Aggressive

risk: higher Accumulating · 13/30 days research only paper, not live

Research only — studying what leverage adds and what it costs. Not offered for real capital.

Objective: Measure a leveraged stablecoin loop (simulated: deposit sUSDe, borrow PYUSD against it, repeat) against its liquidation risk.

Result

result accumulating

13 of 30 days collected — no rate published yet

Why the wait: an annual rate from a few days can swing wildly, so a rate is published only after the minimum history.

Research: target and an earlier version's tail

research target up to 20% — a goal, not a result.

earlier version, not this strategy Historical tail: up to ~50% drawdown (backtest of the earlier Aggressive Lab research book, an unhedged directional book — not the current loop)

What it holds now

Protocols held (weights are not published):

Fluid (fUSDC)
Maple

Position on 2026-10-14: simulated loop open · debt $116,852 · health factor 1.308 at the last check

Health factor: how far a leveraged position is from liquidation — below 1 the lender sells the collateral.

sUSDe: Ethena’s staked synthetic dollar; its yield comes from futures funding and basis trades, and it can lose its peg to the dollar.

PYUSD: PayPal’s dollar stablecoin.

Technical detail

T2: fluid_fusdc, maple · plus the simulated Morpho Blue loop (sUSDe collateral)

What can go wrong

A lending protocol fails or is hacked

Money sits in smart contracts run by other teams. A bug or exploit there can lose part of it — no insurer stands behind it.

More detail

Only protocols above a minimum market size are used, and no single protocol may hold more than a set share of the portfolio. That limits the damage of one failure; it does not remove it.

A stablecoin loses its dollar peg

A "stable" coin can trade below $1 for days or for good. Yield does not help if the coin itself loses value.

More detail

The portfolios hold USD stablecoins only. A depeg has not occurred during this track, so the measured drawdown does not show this risk.

Leverage and liquidation

Borrowing to buy more multiplies both gains and losses. If collateral falls far enough, the position is liquidated.

More detail

Only Aggressive uses leverage, and only as a simulated loop. Conservative and Balanced use none. Aggressive is refused for real capital.

You cannot exit when you want

A lending market can be fully borrowed, a fixed-rate position may need to be sold below its value, a loop may be slow to unwind.

More detail

Conservative stays in daily-liquid lending markets; Balanced holds a fixed-rate leg to maturity; Aggressive depends on market depth.

Short history

A few months of paper results say little about a bad year — and some strategies have only days (see each strategy's day count).

More detail

Rates are published only after a minimum number of evidenced days, and every figure carries its measurement date.

Real trading costs more than paper

These are simulations. Real gas, slippage and delays would lower the results shown.

More detail

Modelled gas and slippage of the portfolio's own moves are charged; real execution costs are not.

Too much in one place

Holding few protocols on few chains means one problem hits a large share of the money.

More detail

Per-protocol and per-chain caps apply to Conservative; the research portfolios hold only a handful of positions.

Yields fall

Lending rates move with demand. When borrowing demand drops, income drops with it.

More detail

Past rates are measured, not promised; the research target is not a forecast.

All risks across strategies →

Limits and protection

−25% from the current version’s peak → the loop is unwound and the portfolio stops trading; before that the loop deleverages and unwinds on its own health-factor and USDe-price triggers (a stop trigger, not a maximum-loss guarantee)

Unwinding a loop depends on market depth; in stress it can be slow and costly.

simulated leverage, research paper portfolio — refused for live capital

How it works

stablecoin lending + a simulated sUSDe/PYUSD loop on Morpho Blue

How we measure Day-by-day results Verify it yourself

Personal research project in paper validation — not investment advice, not a regulated service, not raising capital; results are simulated. Full disclaimer & risk disclosure →