ETH Strategy Perpetual Note
View on ETH Strategy🏆
- #79 overall
- #16 on
- #1 on
Share token price
1M return (ann)
▲ 17.1%
Total value locked
$3.9M
peak $4.3M
3M Sharpe
7.3
3M volatility
2.4%
Other metrics
3M Sharpe
7.3
3M volatility
2.4%
Age
0.5 years
0.0%
Protocol Technical Risk
Lockup period
Unknown
Denomination
Returns
| 1 month | 3 month | Lifetime | |
|---|---|---|---|
| Gross | 17.1% ann 1.3% abs | 17.7% ann 4.1% abs | 16.7% ann 8.5% abs |
| Net | 17.1% ann 1.3% abs | 17.7% ann 4.1% abs | 16.7% ann 8.5% abs |
Fees
| Management | Performance | Deposit | Withdraw | |
|---|---|---|---|---|
| Gross | 0.0% | 0.0% | 0.0% | 0.0% |
| Net | 0.0% | 0.0% | 0.0% | 0.0% |
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 | #105 | #79 | #73 | #88 | #105 | #109 |
| Ranking on Ethereum | #35 | #16 | #18 | #26 | #28 | #30 |
| Ranking on ETH Strategy | #1 | #1 | #1 | #1 | #1 | #1 |
| CAGR (net) | 11.5% | 17.1% | 17.7% | 17.6% | 16.7% | 16.7% |
| CAGR (gross) | 11.5% | 17.1% | 17.7% | 17.6% | 16.7% | 16.7% |
| Returns (net) | 0.2% | 1.3% | 4.1% | 8.5% | 8.5% | 8.5% |
| Returns (gross) | 0.2% | 1.3% | 4.1% | 8.5% | 8.5% | 8.5% |
| Sharpe ratio | 7.22 | 8.28 | 7.25 | 7.92 | 7.80 | 7.80 |
| Max drawdown | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Volatility | 1.5% | 1.9% | 2.4% | 2.4% | 2.4% | 2.4% |
| TVL low | $3.79M | $3.78M | $3.78M | $1.73M | $1.00M | $1.00M |
| TVL high | $3.90M | $3.90M | $3.90M | $4.28M | $4.28M | $4.28M |
| Share price start (USDS) | 108.2423 | 107.0704 | 104.2074 | 100.0000 | 100.0000 | 100.0000 |
| Share price end (USDS) | 108.4680 | 108.4680 | 108.4680 | 108.4680 | 108.4680 | 108.4680 |
| Period start | 2026-03-07 | 2026-02-12 | 2025-12-14 | 2025-09-15 | 2025-03-19 | 2025-09-03 |
| Period end | 2026-03-14 | 2026-03-14 | 2026-03-14 | 2026-03-14 | 2026-03-14 | 2026-03-14 |
Technical Details
| Vault name | ETH Strategy Perpetual Note |
| Vault address | 0xb250c9e0f7be4cff13f94374c993ac445a1385fe |
| Chain | Ethereum (1) |
| Denomination | USDS (0xdC035D45d973E3EC169d2276DDab16f1e407384F) |
| Share token | ESPN (0xb250C9E0F7bE4cfF13F94374C993aC445A1385fE) |
| Protocol | ETH Strategy |
| Homepage | View vault on protocol website |
| Current TVL | 3,895,510.814 USDS |
| Peak TVL | 4,276,143.196 USDS |
| Last share price | 108.468 USDS |
| Last updated | |
| Last updated block | 24,655,501 |
| 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 events | 250 |
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