DeltaUSD HyperLiquid USDN Funding Arb
View on Lagoon FinanceThe vault arbitrages between SMARDEX perps and Hyperliquid funding rates, targeting 15–20% yearly yield.
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- #117 overall
- #40 on
- #9 on
Share token price
1M return (ann)
▲ 10.0%
Total value locked
$541.3K
peak $581.8K
3M Sharpe
11.9
3M volatility
1.1%
Other metrics
Returns
| 1 month | 3 month | Lifetime | |
|---|---|---|---|
| Gross | 10.0% ann 0.8% abs | 12.5% ann 2.9% abs | 20.9% ann 10.5% abs |
| Net | 10.0% ann 0.8% abs | 12.5% ann 2.9% abs | 20.9% ann 10.5% abs |
Fees
| Management | Performance | Deposit | Withdraw | |
|---|---|---|---|---|
| Gross | 0.0% | 0.0% | 0.0% | 0.0% |
| Net | 0.0% | 0.0% | 0.0% | 0.0% |
About the vault
This vault aims to arbitrage between SMARDEX’s perpetuals and Hyperliquid’s funding rates. When SMARDEX’s rate is lower than Hyperliquid’s, we go long on SMARDEX’s perp and short on Hyperliquid. When the opposite occurs, we close the positions and mint USDN to maximize the capture of SMARDEX’s funding rates.
About Lagoon Finance
This vault is running on Lagoon Finance:
Open, general-purpose, secure vault infrastructure for on-chain yield products.
Performance metrics
| Metric | Week | Month | 3 months | 6 months | Year | Lifetime |
|---|---|---|---|---|---|---|
| Ranking overall | #205 | #117 | #79 | #69 | #84 | #91 |
| Ranking on Ethereum | #85 | #40 | #27 | #18 | #21 | #21 |
| Ranking on Lagoon Finance | #15 | #9 | #6 | #2 | #2 | #3 |
| CAGR (net) | --- | --- | --- | --- | --- | --- |
| CAGR (gross) | 5.5% | 10.0% | 12.5% | 20.9% | 20.9% | 20.9% |
| Returns (net) | --- | --- | --- | --- | --- | --- |
| Returns (gross) | 0.1% | 0.8% | 2.9% | 10.5% | 10.5% | 10.5% |
| Sharpe ratio | 7.22 | 10.87 | 11.89 | 6.53 | 6.53 | 6.53 |
| Max drawdown | 0.0% | 0.0% | 0.0% | -0.0% | -0.0% | -0.0% |
| Volatility | 0.7% | 0.9% | 1.1% | 2.1% | 2.1% | 2.1% |
| TVL low | $541.31K | $477.45K | $350.03K | $80.01K | $80.01K | $80.01K |
| TVL high | $577.60K | $577.60K | $577.60K | $581.79K | $581.79K | $581.79K |
| Share price start (USDT) | 1.10465 | 1.09716 | 1.07425 | 1.0010 | 1.0010 | 1.0010 |
| Share price end (USDT) | 1.10579 | 1.10579 | 1.10579 | 1.10579 | 1.10579 | 1.10579 |
| Period start | 2026-02-15 | 2026-01-23 | 2025-11-24 | 2025-08-26 | 2025-02-27 | 2025-08-14 |
| Period end | 2026-02-22 | 2026-02-22 | 2026-02-22 | 2026-02-22 | 2026-02-22 | 2026-02-22 |
Technical Details
| Vault name | DeltaUSD HyperLiquid USDN Funding Arb |
| Vault address | 0x01f461a0bbb218bc1943aa027c5bbc424391e541 |
| Chain | Ethereum (1) |
| Denomination | USDT (0xdAC17F958D2ee523a2206206994597C13D831ec7) |
| Share token | yieldUSDT (0x01f461a0bBb218Bc1943aa027c5bBC424391E541) |
| Protocol | Lagoon Finance |
| Homepage | View vault on protocol website |
| Current TVL | 541,309.91 USDT |
| Peak TVL | 581,791.909 USDT |
| Last share price | 1.106 USDT |
| Last updated | |
| Last updated block | 24,512,101 |
| Data starts | 2025-08-14 00:00:00 UTC |
| Fee mode | --- |
| Fees internalised | --- |
| Features | erc_7540_like, erc_7575_like, lagoon_like |
| Flags | --- |
| Deposit status | Open |
| Redemption status | Open |
| Deposit events | 186 |
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