A living record
of capital deployed.

Following an extended period of price compression 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, funding rates contracting to near neutral, and an improving macro backdrop.

We deployed capital in tranches over a two week window as signals reinforced. Risk parameters include a hard stop at a level that would invalidate the trend signal, with position sizing calibrated to limit drawdown under a stress scenario to a predefined threshold of active capital.

Funding rates on ETH perpetuals elevated significantly in October 2025 as leveraged demand for long ETH exposure surged ahead of a widely anticipated protocol upgrade. The annualized funding yield exceeded our entry threshold, with the spread sufficiently wide to absorb execution and counterparty costs. The trade was structured as a market neutral position: long ETH spot, short equivalent notional in ETH perpetuals.

Position held for approximately six weeks. Funding normalized faster than our baseline model anticipated, though total carry collected remained above target. Closed once yields compressed below our continuation threshold.

Elevated funding rates across BTC, ETH, and SOL in Q3 2025 presented an opportunity to construct a diversified carry basket. By spreading exposure across three assets 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. Held for approximately ten weeks. Returns were driven primarily by the ETH and SOL legs, with BTC carry compressing earlier in the period. The position returned above our quarterly carry target.