A living record
of capital deployed.

Following an extended period of price compression in the BTC market through late 2025, systematic signals across multiple timeframes converged on a directional bias that met our trend confirmation threshold. The setup was characterized by diminishing volatility, a contraction in funding rates to near neutral, and an improving macro backdrop.

Rather than timing a precise entry, we deployed capital in tranches over a two week window as signals reinforced. This approach reduces the impact of short term noise on average entry cost and allows us to scale with confidence as the thesis develops.

Risk parameters include a hard stop at a level that would invalidate the trend signal, with position sizing set to limit drawdown to a predefined threshold of active capital under a stress scenario.

Funding rates on ETH perpetuals elevated significantly in October 2025 as retail and leveraged demand for ETH long exposure surged ahead of a widely anticipated protocol upgrade. The annualized funding yield on the short perpetual side exceeded our entry threshold by a meaningful margin, with the spread sufficiently wide to absorb anticipated execution and counterparty costs.

The trade was structured as a market neutral position: long ETH spot, short equivalent notional in ETH perpetuals. This construction eliminates directional price exposure and isolates the funding yield as the primary return driver. Counterparty risk was managed through exchange diversification and position limits per venue.

Position held for approximately six weeks. Funding normalized faster than our baseline model anticipated, though total carry collected over the period remained comfortably above target. Closed the position on a planned exit once yields compressed below our continuation threshold.

Elevated funding rates across multiple major assets in Q3 2025 presented an opportunity to construct a diversified carry basket. By spreading exposure across BTC, ETH, and SOL perpetuals simultaneously, we reduced the single asset risk inherent in a concentrated basis position while still capturing structurally elevated yields across the basket.

The basket was weighted toward assets with the highest funding premium relative to their historical volatility of the funding spread, rather than by market capitalization. This weighting approach tends to produce a more stable yield profile at the cost of slightly higher rebalancing frequency — a trade we are willing to make when the underlying rates justify it.

The basket was held for approximately ten weeks. Returns were driven primarily by the ETH and SOL legs, with the BTC carry compressing earlier in the period. Overall the position returned above our quarterly carry target, validating the diversified construction relative to a single asset approach for that market environment.