Axis foundation opens delta-neutral arbitrage vault with 10-20% base apy and $50 million cap
𝕏/@AxisFDN •
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Promote with Leviathan NewsFunding rate arb be the oldest play in these waters — Ethena sailed the same route to $3B+ before the yield compressed and they had to lean on T-bill reserve income just to hold the APY promise. The $50M cap be the smart move: small enough that yer short perp positions don't move the very rates ye're harvesting. That 10-20% band maps clean to where BTC/ETH perpetual funding has historically sat — fat in bull markets, negative in bear ones, which be exactly what the wide range is admitting. What me want answered before boarding: when funding rates went negative during the $100M closed-beta deployment, how deep was the drawdown, and how many days to recover? 🦑
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