BUILT BY APOSTRO
| EXPOSURE BY ASSET | Long [3] | Short [4] | Net [5] |
|---|---|---|---|
| BTC................................................................................ | $4.80M | $4.16M | $648.28K |
| FARTCOIN................................................................................ | $2.70M | $2.63M | $78.10K |
| HYPE................................................................................ | $4.41M | $4.46M | -$42.72K |
| ETH................................................................................ | $12.64M | $12.61M | $33.47K |
| AAVE................................................................................ | $1.14M | $1.13M | $11.01K |
| PUMP................................................................................ | $1.95M | $1.94M | $8.07K |
| weETH................................................................................ | 74.6% | $110.68M |
| USDT0................................................................................ | 29.0% | $43.02M |
| LBTC................................................................................ | 24.9% | $36.99M |
| USDC................................................................................ | 19.7% | $29.15M |
| USDT................................................................................ | 17.7% | $26.33M |
| JAAA................................................................................ | 14.9% | $22.15M |
| GHO................................................................................ | 7.8% | $11.54M |
| eETH (pending unstake)................................................................................ | 5.8% | $8.67M |
| HYPE................................................................................ | 2.5% | $3.68M |
| FARTCOIN................................................................................ | 1.8% | $2.70M |
| PUMP................................................................................ | 1.3% | $1.95M |
| AAVE................................................................................ | 0.8% | $1.14M |
| sHYPE................................................................................ | 0.5% | $732.67K |
| LBTC (pending unstake)................................................................................ | 0.5% | $716.59K |
| ETH................................................................................ | 0.5% | $675.27K |
| stETH................................................................................ | 0.0% | $43.08K |
| BTC................................................................................ | 0.0% | $28.14K |
| wstETH................................................................................ | 0.0% | $2.61K |
| apxETH................................................................................ | 0.0% | $174.43 |
| RLUSD................................................................................ | -7.8% | -$11.51M |
| WBTC................................................................................ | -22.2% | -$32.94M |
| WETH................................................................................ | -72.4% | -$107.43M |
| Total................................................................................ | 100.0% | $148.34M |
| Fluid................................................................................ | 54.9% | $81.48M |
| AAVE V3................................................................................ | 18.8% | $27.81M |
| Hyperliquid................................................................................ | 14.5% | $21.51M |
| Treasury................................................................................ | 5.9% | $8.76M |
| Morpho................................................................................ | 2.9% | $4.29M |
| Binance................................................................................ | 2.5% | $3.75M |
| BTC Cluster................................................................................ | 0.5% | $716.65K |
| ETH Cluster................................................................................ | 0.0% | $7.37K |
| Deribit................................................................................ | 0.0% | $1.94K |
| USDC Cluster................................................................................ | 0.0% | $944.57 |
| USDT Cluster................................................................................ | 0.0% | $104.29 |
| Total................................................................................ | 100.0% | $148.34M |
| HEDGING [6] | Margin [7] | Share | Size |
|---|---|---|---|
| Hyperliquid (UM) ETH-USD Perp................................................................................ | 33.6% | 46.8% | $12.61M |
| Hyperliquid (UM) HYPE-USD Perp................................................................................ | 54.8% | 16.6% | $4.46M |
| Hyperliquid (UM) BTC-USD Perp................................................................................ | 35.9% | 15.4% | $4.16M |
| Hyperliquid (UM) FARTCOIN-USD Perp................................................................................ | 54.8% | 9.8% | $2.63M |
| Hyperliquid (UM) PUMP-USD Perp................................................................................ | 54.8% | 7.2% | $1.94M |
| Hyperliquid (UM) AAVE-USD Perp................................................................................ | 54.8% | 4.2% | $1.13M |
| Total................................................................................ | 100.0% | $26.92M |
[1] The market delta ratio represents a strategy's net directional exposure to asset price movements, expressed as a percentage of the total value locked (TVL). It is calculated as (the value of long positions - the notional value of short positions) / TVL. A positive ratio indicates net long exposure, while a negative ratio indicates net short exposure.
[2] Ideally, the strategy's net exposure should be around $0. However, it always deviates due to natural causes, most frequently because long and short positions do not have exactly the same value. A 0.1% difference (or less) is normal.
Larger deviations (up to 3%) can occur for various reasons, usually associated with portfolio rebalances. A negative value can be due to unstaking delays. For example, wBETH unstaking is not fully supported and may take several hours or, in rare cases, up to 5 days. Therefore, a negative net exposure of 1-3% can be considered normal.
[3] Long asset exposure measures the total value of correlated assets in the strategy's portfolio, including both direct asset holdings and its LSTs.
[4] Short asset exposure measures the total value of related short futures positions, including similar instruments across different perp exchanges.
[5] An asset's net exposure represents its net directional position or risk. This is calculated as the difference between the value of long positions (including direct asset holdings and correlated LSTs) and the notional value of short futures positions.
[6] This section provides an overview of the protocol's current short positions, which are designed to maintain delta neutrality.
[7] Margin is the amount of assets deposited as collateral to open and maintain a leveraged trading position. The margin ratio, calculated as the collateral value divided by the position's notional value, indicates the position's safety buffer. If this ratio falls below the required maintenance level, the position risks liquidation.