ETH Strategy Perpetual Note
View on ETH Strategy🏆
- #166 overall
- #82 on
- #1 on
Share token price
1M return (ann)
â–˛ 8.5%
Total value locked
$3.9M
peak $4.3M
3M Sharpe
8.8
3M volatility
1.4%
Utilisation
Other metrics
3M Sharpe
8.8
3M volatility
1.4%
Age
0.7 years
0.0%
Protocol Technical Risk
Lockup period
Unknown
Denomination
Returns
| 1 month | 3 month | Lifetime | |
|---|---|---|---|
| Gross | 8.5% ann 0.7% abs | 10.7% ann 2.5% abs | 14.6% ann 10.7% abs |
| Net | 8.5% ann 0.7% abs | 10.7% ann 2.5% abs | 14.6% ann 10.7% abs |
Fees
| ManageÂment | PerformÂance | 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 | #127 | #166 | #115 | #79 | #105 | #109 |
| Ranking on Ethereum | #50 | #82 | #40 | #28 | #29 | #29 |
| Ranking on ETH Strategy | #1 | #1 | #1 | #1 | #1 | #1 |
| CAGR (net) | 9.8% | 8.5% | 10.7% | 14.5% | 14.6% | 14.6% |
| CAGR (gross) | 9.8% | 8.5% | 10.7% | 14.5% | 14.6% | 14.6% |
| Returns (net) | 0.2% | 0.7% | 2.5% | 7.1% | 10.7% | 10.7% |
| Returns (gross) | 0.2% | 0.7% | 2.5% | 7.1% | 10.7% | 10.7% |
| Sharpe ratio | 7.22 | 8.34 | 8.77 | 7.58 | 7.51 | 7.51 |
| Max drawdown | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Volatility | 1.3% | 1.2% | 1.4% | 2.1% | 2.7% | 2.7% |
| TVL low | $3.88M | $3.88M | $3.79M | $3.73M | $1.00M | $1.00M |
| TVL high | $3.89M | $3.90M | $4.00M | $4.00M | $4.28M | $4.28M |
| Share price start (USDS) | 110.5406 | 110.0032 | 108.0083 | 103.4325 | 100.0000 | 100.0000 |
| Share price end (USDS) | 110.7394 | 110.7394 | 110.7394 | 110.7394 | 110.7394 | 110.7394 |
| Period data availability | 8 days | 31 days | 91 days | 185 days | 274 days | 274 days |
| Period start | 2026-05-27 | 2026-05-04 | 2026-03-05 | 2025-12-05 | 2025-09-03 | 2025-09-03 |
| Period end | 2026-06-03 | 2026-06-03 | 2026-06-03 | 2026-06-03 | 2026-06-03 | 2026-06-03 |
Technical Details
| Vault name | ETH Strategy Perpetual Note |
| Vault address | 0xb250c9e0f7be4cff13f94374c993ac445a1385fe |
| Chain | |
| Denomination | |
| Share token | ESPN |
| Protocol | ETH Strategy |
| Homepage | View vault on protocol website |
| Current TVL | 3,891,620.033 USDS |
| Peak TVL | 4,276,143.196 USDS |
| Last share price | 110.739 USDS |
| Last updated | |
| Last updated block | 25,234,201 |
| 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 | 296 |
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