ETH Strategy Perpetual Note
View on ETH Strategy Update info- This vault may have especially long duration redemption periods. Make sure you check the redemptions before depositing.
- #952 overall
- #497 on
- #1 on
Share token price
Other metrics
Performance and fees
| 1M | 3M | 6M | 1Y | Lifetime | ||
|---|---|---|---|---|---|---|
| Gross Gross | 2.7% | 2.7% | 6.2% | 11.7% | 11.3% | |
| 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 | 2.7% | 2.7% | 6.2% | 11.7% | 11.3% |
Internalised fees are reflected in the share price. One-time deposit and withdrawal fees may still affect net returns.
Running on ETH Strategy protocol
This vault is running on ETH Strategy:
DeFi treasury protocol offering leveraged ETH exposure without liquidation risk.
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.
Third-party comment:
They do not have a redemption queue in place (yet), that's one of the things on the roadmap they're promising since months and nothing is happening.
I have read the docs and I know that they're using options on Derive, but in the last few months at least a part of those must have been expired, and they propably rolled them over to new ones without satisfying redemptions. If that isn't scammy behaviour, then I don't know...
Returns and period details
| Metric | Week | Month | 3 months | 6 months | Year | Lifetime |
|---|---|---|---|---|---|---|
| Ranking overall | --- | #952 | #937 | #425 | #140 | #210 |
| Ranking on Ethereum | --- | #497 | #504 | #188 | #50 | #59 |
| Ranking on ETH Strategy | --- | #1 | #1 | #1 | #1 | #1 |
| CAGR (net) | 0.0% | 2.7% | 2.7% | 6.2% | 11.7% | 11.3% |
| CAGR (gross) | 0.0% | 2.7% | 2.7% | 6.2% | 11.7% | 11.3% |
| Returns (net) | 0.0% | 0.2% | 0.7% | 3.0% | 11.7% | 11.7% |
| Returns (gross) | 0.0% | 0.2% | 0.7% | 3.0% | 11.7% | 11.7% |
| Sharpe ratio | 0.00 | 5.72 | 6.98 | 6.53 | 5.61 | 5.50 |
| Max drawdown | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Technical Details
| Vault name | ETH Strategy Perpetual Note |
| Vault address | 0xb250c9e0f7be4cff13f94374c993ac445a1385fe |
| Chain | |
| Denomination | |
| Exchange rate used | 1 USDS = $0.999515 fetched |
| Share token | ESPN |
| Protocol | ETH Strategy |
| Homepage | View vault on protocol website |
| Current TVL | 3,878,657.271 USDS |
| Peak TVL | 4,276,143.196 USDS |
| Last share price | 111.713 USDS |
| Last updated | |
| Last updated block | 25,994,564 |
| Data refreshed at | |
| Data starts | 2025-09-03 00:00:00 UTC |
| Fee mode | Feeless |
| Fees internalised | Yes |
| Features | eth_strategy_like |
| Strategy tags | --- |
| Flags | long_duration |
| Whitelist status | Unknown |
| Deposit status | Open |
| Redemption status | Open |
| Deposit/redemption events | 360 |
Stay ahead with the best new vaults and essential DeFi updates.
Subscribe to Trading Strategy newsletter