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    ETH Strategy Perpetual Note

    View on ETH Strategy
    🏆

    Share token price

    1M return (ann)
    ▲ 16.6%
    Total value locked
    $3.9M
    peak $4.3M
    3M Sharpe
    8.0
    3M volatility
    2.6%

    Other metrics

    3M Sharpe
    8.0
    3M volatility
    2.6%
    Age
    0.5 years
    Deposit events
    221
    Protocol Technical Risk
    Low
    Lockup period
    Unknown
    Denomination
    USDS

    Returns

    1 month3 monthLifetime
    Gross
    16.6% ann
    1.3% abs
    19.6% ann
    4.6% abs
    17.1% ann
    7.7% abs
    Net
    16.6% ann
    1.3% abs
    19.6% ann
    4.6% abs
    17.1% ann
    7.7% 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

    This vault is running on ETH Strategy:

    DeFi treasury protocol offering leveraged ETH exposure without liquidation risk.

    View all ETH Strategy vaults

    Performance metrics

    MetricWeekMonth3 months6 monthsYearLifetime
    Ranking overall#39#64#55#82#96#104
    Ranking on Ethereum#4#15#13#24#27#27
    Ranking on ETH Strategy#1#1#1#1#1#1
    CAGR (net)37.1%16.6%19.6%17.1%17.1%17.1%
    CAGR (gross)37.1%16.6%19.6%17.1%17.1%17.1%
    Returns (net)0.6%1.3%4.6%7.7%7.7%7.7%
    Returns (gross)0.6%1.3%4.6%7.7%7.7%7.7%
    Sharpe ratio11.197.487.998.018.018.01
    Max drawdown0.0%0.0%0.0%0.0%0.0%0.0%
    Volatility2.8%2.2%2.6%2.5%2.5%2.5%
    TVL low$3.79M$3.79M$3.72M$1.00M$1.00M$1.00M
    TVL high$3.88M$3.88M$3.88M$4.28M$4.28M$4.28M
    Share price start (USDS)107.0704106.3684102.9661100.0000100.0000100.0000
    Share price end (USDS)107.7201107.7201107.7201107.7201107.7201107.7201
    Period start2026-02-152026-01-232025-11-242025-08-262025-02-272025-09-03
    Period end2026-02-222026-02-222026-02-222026-02-222026-02-222026-02-22

    Technical Details

    Vault nameETH Strategy Perpetual Note
    Vault address0xb250c9e0f7be4cff13f94374c993ac445a1385fe
    ChainEthereum (1)
    DenominationUSDS (0xdC035D45d973E3EC169d2276DDab16f1e407384F)
    Share tokenESPN (0xb250C9E0F7bE4cfF13F94374C993aC445A1385fE)
    ProtocolETH Strategy
    HomepageView vault on protocol website
    Current TVL3,881,310.608 USDS
    Peak TVL4,276,143.196 USDS
    Last share price107.72 USDS
    Last updated
    Last updated block24,512,101
    Data starts2025-09-03 00:00:00 UTC
    Fee modefeeless
    Fees internalisedYes
    Featureseth_strategy_like
    Flags---
    Deposit statusOpen
    Redemption statusOpen
    Deposit events221
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