ETH Strategy Perpetual Note
View on ETH Strategy Update info🏆
- #658 overall
- #387 on
- #1 on
Share token price
3M return (ann)
▲ 5.3%
Total value locked
$3.9M
peak $4.3M
3M Sharpe
7.3
3M volatility
0.8%
Other metrics
3M Sharpe
7.3
3M volatility
0.8%
Age
0.9 years
0.0%
Protocol Technical Risk
Lockup period
Unknown
Denomination
Returns and fees
| 1M | 3M | 6M | 1Y | Lifetime | ||
|---|---|---|---|---|---|---|
| Gross Gross | 3.1% | 5.3% | 8.4% | 12.4% | 12.4% | |
| Performance fee Performance | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Management fee Management | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Deposit fee Deposit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Withdrawal fee Withdrawal | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Net Net | 3.1% | 5.3% | 8.4% | 12.4% | 12.4% |
Internalised fees are reflected in the share price. One-time deposit and withdrawal fees may still affect net returns.
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.
Running on ETH Strategy protocol
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 | #684 | #658 | #347 | #165 | #96 | #111 |
| Ranking on Ethereum | #403 | #387 | #186 | #78 | #31 | #32 |
| Ranking on ETH Strategy | #1 | #1 | #1 | #1 | #1 | #1 |
| CAGR (net) | 2.6% | 3.1% | 5.3% | 8.4% | 12.4% | 12.4% |
| CAGR (gross) | 2.6% | 3.1% | 5.3% | 8.4% | 12.4% | 12.4% |
| Returns (net) | 0.0% | 0.3% | 1.3% | 4.1% | 11.4% | 11.4% |
| Returns (gross) | 0.0% | 0.3% | 1.3% | 4.1% | 11.4% | 11.4% |
| Sharpe ratio | 7.22 | 8.37 | 7.28 | 7.22 | 6.76 | 6.76 |
| Max drawdown | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Volatility | 0.4% | 0.4% | 0.8% | 1.3% | 2.3% | 2.3% |
| TVL low | $3.88M | $3.88M | $3.88M | $3.78M | $1.00M | $1.00M |
| TVL high | $3.88M | $3.88M | $3.90M | $4.00M | $4.28M | $4.28M |
| Share price start (USDS) | 111.3636 | 111.1371 | 110.0032 | 107.0704 | 100.0000 | 100.0000 |
| Share price end (USDS) | 111.4181 | 111.4181 | 111.4181 | 111.4181 | 111.4181 | 111.4181 |
| Period data availability | 8 days | 31 days | 91 days | 181 days | 339 days | 339 days |
| Period start | 2026-07-31 | 2026-07-08 | 2026-05-09 | 2026-02-08 | 2025-09-03 | 2025-09-03 |
| Period end | 2026-08-07 | 2026-08-07 | 2026-08-07 | 2026-08-07 | 2026-08-07 | 2026-08-07 |
Technical Details
| Vault name | ETH Strategy Perpetual Note |
| Vault address | 0xb250c9e0f7be4cff13f94374c993ac445a1385fe |
| Chain | |
| Denomination | |
| Exchange rate used | 1 USDS = $0.999893 fetched |
| Share token | ESPN |
| Protocol | ETH Strategy |
| Homepage | View vault on protocol website |
| Current TVL | 3,878,654.838 USDS |
| Peak TVL | 4,276,143.196 USDS |
| Last share price | 111.418 USDS |
| Last updated | |
| Last updated block | 25,704,764 |
| Data refreshed at | |
| Data starts | 2025-09-03 00:00:00 UTC |
| Fee mode | Feeless |
| Fees internalised | Yes |
| Features | eth_strategy_like |
| Flags | --- |
| Whitelist status | Unknown |
| Deposit status | Open |
| Redemption status | Open |
| Deposit/redemption events | 344 |
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