ETH Strategy Perpetual Note
View on ETH Strategy Update info🏆
- #630 overall
- #361 on
- #1 on
Share token price
1M return (ann)
▲ 3.1%
Total value locked
$3.9M
peak $4.3M
3M Sharpe
7.2
3M volatility
0.9%
Other metrics
3M Sharpe
7.2
3M volatility
0.9%
Age
0.9 years
0.0%
Protocol Technical Risk
Lockup period
Unknown
Denomination
Returns and fees
| 1M | 3M | 6M | 1Y | Lifetime | |
|---|---|---|---|---|---|
| Gross Gross | 3.1% | 6.3% | 11.0% | 12.9% | 12.9% |
| Performance fee Performance | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Management fee Management | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Deposit fee Deposit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Withdrawal fee Withdrawal | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Net | 3.1% | 6.3% | 11.0% | 12.9% | 12.9% |
Fees are internalised for this vault and already removed from the gross profit.
Notes
ESPN (ETH Strategy Perpetual Note) lends USDS to ETH Strategy, but instead of receiving interest, ESPN receives a long-dated ETH call option. To extract yield from this long-dated call option, ESPN systematically sells shorter-dated call options on Derive. The symmetry between the long-dated convertibles acquired and short-dated calls sold keeps the strategy balanced in USD terms.
About ETH Strategy
This vault is running on ETH Strategy:
DeFi treasury protocol offering leveraged ETH exposure without liquidation risk.
Performance metrics
| Metric | Week | Month | 3 months | 6 months | Year | Lifetime |
|---|---|---|---|---|---|---|
| Ranking overall | #615 | #630 | #257 | #105 | #94 | #107 |
| Ranking on Ethereum | #366 | #361 | #133 | #46 | #30 | #32 |
| Ranking on ETH Strategy | #1 | #1 | #1 | #1 | #1 | #1 |
| CAGR (net) | 2.7% | 3.1% | 6.3% | 11.0% | 12.9% | 12.9% |
| CAGR (gross) | 2.7% | 3.1% | 6.3% | 11.0% | 12.9% | 12.9% |
| Returns (net) | 0.1% | 0.3% | 1.5% | 5.3% | 11.3% | 11.3% |
| Returns (gross) | 0.1% | 0.3% | 1.5% | 5.3% | 11.3% | 11.3% |
| Sharpe ratio | 7.22 | 8.28 | 7.24 | 6.90 | 6.94 | 6.94 |
| Max drawdown | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Volatility | 0.4% | 0.4% | 0.9% | 1.7% | 2.4% | 2.4% |
| TVL low | $3.88M | $3.88M | $3.88M | $3.78M | $1.00M | $1.00M |
| TVL high | $3.88M | $3.88M | $3.90M | $4.00M | $4.28M | $4.28M |
| Share price start (USDS) | 111.2016 | 110.9793 | 109.5937 | 105.6697 | 100.0000 | 100.0000 |
| Share price end (USDS) | 111.2589 | 111.2589 | 111.2589 | 111.2589 | 111.2589 | 111.2589 |
| Period data availability | 8 days | 31 days | 91 days | 181 days | 322 days | 322 days |
| Period start | 2026-07-14 | 2026-06-21 | 2026-04-22 | 2026-01-22 | 2025-09-03 | 2025-09-03 |
| Period end | 2026-07-21 | 2026-07-21 | 2026-07-21 | 2026-07-21 | 2026-07-21 | 2026-07-21 |
Technical Details
| Vault name | ETH Strategy Perpetual Note |
| Vault address | 0xb250c9e0f7be4cff13f94374c993ac445a1385fe |
| Chain | |
| Denomination | |
| Exchange rate used | 1 USDS = $0.999831 fetched |
| Share token | ESPN |
| Protocol | ETH Strategy |
| Homepage | View vault on protocol website |
| Current TVL | 3,880,653.629 USDS |
| Peak TVL | 4,276,143.196 USDS |
| Last share price | 111.259 USDS |
| Last updated | |
| Last updated block | 25,579,235 |
| Data refreshed at | |
| Data starts | 2025-09-03 00:00:00 UTC |
| Fee mode | Feeless |
| Fees internalised | Yes |
| Features | eth_strategy_like |
| Flags | --- |
| Deposit status | Open |
| Redemption status | Open |
| Deposit/redemption events | 337 |
Stay ahead with the best new vaults and essential DeFi updates.
Subscribe to Trading Strategy newsletter