Neutral by construction
Every long is matched by a short of the same notional. Net delta is held at zero, not managed by hand.
Kestrel routes deposits across spot and perpetual venues, keeps the book market-neutral, and pays out from funding rates — not from price direction.
Spot is bought, the same notional is shorted on perps. Price moves cancel out. What's left is the funding rate — and that is what the vault earns.
Every long is matched by a short of the same notional. Net delta is held at zero, not managed by hand.
Income comes from funding paid by leveraged traders. It accrues hourly and does not depend on a rally.
Vault shares sit in your wallet. Withdrawals are not gated by a request queue or an approval desk.
USDC goes into the vault contract on Base. You receive shares at the current NAV.
The router opens spot and the offsetting perp short within the same block.
Funding lands every hour. NAV rises; shares are redeemable at any time.
100,000,000 KES. Team and investor allocations vest linearly; community incentives are streamed over 36 months.
Figures on this page are illustrative. This is a design concept, not a real token offering.
Four phases, each with a shipping condition rather than a date.
The long side loses and the short side gains by the same amount, so the vault NAV barely moves. The risk that matters is funding flipping negative — see the next answer.
The vault receives funding only when it is positive. When the rate flips, the position is unwound and capital sits in USDC instead of paying to hold the hedge.
NAV per share is total assets under management divided by shares outstanding, updated on-chain every hour after funding settles.
No. Redemptions are processed in the same block, subject to the venue's withdrawal limits on the underlying exchange.
No minimum, no lock-up, no approval queue. Connect a wallet on Base and open a position.