// The record
The strategy earned. The trading lost.
Every vault we run, live from Ethereum mainnet. $2,861 of our own capital. The positions produced +$32.87 of operating profit and execution cost −$217.85. Both numbers come out of the same engine, and it is the second one that is the point.
No outside money. Deposits are closed on every vault below and there is no fee. This is a record of what our own book did, not an offer or an invitation.
All vaults, summed
| Carry earned | +$81.48 |
| Collateral mark | −$28.44 |
| Borrow paid | −$20.16 |
| Operating profit | +$32.87 |
| Execution cost | −$217.85 |
| Net | −$184.98 |
Drivers sum to the change in NAV; the gap is a failable residual and it is zero on every book. Carry is the collateral’s scheduled accretion, mark its deviation from that schedule, execution what it cost to get in and out.
BlockHelix V1
BH1 · USDC · 37 days$55.64
NAV
1.004000
Share price · live
-27.35%
Forward carry
+$1.92
Net since launch
The official accountant rate reads 1.004298 and is pushed on a delay, so it lags the live figure by 3bps right now. Deposits and redemptions transact at the official one.
Driver breakdown computed 1.8h ago.
| Carry | Mark | Borrow | Operating | Execution | Net |
|---|---|---|---|---|---|
| +$4.04 | +$0.74 | −$1.28 | +$3.50 | −$1.58 | +$1.92 |
| Book | Lev | LTV | Buffer | Oracle | Headroom | |
|---|---|---|---|---|---|---|
| PT-apyUSD/apxUSD | 3.86x | 74.09% | 17.41pp | linear-discount | -9.35pp | reversing |
Oolong USDC
oUSDC · USDC · 31 days$1,488.90
NAV
0.999968
Share price · live
9.29%
Forward carry
−$31.32
Net since launch
The official accountant rate reads 1.011846 and is pushed on a delay, so it lags the live figure by 119bps right now. Deposits and redemptions transact at the official one.
Driver breakdown computed 1.8h ago.
| Carry | Mark | Borrow | Operating | Execution | Net |
|---|---|---|---|---|---|
| +$69.45 | −$30.14 | −$15.02 | +$24.29 | −$55.61 | −$31.32 |
| Book | Lev | LTV | Buffer | Oracle | Headroom | |
|---|---|---|---|---|---|---|
| PT-USD3/USDC | 5.14x | 80.55% | 5.45pp | linear-discount | 24.36pp | ok |
| PT-apyUSD/apxUSD | 2.50x | 59.97% | 31.53pp | linear-discount | -9.35pp | reversing |
Not modelled: apyUSD-unlock#981 (market apyUSD-unlock#981 is not in the venue registry). These are named rather than scored at zero.
Oolong WBTC
oWBTC · WBTC · 3 days$1,316.18
NAV
0.902393
Share price · live
6.91%
Forward carry
−$155.59
Net since launch
The official accountant rate reads 0.931807 and is pushed on a delay, so it lags the live figure by 326bps right now. Deposits and redemptions transact at the official one.
Driver breakdown computed 1.8h ago.
| Carry | Mark | Borrow | Operating | Execution | Net |
|---|---|---|---|---|---|
| +$7.99 | +$0.96 | −$3.87 | +$5.08 | −$160.67 | −$155.59 |
| Book | Lev | LTV | Buffer | Oracle | Headroom | |
|---|---|---|---|---|---|---|
| PT-USD3/USDC | 2.33x | 57.16% | 28.84pp | linear-discount | 24.36pp | ok |
| WBTC/USDT | 2.06x | 51.36% | 34.64pp | market | — | — |
Not modelled: WBTC/USDT (collateral 0x2260FAC5E5542a773Aa44fBCfeDf7C193bc2C599 has no modelled yield). These are named rather than scored at zero.
How to read the risk table
Most of these books price collateral with a linear-discount oracle, which walks toward par and cannot fall. On those, a fall to liquidation is not the risk: the buffer only widens while the oracle outruns the debt, and that race turns at a borrow rate specific to each market. Headroom is the distance to that rate. It is why a book with a 5pp buffer can be fine while one with a 31pp buffer carries the warning.
Figures refresh every five minutes from mainnet. Anything we cannot measure is named rather than scored, because a zero in an unmeasured row reads as healthy.
Read 2026-09-10 13:03 UTC · blockhelix