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Core idea

  • Long collateral qC and short debt B in base asset A.
  • Neutral when Δ = qC − B ≈ 0 and dSB/dSA ≈ 1.

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Leverage

ℓ = F/(F − B) = 1/(1 − LTV)

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Concrete Example: BTC Strategy

To make this tangible, here is a sample allocation for a BTC-denominated vault targeting a net APY of ~10%:
  • 50% → stBTC Staking (BTX) – 8.4% APY
  • 20% → pBTC Deposits (Morpho) – 3.0% APY
  • 10% → LP on GMX – 8.7% APY
  • 20% → Looping via Dolomite – 25% APY
This is an illustrative example. The allocator engine dynamically adjusts these weights based on real-time market conditions, risk parameters, and your selected profile.

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Execution Sequence

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