$4.30M	4.94% 90d 7.89%
Aster native Venus U → short BTC on Aster	Venus U	aster	-3.85%	65.4%	-18.2%	$648k	3.93% 90d 6.04%
Aster native Lista lisUSD → short BTC on Aster This is year one. Entry is all taker: the loop sells lisUSD into a pool that trades about $1.2k a day, losing 1.29% of what it sells at the $4.29M ceiling, 1.43% of equity. Year two onward earns -2.61%. Past the pool, lisUSD → USDT goes through Lista's PSM at 2%. Exit is free: USDT → lisUSD 1:1.	Lista lisUSD	aster	-4.07%	70.3%	-18.2%	$488k	3.93% 90d 6.04%
Aster native Venus USDT → short BTC on Aster	Venus USDT	aster	-4.53%	65.4%	-18.2%	$4.30M	3.93% 90d 6.04%
Hyperliquid via USDC Venus USD1 → USDT → USDC → bridge → Arbitrum → short BTC on Hyperliquid	Venus USD1	hyperliquid	-6.15%	65.4%	-18.2%	$330k	5.81% 90d 8.53%
Lighter via USDC Venus USD1 → USDT → USDC → bridge → Arbitrum → short BTC on Lighter	Venus USD1	lighter-main	-6.99%	65.4%	-18.2%	$330k	4.94% 90d 7.89%
Aster native Venus USD1 → short BTC on Aster	Venus USD1	aster	-7.96%	65.4%	-18.2%	$338k	3.93% 90d 6.04%
Hyperliquid native Venus USDC → short BTC on Hyperliquid Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	hyperliquid	-2.82%	65.4%	-18.2%	no room	5.81% 90d 8.53%
Lighter native Venus USDC → short BTC on Lighter Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	lighter-main	-3.66%	65.4%	-18.2%	no room	4.94% 90d 7.89%
Aster native Venus USDC → short BTC on Aster Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	aster	-4.63%	65.4%	-18.2%	no room	3.93% 90d 6.04%

market	rate	LLTV	kind
Venus USDT	5.65%	80%	variable
Venus U	5.12%	80%	variable
Venus USD1	8.32%	80%	variable
Venus USDC	5.73%	80%	variable
Lista USD1	1.76%	70%	flat
Lista U	2.98%	86%	flat
Lista lisUSD	4.00%	86%	variable
Lista USDT	3.54%	80%	variable
Lista USDC	2.03%	80%	variable

venue	back on BSC in	path
lighter-main	31 min	Lighter withdrawal to Ethereum 30.2 min (fast bridge limit $0) + relay Ethereum to BSC 24 s + repay
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile (5,549 withdrawals over 3 days; 0.5% took over an hour) + relay Arbitrum to BSC 1 s + repay
aster	1 min	no bridge: Aster is on BSC, withdraw and repay in about a minute

wBETH

wBETH yield

+2.21%

2.21%

Worst 24h fall

lighter 19.6% · hyperliquid 19.6% · aster 19.6%

on Feb 6

Fastest fall

5.3% in 1 min

5.3% in 2 min · Feb 7

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+3.00%

wBETH mints and redeems on Binance. On-chain, every pool together clears about $72k inside 5%, so every ceiling here is that on-chain one. With a non-US entity that can custody and settle on global Binance, the unwind can sell into Binance's wBETH/ETH book: $15.1M inside 5% on 2026-10-28 (Binance.US lists no wBETH). The largest route is then Venus USDT on Hyperliquid, converted to USDC ($10.20M/day): $3.49M of equity at +2.35%, capped by the rate kink at 84%, under the 3% floor. The best, Venus U on Hyperliquid, converted to USDC ($486k/day), nets +4.53% but its conversion leg holds it to $395k.

Redemption

10 days

requestWithdrawEth on the unwrap contract

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid via USDC Lista USD1 → USDT → USDC → bridge → Arbitrum → short ETH on Hyperliquid Lista USD1 has only $1,574 left to borrow.	Lista USD1	hyperliquid	+7.11%	64.3%	-19.6%	$559	6.39% 90d 8.76%
Lighter via USDC Lista USD1 → USDT → USDC → bridge → Arbitrum → short ETH on Lighter Lista USD1 has only $1,574 left to borrow.	Lista USD1	lighter-main	+6.00%	64.3%	-19.6%	$559	5.20% 90d 7.20%
Aster native Lista USD1 → short ETH on Aster Lista USD1 has only $1,574 left to borrow.	Lista USD1	aster	+5.09%	64.3%	-19.6%	$559	4.22% 90d 6.30%
Hyperliquid via USDC Venus U → USDT → USDC → bridge → Arbitrum → short ETH on Hyperliquid	Venus U	hyperliquid	+2.80%	64.3%	-19.6%	$47k	6.39% 90d 8.76%
Raw wBETH as margin wBETH → deposit on Aster as margin → short ETH on Aster	wBETH on Aster	aster	+2.21%	none	—	$72k	4.22% 90d 6.30%
Hyperliquid via USDC Venus USDT → USDC → bridge → Arbitrum → short ETH on Hyperliquid	Venus USDT	hyperliquid	+2.15%	64.3%	-19.6%	$47k	6.39% 90d 8.76%
Lighter via USDC Venus U → USDT → USDC → bridge → Arbitrum → short ETH on Lighter	Venus U	lighter-main	+1.70%	64.3%	-19.6%	$47k	5.20% 90d 7.20%
Lighter via USDC Venus USDT → USDC → bridge → Arbitrum → short ETH on Lighter	Venus USDT	lighter-main	+1.04%	64.3%	-19.6%	$47k	5.20% 90d 7.20%
Aster native Lista lisUSD → short ETH on Aster This is year one. Entry is all taker: the loop sells lisUSD into a pool that trades about $1.2k a day, losing 1.29% of what it sells at the $4.42M ceiling, 1.39% of equity. Year two onward earns +2.33%. Past the pool, lisUSD → USDT goes through Lista's PSM at 2%. Exit is free: USDT → lisUSD 1:1.	Lista lisUSD	aster	+0.95%	69.1%	-19.6%	$1k	4.22% 90d 6.30%
Aster native Venus U → short ETH on Aster	Venus U	aster	+0.78%	64.3%	-19.6%	$47k	4.22% 90d 6.30%
Aster native Venus USDT → short ETH on Aster	Venus USDT	aster	+0.13%	64.3%	-19.6%	$47k	4.22% 90d 6.30%
Hyperliquid via USDC Venus USD1 → USDT → USDC → bridge → Arbitrum → short ETH on Hyperliquid	Venus USD1	hyperliquid	-1.17%	64.3%	-19.6%	$47k	6.39% 90d 8.76%
Lighter via USDC Venus USD1 → USDT → USDC → bridge → Arbitrum → short ETH on Lighter	Venus USD1	lighter-main	-2.28%	64.3%	-19.6%	$47k	5.20% 90d 7.20%
Aster native Venus USD1 → short ETH on Aster	Venus USD1	aster	-3.19%	64.3%	-19.6%	$47k	4.22% 90d 6.30%
Hyperliquid native Venus USDC → short ETH on Hyperliquid Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	hyperliquid	+2.05%	64.3%	-19.6%	no room	6.39% 90d 8.76%
Lighter native Venus USDC → short ETH on Lighter Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	lighter-main	+0.94%	64.3%	-19.6%	no room	5.20% 90d 7.20%
Aster native Venus USDC → short ETH on Aster Venus USDC is already past its 84% kink (84.3% used): every dollar borrowed here pays the steep rate.	Venus USDC	aster	+0.03%	64.3%	-19.6%	no room	4.22% 90d 6.30%
Hyperliquid via USDC Lista USDT → USDC → bridge → Arbitrum → short ETH on Hyperliquid Lista USDT is already past its 90% kink (91.4% used): every dollar borrowed here pays the steep rate.	Lista USDT	hyperliquid	-0.02%	64.3%	-19.6%	no room	6.39% 90d 8.76%
Lighter via USDC Lista USDT → USDC → bridge → Arbitrum → short ETH on Lighter Lista USDT is already past its 90% kink (91.4% used): every dollar borrowed here pays the steep rate.	Lista USDT	lighter-main	-1.13%	64.3%	-19.6%	no room	5.20% 90d 7.20%
Aster native Lista USDT → short ETH on Aster Lista USDT is already past its 90% kink (91.4% used): every dollar borrowed here pays the steep rate.	Lista USDT	aster	-2.04%	64.3%	-19.6%	no room	4.22% 90d 6.30%

market	rate	LLTV	kind
Venus USDT	5.65%	80%	variable
Venus U	5.12%	80%	variable
Venus USD1	8.32%	80%	variable
Venus USDC	5.73%	80%	variable
Lista USDT	7.39%	80%	variable
Lista lisUSD	4.00%	86%	variable
Lista USD1	1.66%	80%	variable

venue	back on BSC in	path
lighter-main	31 min	Lighter withdrawal to Ethereum 30.2 min (fast bridge limit $0) + relay Ethereum to BSC 24 s + repay
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile (5,549 withdrawals over 3 days; 0.5% took over an hour) + relay Arbitrum to BSC 1 s + repay
aster	1 min	no bridge: Aster is on BSC, withdraw and repay in about a minute

shMON

shMON yield

+12.45%

12.45%

Worst 24h fall

hyperliquid 56.5% · lighter 56.5% · aster 56.5%

on Nov 4

Fastest fall

40.4% in 1 min

43.6% in 2 min · Nov 4

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

$1M of shMON borrows $387k against Neverland's $255k of USDC before its kink and nets 13.9% on a year of Hyperliquid funding, 15.6% on the last 90 days.

Redemption

1 day

shMonad unstake to MON · atomic pool 1,999,969 shMON at 0.68%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Lighter via USDC Neverland USDC → bridge Monad → Arbitrum (exit via Ethereum) → short MON on Lighter → the rest: USDC → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON.	Neverland USDC	lighter-main	+14.08%	30.4%	-56.5%	$255k	4.87% 90d 9.07%
Lighter via USDC Neverland USDT0 → USDC on Monad → bridge Monad → Arbitrum (exit via Ethereum) → short MON on Lighter → the rest: USDT0 → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON.	Neverland USDT0	lighter-main	+14.08%	30.4%	-56.5%	$65k	4.87% 90d 9.07%
Hyperliquid via USDC Neverland USDC → bridge Monad → Arbitrum → short MON on Hyperliquid → the rest: USDC → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON.	Neverland USDC	hyperliquid	+13.91%	30.4%	-56.5%	$255k	4.30% 90d 10.28%
Hyperliquid via USDC Neverland USDT0 → USDC on Monad → bridge Monad → Arbitrum → short MON on Hyperliquid → the rest: USDT0 → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON.	Neverland USDT0	hyperliquid	+13.91%	30.4%	-56.5%	$65k	4.30% 90d 10.28%
Aster via USDC Neverland USDC → bridge Monad → Arbitrum → short MON on Aster → the rest: USDC → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Neverland USDC	aster	+11.33%	30.4%	-56.5%	$255k	-4.40% 90d -3.85%
Aster via USDC Neverland USDT0 → USDC on Monad → bridge Monad → Arbitrum → short MON on Aster → the rest: USDT0 → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Neverland USDT0	aster	+11.33%	30.4%	-56.5%	$65k	-4.40% 90d -3.85%
Lighter via USDC Neverland AUSD → USDC on Monad → bridge Monad → Arbitrum (exit via Ethereum) → short MON on Lighter → the rest: AUSD → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON.	Neverland AUSD	lighter-main	+13.68%	30.4%	-56.5%	no room	4.87% 90d 9.07%
Hyperliquid via USDC Neverland AUSD → USDC on Monad → bridge Monad → Arbitrum → short MON on Hyperliquid → the rest: AUSD → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON.	Neverland AUSD	hyperliquid	+13.51%	30.4%	-56.5%	no room	4.30% 90d 10.28%
Aster via USDC Neverland AUSD → USDC on Monad → bridge Monad → Arbitrum → short MON on Aster → the rest: AUSD → MON → mint shMON Exits are next-day through shMonad's 1-day unstake; same-day is best effort (DEX plus the atomic pool, about $250k today). The unwind closes the short and repays Neverland from its margin and PnL, not by selling shMON. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Neverland AUSD	aster	+10.94%	30.4%	-56.5%	no room	-4.40% 90d -3.85%

market	rate	LLTV	kind
Neverland USDC	6.18%	70%	variable
Neverland USDT0	6.18%	70%	variable
Neverland AUSD	7.19%	70%	variable

venue	back on Monad in	path
hyperliquid	21 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile + Across Arbitrum to Monad 15 min (quoted) + repay
lighter-main	46 min	Lighter withdrawal to Ethereum 31.2 min + Across Ethereum to Monad 15 min (quoted) + repay
aster	16 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to Monad 15 min (quoted) + repay

wstETH

wstETH yield

+2.29%

2.29%

Worst 24h fall

hyperliquid 19.6% · lighter 19.6% · aster 19.6%

on Feb 6

Fastest fall

5.3% in 1 min

5.3% in 2 min · Feb 7

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

$1M of wstETH borrows $1,613k of BD at 1.90%; the Aerodrome pool swaps $1k of BD to USDC inside 1% today, so the pool, not the lender, sets the size. Best route nets 8.6% on a year of Hyperliquid funding.

Redemption

days through Lido (not measured)

sell on Base; or bridge to Ethereum and use Lido's withdrawal queue · DEX $0.04M inside 1%, $0.05M inside 5%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short ETH on Hyperliquid → the rest: USDC → wstETH Exits sell wstETH on Base ($0.04M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	hyperliquid	+8.65%	73.1%	-19.6%	$1k	6.39% 90d 8.76%
Lighter via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum (exit via Ethereum) → short ETH on Lighter → the rest: USDC → wstETH Exits sell wstETH on Base ($0.04M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	lighter-main	+7.21%	73.1%	-19.6%	$1k	5.20% 90d 7.20%
Aster via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short ETH on Aster → the rest: USDC → wstETH Exits sell wstETH on Base ($0.04M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Basedollar BD	aster	+6.02%	73.1%	-19.6%	$1k	4.22% 90d 6.30%

market	rate	LLTV	kind
Basedollar BD	1.92%	91%	flat

venue	back on Base in	path
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile + Across Arbitrum to Base 0 min (quoted) + repay
lighter-main	32 min	Lighter withdrawal to Ethereum 31.7 min + Across Ethereum to Base 0 min (quoted) + repay
aster	1 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to Base 0 min (quoted) + repay

cbETH

cbETH yield

+2.37%

2.37%

Worst 24h fall

hyperliquid 19.6% · lighter 19.6% · aster 19.6%

on Feb 6

Fastest fall

5.3% in 1 min

5.3% in 2 min · Feb 7

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

$1M of cbETH borrows $1,613k of BD at 1.70%; the Aerodrome pool swaps $1k of BD to USDC inside 1% today, so the pool, not the lender, sets the size. Best route nets 9.1% on a year of Hyperliquid funding.

Redemption

issuer redemption not measured

sell on Base · DEX $0.25M inside 1%, $0.39M inside 5%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short ETH on Hyperliquid → the rest: USDC → cbETH Exits sell cbETH on Base ($0.25M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	hyperliquid	+9.16%	73.1%	-19.6%	$1k	6.39% 90d 8.76%
Lighter via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum (exit via Ethereum) → short ETH on Lighter → the rest: USDC → cbETH Exits sell cbETH on Base ($0.25M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	lighter-main	+7.72%	73.1%	-19.6%	$1k	5.20% 90d 7.20%
Aster via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short ETH on Aster → the rest: USDC → cbETH Exits sell cbETH on Base ($0.25M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Basedollar BD	aster	+6.53%	73.1%	-19.6%	$1k	4.22% 90d 6.30%

market	rate	LLTV	kind
Basedollar BD	1.72%	91%	flat

venue	back on Base in	path
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile + Across Arbitrum to Base 0 min (quoted) + repay
lighter-main	32 min	Lighter withdrawal to Ethereum 31.7 min + Across Ethereum to Base 0 min (quoted) + repay
aster	1 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to Base 0 min (quoted) + repay

rETH

rETH yield

+2.16%

2.16%

Worst 24h fall

hyperliquid 19.6% · lighter 19.6% · aster 19.6%

on Feb 6

Fastest fall

5.3% in 1 min

5.3% in 2 min · Feb 7

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

$1M of rETH borrows $1,613k of BD at 1.10%; the Aerodrome pool swaps $1k of BD to USDC inside 1% today, so the pool, not the lender, sets the size. Best route nets 9.7% on a year of Hyperliquid funding.

Redemption

issuer redemption not measured

sell on Base · DEX $0.04M inside 1%, $0.04M inside 5%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short ETH on Hyperliquid → the rest: USDC → rETH Exits sell rETH on Base ($0.04M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	hyperliquid	+9.69%	73.1%	-19.6%	$1k	6.39% 90d 8.76%
Lighter via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum (exit via Ethereum) → short ETH on Lighter → the rest: USDC → rETH Exits sell rETH on Base ($0.04M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	lighter-main	+8.25%	73.1%	-19.6%	$1k	5.20% 90d 7.20%
Aster via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short ETH on Aster → the rest: USDC → rETH Exits sell rETH on Base ($0.04M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Basedollar BD	aster	+7.06%	73.1%	-19.6%	$1k	4.22% 90d 6.30%

market	rate	LLTV	kind
Basedollar BD	1.11%	91%	flat

venue	back on Base in	path
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile + Across Arbitrum to Base 0 min (quoted) + repay
lighter-main	32 min	Lighter withdrawal to Ethereum 31.7 min + Across Ethereum to Base 0 min (quoted) + repay
aster	1 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to Base 0 min (quoted) + repay

cbBTC

cbBTC yield

0.00%

Worst 24h fall

hyperliquid 18.2% · lighter 18.2% · aster 18.2%

on Feb 6

Fastest fall

3.4% in 1 min

3.7% in 2 min · Nov 21

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

$1M of cbBTC borrows $1,663k of BD at 1.30%; the Aerodrome pool swaps $1k of BD to USDC inside 1% today, so the pool, not the lender, sets the size. Best route nets 4.0% on a year of Hyperliquid funding.

Redemption

issuer redemption not measured

sell on Base · DEX $0.83M inside 1%, $3.56M inside 5%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short BTC on Hyperliquid → the rest: USDC → cbBTC Exits sell cbBTC on Base ($0.83M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	hyperliquid	+4.07%	74.4%	-18.2%	$1k	5.81% 90d 8.53%
Lighter via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum (exit via Ethereum) → short BTC on Lighter → the rest: USDC → cbBTC Exits sell cbBTC on Base ($0.83M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool.	Basedollar BD	lighter-main	+2.98%	74.4%	-18.2%	$1k	4.94% 90d 7.89%
Aster via USDC Basedollar BD → BD → USDC on Aerodrome → bridge Base → Arbitrum → short BTC on Aster → the rest: USDC → cbBTC Exits sell cbBTC on Base ($0.83M inside 1% today). The BD rate is the vault's to set: 0.1 points over the branch's highest loan keeps every other loan ahead of ours for redemption. Every borrowed dollar crosses the Aerodrome BD/USDC pool. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Basedollar BD	aster	+1.70%	74.4%	-18.2%	$1k	3.93% 90d 6.04%

market	rate	LLTV	kind
Basedollar BD	1.31%	91%	flat

venue	back on Base in	path
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile + Across Arbitrum to Base 0 min (quoted) + repay
lighter-main	32 min	Lighter withdrawal to Ethereum 31.7 min + Across Ethereum to Base 0 min (quoted) + repay
aster	1 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to Base 0 min (quoted) + repay

kHYPE

kHYPE yield

+1.99%

1.99%

Worst 24h fall

hyperliquid 19.7% · lighter 19.7% · aster 19.7%

on Nov 21

Fastest fall

10.9% in 1 min

12.6% in 2 min · Aug 22

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year (bin/ltv_rule.py; HYPE on Binance futures)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

HYPE's worst day on Binance (futures; spot began 2026-09) fell 19.7%, so every target LTV sits in the thirties and the book is mostly its own kHYPE. The largest borrow room is Morpho USDT0 at $276k before its kink. Best route nets 6.0% on a year of Hyperliquid funding.

Redemption

7 days on chain; 216,430 HYPE queued

Kinetiq unstake queue (StakingManager) · DEX $1.61M inside 1%, $5.64M inside 5%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Hyperliquid, same chain Morpho USDT0 → USDT0 → USDC on HyperEVM → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE Exits sell kHYPE on HyperEVM ($1.61M inside 1% today); Kinetiq's unstake takes 7 days with 216,430 HYPE queued ahead.	Morpho USDT0	hyperliquid	+1.45%	50.2%	-19.7%	$276k	9.70% 90d 9.87%
Lighter via USDC Morpho USDT0 → USDT0 → USDC on HyperEVM → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE Exits sell kHYPE on HyperEVM ($1.61M inside 1% today); Kinetiq's unstake takes 7 days with 216,430 HYPE queued ahead.	Morpho USDT0	lighter-main	+0.46%	50.2%	-19.7%	$276k	8.06% 90d 7.46%
Aster via USDC Morpho USDT0 → USDT0 → USDC on HyperEVM → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE Exits sell kHYPE on HyperEVM ($1.61M inside 1% today); Kinetiq's unstake takes 7 days with 216,430 HYPE queued ahead. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Morpho USDT0	aster	-2.48%	50.2%	-19.7%	$276k	3.18% 90d 6.52%
Hyperliquid, same chain Hypurrfi USDC → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE Hypurrfi has frozen its kHYPE reserve: it takes no new deposits (Aave error 28 on a fork, 2026-10-09).	Hypurrfi USDC	hyperliquid	+6.08%	60.2%	-19.7%	no room	9.70% 90d 9.87%
Lighter via USDC Hypurrfi USDC → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE Hypurrfi has frozen its kHYPE reserve: it takes no new deposits (Aave error 28 on a fork, 2026-10-09).	Hypurrfi USDC	lighter-main	+4.73%	60.2%	-19.7%	no room	8.06% 90d 7.46%
Hyperliquid, same chain Morpho USDC → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE Morpho USDC is past Morpho's 90% target: every dollar borrowed here pays the steep rate.	Morpho USDC	hyperliquid	+2.00%	61.8%	-19.7%	no room	9.70% 90d 9.87%
Hyperliquid, same chain Morpho USDC → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE Morpho USDC is past Morpho's 90% target: every dollar borrowed here pays the steep rate.	Morpho USDC	hyperliquid	+1.80%	50.2%	-19.7%	no room	9.70% 90d 9.87%
Lighter via USDC Morpho USDC → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE Morpho USDC is past Morpho's 90% target: every dollar borrowed here pays the steep rate.	Morpho USDC	lighter-main	+0.81%	50.2%	-19.7%	no room	8.06% 90d 7.46%
Aster via USDC Hypurrfi USDC → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE Hypurrfi has frozen its kHYPE reserve: it takes no new deposits (Aave error 28 on a fork, 2026-10-09). Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Hypurrfi USDC	aster	+0.71%	60.2%	-19.7%	no room	3.18% 90d 6.52%
Lighter via USDC Morpho USDC → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE Morpho USDC is past Morpho's 90% target: every dollar borrowed here pays the steep rate.	Morpho USDC	lighter-main	+0.58%	61.8%	-19.7%	no room	8.06% 90d 7.46%
Hyperliquid, same chain HyperLend USDC → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE HyperLend USDC is past its 90% kink: every dollar borrowed here pays the steep rate.	HyperLend USDC	hyperliquid	-1.37%	59.4%	-19.7%	no room	9.70% 90d 9.87%
Aster via USDC Morpho USDC → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE Morpho USDC is past Morpho's 90% target: every dollar borrowed here pays the steep rate. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Morpho USDC	aster	-2.14%	50.2%	-19.7%	no room	3.18% 90d 6.52%
Lighter via USDC HyperLend USDC → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE HyperLend USDC is past its 90% kink: every dollar borrowed here pays the steep rate.	HyperLend USDC	lighter-main	-2.69%	59.4%	-19.7%	no room	8.06% 90d 7.46%
Hyperliquid, same chain HyperLend USDT0 → USDT0 → USDC on HyperEVM → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE HyperLend USDT0 is past its 80% kink: every dollar borrowed here pays the steep rate.	HyperLend USDT0	hyperliquid	-3.15%	59.4%	-19.7%	no room	9.70% 90d 9.87%
Hyperliquid, same chain Hypurrfi USDT0 → USDT0 → USDC on HyperEVM → USDC → HyperCore (same chain, Circle's CoreDepositWallet) → short HYPE on Hyperliquid → the rest: USDC → kHYPE Hypurrfi has frozen its kHYPE reserve: it takes no new deposits (Aave error 28 on a fork, 2026-10-09).	Hypurrfi USDT0	hyperliquid	-3.44%	60.2%	-19.7%	no room	9.70% 90d 9.87%
Aster via USDC Morpho USDC → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE Morpho USDC is past Morpho's 90% target: every dollar borrowed here pays the steep rate. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Morpho USDC	aster	-3.64%	61.8%	-19.7%	no room	3.18% 90d 6.52%
Lighter via USDC HyperLend USDT0 → USDT0 → USDC on HyperEVM → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE HyperLend USDT0 is past its 80% kink: every dollar borrowed here pays the steep rate.	HyperLend USDT0	lighter-main	-4.47%	59.4%	-19.7%	no room	8.06% 90d 7.46%
Lighter via USDC Hypurrfi USDT0 → USDT0 → USDC on HyperEVM → bridge HyperEVM → Arbitrum (exit via Ethereum) → short HYPE on Lighter → the rest: USDC → kHYPE Hypurrfi has frozen its kHYPE reserve: it takes no new deposits (Aave error 28 on a fork, 2026-10-09).	Hypurrfi USDT0	lighter-main	-4.80%	60.2%	-19.7%	no room	8.06% 90d 7.46%
Aster via USDC HyperLend USDC → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE HyperLend USDC is past its 90% kink: every dollar borrowed here pays the steep rate. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	HyperLend USDC	aster	-6.62%	59.4%	-19.7%	no room	3.18% 90d 6.52%
Aster via USDC HyperLend USDT0 → USDT0 → USDC on HyperEVM → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE HyperLend USDT0 is past its 80% kink: every dollar borrowed here pays the steep rate. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	HyperLend USDT0	aster	-8.39%	59.4%	-19.7%	no room	3.18% 90d 6.52%
Aster via USDC Hypurrfi USDT0 → USDT0 → USDC on HyperEVM → bridge HyperEVM → Arbitrum → short HYPE on Aster → the rest: USDC → kHYPE Hypurrfi has frozen its kHYPE reserve: it takes no new deposits (Aave error 28 on a fork, 2026-10-09). Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Hypurrfi USDT0	aster	-8.82%	60.2%	-19.7%	no room	3.18% 90d 6.52%

market	rate	LLTV	kind
Morpho USDC	7.84%	77%	variable
Morpho USDC	7.69%	63%	variable
Morpho USDT0	8.12%	63%	variable
HyperLend USDC	10.92%	74%	variable
HyperLend USDT0	12.58%	74%	variable
Hypurrfi USDC	4.08%	75%	variable
Hypurrfi USDT0	12.75%	75%	variable

venue	back on HyperEVM in	path
hyperliquid	6 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile (measured to Arbitrum; a transfer to HyperEVM is the same chain, so no bridge) + repay
lighter-main	24 min	Lighter withdrawal to Ethereum 23.5 min + Across Ethereum to HyperEVM 0.8 min (quoted) + repay
aster	1 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to HyperEVM 4 s (quoted) + repay

sAVAX

sAVAX yield

+4.71%

4.71%

Worst 24h fall

hyperliquid 23.4% · lighter 23.4% · aster 23.4%

on Feb 6

Fastest fall

11.3% in 1 min

13.5% in 2 min · Aug 22

Model

3× hedge · 1.056% costs

target LTV survives the worst 24h fall of the last year, no lower bound (bin/ltv_rule.py; AVAX on Binance spot)

Alert band

5.0%

added to the yellow edge

Collateral floor

+1.00%

AVAX's worst day on Binance spot fell 23.4% (2026-02-06), under which no LTV above 54% survives at Benqi's 0.70 threshold, and the targets sit there. The largest borrow room is Aave DAI.e at $566k before its kink. Best route nets 6.3% on a year of Aster funding.

Redemption

15 days on chain

Benqi unstake (sAVAX cooldown) · DEX $0.12M inside 1%, $0.51M inside 5%

route	debt	hedge	net carry	LTV	liquidates at	capacity	funding
Aster via USDC Aave USDt → USDt → USDC on Avalanche → bridge Avalanche → Arbitrum → short AVAX on Aster → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.55 is 42.0%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Aave USDt	aster	+6.32%	42.1%	-23.4%	$58k	7.68% 90d 8.53%
Aster via USDC Aave DAI.e → DAI.e → USDC on Avalanche → bridge Avalanche → Arbitrum → short AVAX on Aster → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.55 is 42.0%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Aave DAI.e	aster	+6.22%	42.1%	-23.4%	$58k	7.68% 90d 8.53%
Aster via USDC Benqi USDt → USDt → USDC on Avalanche → bridge Avalanche → Arbitrum → short AVAX on Aster → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.70 is 53.5%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Benqi USDt	aster	+5.49%	53.6%	-23.4%	$58k	7.68% 90d 8.53%
Hyperliquid via USDC Aave USDt → USDt → USDC on Avalanche → bridge Avalanche → Arbitrum → short AVAX on Hyperliquid → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.55 is 42.0%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Aave USDt	hyperliquid	+4.39%	42.1%	-23.4%	$58k	3.50% 90d 5.86%
Hyperliquid via USDC Aave DAI.e → DAI.e → USDC on Avalanche → bridge Avalanche → Arbitrum → short AVAX on Hyperliquid → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.55 is 42.0%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Aave DAI.e	hyperliquid	+4.28%	42.1%	-23.4%	$58k	3.50% 90d 5.86%
Lighter via USDC Aave USDt → USDt → USDC on Avalanche → bridge Avalanche → Arbitrum (exit via Ethereum) → short AVAX on Lighter → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.55 is 42.0%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Aave USDt	lighter-main	+2.81%	42.1%	-23.4%	$58k	0.08% 90d 0.95%
Lighter via USDC Aave DAI.e → DAI.e → USDC on Avalanche → bridge Avalanche → Arbitrum (exit via Ethereum) → short AVAX on Lighter → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.55 is 42.0%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Aave DAI.e	lighter-main	+2.70%	42.1%	-23.4%	$58k	0.08% 90d 0.95%
Hyperliquid via USDC Benqi USDt → USDt → USDC on Avalanche → bridge Avalanche → Arbitrum → short AVAX on Hyperliquid → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.70 is 53.5%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Benqi USDt	hyperliquid	+2.67%	53.6%	-23.4%	$58k	3.50% 90d 5.86%
Aster via USDC Benqi USDC → bridge Avalanche → Arbitrum → short AVAX on Aster → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.70 is 53.5%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Benqi USDC	aster	+2.04%	53.6%	-23.4%	$58k	7.68% 90d 8.53%
Lighter via USDC Benqi USDt → USDt → USDC on Avalanche → bridge Avalanche → Arbitrum (exit via Ethereum) → short AVAX on Lighter → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.70 is 53.5%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Benqi USDt	lighter-main	+0.37%	53.6%	-23.4%	$58k	0.08% 90d 0.95%
Hyperliquid via USDC Benqi USDC → bridge Avalanche → Arbitrum → short AVAX on Hyperliquid → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.70 is 53.5%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Benqi USDC	hyperliquid	-0.77%	53.6%	-23.4%	$58k	3.50% 90d 5.86%
Lighter via USDC Benqi USDC → bridge Avalanche → Arbitrum (exit via Ethereum) → short AVAX on Lighter → the rest: USDC → sAVAX AVAX's worst day fell 23.4%, so the target LTV at LT 0.70 is 53.5%, the same number the vault's bot runs at. Exits sell sAVAX on Avalanche ($0.12M inside 1%); Benqi's unstake takes 15 days.	Benqi USDC	lighter-main	-3.07%	53.6%	-23.4%	$58k	0.08% 90d 0.95%
Aster via USDC Aave USDC → bridge Avalanche → Arbitrum → short AVAX on Aster → the rest: USDC → sAVAX Aave USDC is past its 90% kink: every dollar borrowed here pays the steep rate. Aster's withdrawal time to Arbitrum is not measured; its zones count it as 1 minute.	Aave USDC	aster	+5.30%	42.1%	-23.4%	no room	7.68% 90d 8.53%
Hyperliquid via USDC Aave USDC → bridge Avalanche → Arbitrum → short AVAX on Hyperliquid → the rest: USDC → sAVAX Aave USDC is past its 90% kink: every dollar borrowed here pays the steep rate.	Aave USDC	hyperliquid	+3.36%	42.1%	-23.4%	no room	3.50% 90d 5.86%
Lighter via USDC Aave USDC → bridge Avalanche → Arbitrum (exit via Ethereum) → short AVAX on Lighter → the rest: USDC → sAVAX Aave USDC is past its 90% kink: every dollar borrowed here pays the steep rate.	Aave USDC	lighter-main	+1.78%	42.1%	-23.4%	no room	0.08% 90d 0.95%

market	rate	LLTV	kind
Aave USDC	6.62%	55%	variable
Aave USDt	4.96%	55%	variable
Aave DAI.e	5.13%	55%	variable
Benqi USDC	11.08%	70%	variable
Benqi USDt	7.24%	70%	variable

venue	back on Avalanche in	path
hyperliquid	21 min	Hyperliquid withdrawal 3.8 min median, 6.5 min at the 99th percentile + Across Arbitrum to Avalanche 15 min (quoted) + repay
lighter-main	40 min	Lighter withdrawal to Ethereum 25.1 min + Across Ethereum to Avalanche 15 min (quoted) + repay
aster	16 min	Aster withdrawal to Arbitrum (not measured, counted as 1 min) + Across Arbitrum to Avalanche 15 min (quoted) + repay

Legs

swaps and bridges

leg	where	clears in 1%	per day	note
U → USDT	Pancake 0.01%	$9.89M	$486k	20 ticks, two LPs hold ~half
USD1 → USDT	Pancake 0.01%	$1.17M	$330k
lisUSD → USDT	0.01%, factory 0xcb01…7b20	$4.74M	—	one LP; buying back clears $25k
USDT → USDC	Pancake 0.01% + 0.05%	$18.4M	$10.2M
lisUSD → USDT, Lista PSM	2% fee, $500k/day	$784k	$500k
USDT → lisUSD, Lista PSM	1:1, 0% fee	$8.64M	—
USDT → WBNB	Pancake 0.01% + 0.05%	$1.83M	—
USDT → BTCB	Pancake	$2.39M	—
USDT → ETH	Pancake	$115k	—
ETH → wBETH	Pancake, on-chain	$40k	—	wBETH mints and redeems on Binance; on-chain depth is tiny
U → WBNB direct	Pancake 0.05%	$104k	—
USD1 → WBNB direct	Pancake 0.05%	$81k	—
BNB → slisBNB mint	ListaStakeManager	unlimited	—	1 BNB → 0.9630 slisBNB, no slippage
slisBNB → WBNB exit	Pancake 0.05% + 0.01%	$1.56M	—
USDC BSC → Arbitrum	relay	1s · 20bp	back 1s
USDC BSC → Arbitrum, exit Ethereum → BSC	relay	1s · 20bp	back 24s
USDT0 → USDC, Monad	KyberSwap	$944k	—
AUSD → USDC, Monad	KyberSwap	$1.08M	—
USDC → MON, Monad	KyberSwap	$99k	—	the shMON wind-up buy
MON → shMON mint	shMonad deposit	unlimited	—	1 MON → 0.6084 shMON, no slippage
shMON → USDC exit, Monad	KyberSwap	$108k	—	$181k inside 5%
shMON → MON, atomic unstake	shMonad atomic pool	$69k	—	1,999,969 shMON at 0.68%; the rest takes 1 day
USDC Monad → Arbitrum	Across	900s · 1bp	back 900s
USDC Ethereum → Monad (Lighter exit)	Across	900s · 1bp	—
BD → USDC, Base	Aerodrome stable	$1k	—	USDC → BD $1k inside 1% (the repay leg)
USDC Base → Arbitrum	Across	900s · 1bp	back 1s
USDC Ethereum → Base (Lighter exit)	Across	24s · 1bp	—
USDC → wstETH, Base	Aerodrome Slipstream, tick spacing 100 + 1	$3k	—	the wind-up buy
wstETH → USDC exit, Base	Aerodrome Slipstream, tick spacing 100 + 1	$43k	—	$0.05M inside 5%
USDC → cbETH, Base	Aerodrome Slipstream, tick spacing 100 + 1	$33k	—	the wind-up buy
cbETH → USDC exit, Base	Aerodrome Slipstream, tick spacing 100 + 1	$246k	—	$0.39M inside 5%
USDC → rETH, Base	Uniswap v3 0.05% + 0.05%	$21k	—	the wind-up buy
rETH → USDC exit, Base	Uniswap v3 0.05% + 0.05%	$42k	—	$0.04M inside 5%
USDC → cbBTC, Base	Uniswap v3 0.05%	$855k	—	the wind-up buy
cbBTC → USDC exit, Base	Uniswap v3 0.05%	$826k	—	$3.56M inside 5%
USDC → kHYPE, HyperEVM	KyberSwap (Project X, Hyperswap, Ramses pools)	$1.01M	—	the wind-up buy
kHYPE → USDC exit, HyperEVM	KyberSwap	$1.61M	—	$5.64M inside 5%
USDT0 → USDC, HyperEVM	KyberSwap	$820k	—	the conversion for a USDT0 borrow
USDC HyperEVM → Arbitrum (Lighter, Aster deposits)	Across	900s · 1bp	back 4s
USDC Ethereum → HyperEVM (Lighter exit)	Across	48s · 1bp	—
USDC Arbitrum → HyperEVM (Aster exit)	Across	4s · 1bp	—
USDC → sAVAX, Avalanche	KyberSwap (Pharaoh, Blackhole, Uniswap pools)	$58k	—	the wind-up buy
sAVAX → USDC exit, Avalanche	KyberSwap	$121k	—	$0.51M inside 5%
USDt → USDC, Avalanche	KyberSwap	$374k	—	the conversion for a USDt borrow
DAI.e → USDC, Avalanche	KyberSwap	$92k	—	the conversion for a DAI.e borrow
USDC Avalanche → Arbitrum	Across	900s · 1bp	back 900s
USDC Arbitrum → Avalanche (Hyperliquid, Aster exits)	Across	900s · 1bp	—
USDC Ethereum → Avalanche (Lighter exit)	Across	900s · 1bp	—

Live route proof

51 of 51 passed · last run 2026-10-09

Not run live yet: wBETH, shMON. Their routes are modelled from live market data only; no vault has carried them.

slisBNB Lista U, Lighter5.48% at test

U → USDT → USDC → Arbitrum → short BNB

Delta 1

passed

Net APR +7.33% (Lighter funding +10.5%). LTV 5786, short 0.04 of 0.043 BNB, delta 1.04, margin $21.41.

Delta 0.5

passed

Net APR +10.22%. LTV 5786, short 0.07 of 0.0825 BNB, delta 0.66 (last $9.70 is under Lighter's $10 minimum order).

Delta 0

passed

Net APR +13.11%. LTV 5685, short 0.09 BNB (target 0.096), measured delta 0.34; the rest is under Lighter's $10 minimum. Needed the new gear-shift rung.

slisBNB Lista USDT, Lighter4.94% at test

USDT → USDC → Arbitrum → short BNB

Delta 1

passed

Net APR +1.86% (Lighter funding turned -0.88%). LTV 3944 (margin buffer uses the LTV budget on a $54 book); hedge target 0.0097 BNB under the 0.01 lot, delta 1.17.

Delta 0.5

passed

Net APR +1.65%. LTV 3943, short 0.03 of 0.0385 BNB (rest under the lot). Delta from the book 0.67; the bot's readout said 0.99 (flagged).

Delta 0

passed

Rerun 13:45Z with route 1's stray bot gone: LTV 5628, short 0.07 BNB (target 0.0704), delta 0.007, net APR +0.99%, short steady. The first run failed because route 1's bot traded the same Lighter account and withdrew $8.77 of route 2's margin into route 1's vault (recovered; not a trading loss).

slisBNB Lista U, Hyperliquid4.14% at test

U → USDT → USDC → Arbitrum → short BNB

Delta 1

passed

Net APR +7.66% (Hyperliquid funding +10.95%). LTV 5338, delta 0.99; hedge target 0.0025 BNB is under the $10 minimum. Margin bridged live BSC to Arbitrum to Hyperliquid.

Delta 0.5

passed

Net APR +10.67%. LTV 5337, short 0.04 BNB (target 0.0375), delta 0.507.

Delta 0

passed

Net APR +13.68%. LTV 5335, short 0.07 BNB (target 0.0725), delta 0.007.

slisBNB Lista USDT, Hyperliquid3.76% at test

USDT → USDC → Arbitrum → short BNB

Delta 1

passed

LTV 5630, short 0.02 BNB (target 0.0188), net APR +7.10%. The bot had read route 8's leftover 0.00001 BTC as its short and over-hedged to 0.211 BNB; cut by hand, and venue reads now count only the vault's own market.

Delta 0.5

passed

Net APR +10.18% (Hyperliquid BNB funding +10.95%). Short 0.044 BNB (target 0.0445), delta 0.510.

Delta 0

passed

Net APR +13.27%. Short 0.06 BNB (target 0.0702), delta 0.199 (last $7.90 under Hyperliquid's $10 minimum).

slisBNB Lista U, Aster2.10% at test

U → USDT → short BNB on Aster

Delta 1

passed

LTV 5723, short 0.03 BNB, 40% paid 0.0316 slisBNB; cut 33% (lot-limited). Needed gate overrides.

Delta 0.5

passed

Net APR -0.72% (Aster funding 0). LTV 6059, short 0.04 BNB, delta 0.584.

Delta 0

passed

Net APR -0.68% (Aster funding 0). LTV 5782, short 0.09 of 0.099 BNB, delta 0.118 (one lot).

slisBNB Lista USDT, Aster1.94% at test

USDT → short BNB on Aster

Delta 1

passed

Net APR +0.24% (Aster funding +0.7%). LTV 3994 on a $33 book (the $10 margin buffer uses the LTV budget); hedge target 0.0066 BNB is under the 0.01 lot, delta 1.16.

Delta 0.5

passed

Net APR +0.35% (Aster funding +0.6%). LTV 5631, short 0.02 of 0.027 BNB, delta 0.67 (rest under the 0.01 lot).

Delta 0

passed

Net APR +0.44% (Aster funding +0.35%). LTV 5631, short 0.04 of 0.0475 BNB, delta 0.18 (rest under the 0.01 lot).

slisBNB Venus U, Lighter1.61% at test

U → USDT → USDC → Arbitrum → short BNB

Delta 1

passed

Net APR -19.52% (Lighter BNB funding swung to -21.9%; page 1.61%). LTV 5632, short 0.02 BNB (target 0.0205), delta 1.009. Carry gate lowered for the test.

Delta 0.5

passed

Net APR -24.28% at -21.9% funding. LTV 5632, short 0.04 of 0.0486 BNB, delta 0.65 (last $6.70 under Lighter's $10 minimum).

Delta 0

passed

Net APR -28.23% at -21.9% funding. LTV 4756, short 0.06 BNB (target 0.0635), delta 0.062.

BTCB Lista U, Hyperliquid2.00% at test

U → USDT → USDC → Arbitrum → short BTC

Delta 1

passed

Net APR +5.22% (Hyperliquid BTC funding +6.6%). LTV 7287, short 0.0004 BTC (target 0.00042), delta 1.002.

Delta 0.5

passed

Net APR +6.60%. LTV 7284, short 0.00071 BTC (target 0.00071), delta 0.500.

Delta 0

passed

Net APR +8.42%. LTV 7284, short 0.00089 of 0.000999 BTC, delta 0.19 (last $9.20 under the $10 minimum).

BTCB Lista USD1, Hyperliquid1.43% at test

USD1 → USDT → USDC → Arbitrum → short BTC

Delta 1

passed

Net APR +5.24% (Hyperliquid BTC funding +10.8%). LTV 5976, short 0.00021 BTC (target 0.000216, read on Hyperliquid). Flaky network put the bot in DegradedData on alternate ticks.

Delta 0.5

passed

LTV 5975, short 0.00049 BTC read on Hyperliquid (computed target ~0.0005, delta ~0.5). Net APR about +7% at +10% funding; the bot's readout was in DegradedData from network timeouts.

Delta 0

passed

Net APR +11.17%. LTV 5975, short 0.00073 BTC (target 0.00078), delta 0.088.

BTCB Lista U, Lighter1.41% at test

U → USDT → USDC → Arbitrum → short BTC

Delta 1

passed

Net APR +7.29% (Lighter BTC funding +10.5%). LTV 7273, short 0.00039 BTC (target 0.000397), delta 1.013.

Delta 0.5

passed

Net APR +10.19%. Short 0.00066 BTC (target 0.00067), delta 0.518.

Delta 0

passed

Net APR +13.08%. LTV 7287, short 0.00085 BTC (target 0.00094), delta 0.17 (last $7.50 under Lighter's $10 minimum).

BTCB Lista USD1, Lighter1.03% at test

USD1 → USDT → USDC → Arbitrum → short BTC

Delta 1

passed

Net APR +5.07% (Lighter BTC funding +10.5%). LTV 5975, short 0.00019 BTC (target 0.000198), delta 1.016.

Delta 0.5

passed

Net APR +8.24%. LTV 5972, short 0.00046 BTC (target 0.00047), delta 0.518.

Delta 0

passed

Net APR +11.42%. LTV 5974, short 0.00071 BTC (target 0.00074), delta 0.058.

rETH Basedollar BD, Hyperliquid9.13% at test

BD → USDC → Arbitrum → short ETH

Delta 1

passed

Net APR +8.52% (Hyperliquid ETH funding 6.29%, a year). LTV 6960 (target 71.0%), short 0.2562 ETH, delta 1.0007; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book.

Delta 0.5

passed

Net APR +9.66% (Hyperliquid ETH funding 6.29%, a year). LTV 6996 (target 71.0%), short 0.3147 ETH, delta 0.5006; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book.

Delta 0

passed

Net APR +10.79% (Hyperliquid ETH funding 6.29%, a year). LTV 7033 (target 71.0%), short 0.373 ETH, delta 0.0002; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book.

cbBTC Basedollar BD, Hyperliquid4.17% at test

BD → USDC → Arbitrum → short BTC

Delta 1

passed

Net APR +3.79% (Hyperliquid BTC funding 5.83%, a year). LTV 7294 (target 74.0%), short 0.00853 BTC, delta 1.0009; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book.

Delta 0.5

passed

Net APR +5.35% (Hyperliquid BTC funding 5.83%, a year). LTV 7325 (target 74.0%), short 0.01021 BTC, delta 0.5003; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book.

Delta 0

passed

Net APR +6.91% (Hyperliquid BTC funding 5.83%, a year). LTV 7363 (target 74.0%), short 0.01187 BTC, delta 0.0001; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book.

wstETH Basedollar BD, Hyperliquid8.15% at test

BD → USDC → Arbitrum → short ETH

Delta 1

passed

Net APR +7.58% (Hyperliquid ETH funding 6.29%, a year). LTV 6970 (target 71.0%), short 0.2554 ETH, delta 1.0009; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book, Aerodrome Slipstream route.

Delta 0.5

passed

Net APR +8.84% (Hyperliquid ETH funding 6.29%, a year). LTV 6996 (target 71.0%), short 0.3134 ETH, delta 0.5007; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book, Aerodrome Slipstream route.

Delta 0

passed

Net APR +10.09% (Hyperliquid ETH funding 6.29%, a year). LTV 7032 (target 71.0%), short 0.3714 ETH, delta 0.0006; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book, Aerodrome Slipstream route.

cbETH Basedollar BD, Hyperliquid8.69% at test

BD → USDC → Arbitrum → short ETH

Delta 1

passed

Net APR +8.09% (Hyperliquid ETH funding 6.29%, a year). LTV 6963 (target 71.0%), short 0.2558 ETH, delta 1.0005; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book, Aerodrome Slipstream route.

Delta 0.5

passed

Net APR +9.29% (Hyperliquid ETH funding 6.29%, a year). LTV 6996 (target 71.0%), short 0.3146 ETH, delta 0.5006; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book, Aerodrome Slipstream route.

Delta 0

passed

Net APR +10.46% (Hyperliquid ETH funding 6.29%, a year). LTV 7036 (target 71.0%), short 0.3723 ETH, delta 0.0005; 40% withdrawal paid exactly, close left no penny. Base fork, $600 book, Aerodrome Slipstream route.

kHYPE Morpho USDC, Hyperliquid (same chain)2.43% at test

USDC → HyperCore → short HYPE

Delta 1

passed

Net APR +2.09% (Hyperliquid HYPE funding 9.43%, a year; the board's read). LTV 3220 (entry aim 3350, target 35.5%), short 0.35 HYPE, delta 1.011; 40% withdrawal paid 0.452313 kHYPE exactly, close left $0.000002 on the venue and nothing else. HyperEVM fork, $100 book.

Delta 0.5

passed

LTV 3238 (entry aim 3350, target 35.5%), short 0.29 HYPE, delta 0.519; 40% withdrawal paid 0.180826 kHYPE exactly, close left $0.000002 on the venue and nothing else. HyperEVM fork, $40 book.

Delta 0

passed

LTV 35.0% (target 35.5%, under it as Root wants), delta 0 within one minimum order; 40% withdrawal paid exactly, close left no penny. HyperEVM fork, $40 book.

sAVAX Aave USDt, Hyperliquid4.25% at test

USDt → USDC → Arbitrum → short AVAX

Delta 1

passed

Green at 3x: LTV 15.1%, delta 1.001, short 3.64 AVAX; 40% withdrawal paid 9.075906 sAVAX exactly, close left $0.000002 on the venue. Avalanche fork, $300 book. (An 8x trial at 18:13Z was also green and was rejected.)

Delta 0.5

passed

Green at 3x, the resting config as written (restingDelta 0.5, marginRatioBps 3333): collateral $40.00, debt $7.08, LTV 17.7%, delta 0.501, redeem settled at delta 0.60 inside its tolerance, close clean (idle debt $0.001). Avalanche fork, $40 book. Same result as the 12:41Z run.

Delta 0

passed

Not an option for AVAX by default (Root 2026-10-09): at 3x a full hedge needs 33% LTV against the 16.4% fall-safe cap, so the short stops at delta 0.44. An 8x trial reached delta 0 (short $39.89 on $5.54 margin, $40 book) and was rejected: liquidated after about a 7.5% AVAX rally.

What the live runs forced

Payout waits for margin
Service redeemed collateral before venue margin came home and pushed LTV to 7541 bps. The served share of margin now returns and repays first. Proven live on the Aster vault.
A restart keeps the served cut
A bot restart mid-payout forgot the hedge size at service start and tried a second 40% trim. The service-start hedge is now stored and restored.
Orders respect the venue lot
Hedge orders below one lot looped on a zero-size order. Sizes now round to the venue step first.
Each swap hop spends what the last one delivered
Multi-hop swaps left 0.07 to 0.31 of USDT or USD1 in each vault after exit. The vault contract now spends each hop's actual output in the same transaction; a live entry and exit on 2026-09-27 left zero USDT, WBNB and USDC behind.
Transactions carry gas headroom
A three-hop exit swap ran out of gas at 97% of its estimate. Transactions now carry 20% over the estimate; only gas used is charged.