ETH Strategy Perpetual Note
View on ETH Strategy🏆
- #129 overall
- #58 on
- #1 on
Share token price
1M return (ann)
â–˛ 10.1%
Total value locked
$3.9M
peak $4.3M
3M Sharpe
8.7
3M volatility
1.4%
Utilisation
Other metrics
3M Sharpe
8.7
3M volatility
1.4%
Age
0.8 years
0.0%
Protocol Technical Risk
Lockup period
Unknown
Denomination
Returns
| 1 month | 3 month | Lifetime | |
|---|---|---|---|
| Gross | 10.1% ann 0.8% abs | 10.2% ann 2.4% abs | 14.7% ann 10.9% abs |
| Net | 10.1% ann 0.8% abs | 10.2% ann 2.4% abs | 14.7% ann 10.9% 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 | #216 | #129 | #114 | #77 | #105 | #110 |
| Ranking on Ethereum | #115 | #58 | #45 | #27 | #29 | #28 |
| Ranking on ETH Strategy | #1 | #1 | #1 | #1 | #1 | #1 |
| CAGR (net) | 6.7% | 10.1% | 10.2% | 14.2% | 14.7% | 14.7% |
| CAGR (gross) | 6.7% | 10.1% | 10.2% | 14.2% | 14.7% | 14.7% |
| Returns (net) | 0.1% | 0.8% | 2.4% | 6.8% | 10.9% | 10.9% |
| Returns (gross) | 0.1% | 0.8% | 2.4% | 6.8% | 10.9% | 10.9% |
| Sharpe ratio | 7.22 | 9.49 | 8.72 | 7.51 | 7.56 | 7.56 |
| Max drawdown | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Volatility | 0.9% | 1.3% | 1.4% | 2.0% | 2.7% | 2.7% |
| TVL low | $3.88M | $3.88M | $3.79M | $3.75M | $1.00M | $1.00M |
| TVL high | $3.89M | $3.90M | $4.00M | $4.00M | $4.28M | $4.28M |
| Share price start (USDS) | 110.7394 | 110.0032 | 108.2423 | 103.8310 | 100.0000 | 100.0000 |
| Share price end (USDS) | 110.8762 | 110.8762 | 110.8762 | 110.8762 | 110.8762 | 110.8762 |
| Period data availability | 8 days | 31 days | 91 days | 181 days | 276 days | 276 days |
| Period start | 2026-05-29 | 2026-05-06 | 2026-03-07 | 2025-12-07 | 2025-09-03 | 2025-09-03 |
| Period end | 2026-06-05 | 2026-06-05 | 2026-06-05 | 2026-06-05 | 2026-06-05 | 2026-06-05 |
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 | 3,878,665.127 USDS |
| Peak TVL | 4,276,143.196 USDS |
| Last share price | 110.876 USDS |
| Last updated | |
| Last updated block | 25,252,201 |
| 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 | 302 |
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