Search exchanges, tokens
trading pairs and lending reserves.
Advanced search
Color Mode
    •

    ETH Strategy Perpetual Note

    View on ETH Strategy
    🏆

    Share token price

    1M return (ann)
    ▲ 17.4%
    Total value locked
    $3.8M
    peak $4.3M
    3M Sharpe
    7.8
    3M volatility
    2.6%

    Other metrics

    3M Sharpe
    7.8
    3M volatility
    2.6%
    Age
    0.4 years
    Deposit events
    717
    Protocol Technical Risk
    Low
    Lockup period
    Unknown
    Denomination
    USDS

    Returns

    1 month3 monthLifetime
    Gross
    17.4% ann
    1.3% abs
    17.5% ann
    4.1% abs
    16.8% ann
    7.1% abs
    Net
    17.4% ann
    1.3% abs
    17.5% ann
    4.1% abs
    16.8% ann
    7.1% abs

    Fees

    Manage­mentPerform­anceDepositWithdraw
    Gross 0.0%0.0%0.0%0.0%
    Net 0.0%0.0%0.0%0.0%

    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.

    Discussion about the ESPN vault.

    About ETH Strategy

    DeFi treasury protocol offering leveraged ETH exposure without liquidation risk.

    View all ETH Strategy vaults

    Performance metrics

    MetricWeekMonth3 months6 monthsYearLifetime
    Ranking overall#25#20#28#41#45#47
    Ranking on Ethereum#15#16#19#31#33#32
    Ranking on ETH Strategy#1#1#1#1#1#1
    CAGR (net)17.0%17.4%17.5%16.8%16.8%16.8%
    CAGR (gross)17.0%17.4%17.5%16.8%16.8%16.8%
    Returns (net)0.3%1.3%4.1%7.1%7.1%7.1%
    Returns (gross)0.3%1.3%4.1%7.1%7.1%7.1%
    Sharpe ratio7.225.967.817.997.997.99
    Max drawdown0.0%0.0%0.0%0.0%0.0%0.0%
    Volatility2.2%2.8%2.6%2.6%2.6%2.6%
    TVL low$3.82M$3.81M$3.30M$1.00M$1.00M$1.00M
    TVL high$3.83M$3.84M$4.28M$4.28M$4.28M$4.28M
    Share price start (USDS)106.7493105.6697102.8135100.0000100.0000100.0000
    Share price end (USDS)107.0704107.0704107.0704107.0704107.0704107.0704
    Period start2026-02-042026-01-122025-11-132025-08-152025-02-162025-09-03
    Period end2026-02-112026-02-112026-02-112026-02-112026-02-112026-02-11

    Technical Details

    Vault nameETH Strategy Perpetual Note
    Vault address0xb250c9e0f7be4cff13f94374c993ac445a1385fe
    ChainEthereum (1)
    DenominationUSDS (0xdC035D45d973E3EC169d2276DDab16f1e407384F)
    Share tokenESPN (0xb250C9E0F7bE4cfF13F94374C993aC445A1385fE)
    ProtocolETH Strategy
    HomepageView vault on protocol website
    Current TVL3,827,370.31 USDS
    Peak TVL4,276,143.196 USDS
    Last share price107.07 USDS
    Last updated
    Last updated block24,431,267
    Data starts2025-09-03 00:00:00 UTC
    Fee modefeeless
    Fees internalisedYes
    Featureseth_strategy_like
    Flags---
    Deposit statusOpen
    Redemption statusOpen
    Deposit events717
    • Coming soon Automated vault of vaults multistrategy. Subscribe to the newsletter to be first to know.