Balanced

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

Research — testing whether a locked fixed rate is worth a fixed term and some extra protocol risk.

Objective: Add a fixed rate on top of lending: a Pendle PT is bought below its face value and redeems at face value on its maturity date — that difference is the fixed rate.

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 12% — a goal, not a result.

earlier version, not this strategy Historical tail: ~4.5% drawdown (backtest of an earlier hedged sUSDe book, not the current version)

What it holds now

Protocols held (weights are not published):

Fluid (fUSDC)
Maple
Morpho (Steakhouse vault)

Also held, classification not finished: Ethena sUSDe

Position on 2026-10-14: 1 PT leg(s) held to maturity, $24,874

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

Steakhouse vault: a curated lending vault on Morpho Blue — a curator chooses which markets the deposits are lent into.

Technical detail

T2: fluid_fusdc, maple, morpho_steakhouse · tier unresolved: susde

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.

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

−8% from the current version’s peak → the portfolio stops trading; positions are kept (a stop trigger, not a maximum-loss guarantee)

The fixed-rate part is held to maturity; exiting early means selling at the market price.

research paper portfolio outside the path to live capital — refused for live capital

How it works

stablecoin lending + Pendle PT fixed rate held to maturity

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 →