Michaël van de Poppe@CryptoMichNL5D
bullishOn Friday, I'm starting a live experiment: $50,000 in a basis trade on @OndoPerps.
Every position, every funding payment, every mistake: all public.
In my previous posts on this matter, I've explained the concept: you'll buy the tokenized stock at ONDO, short the same amount via the perp, and collect funding while price direction becomes irrelevant.
With these posts, I'd like to showcase how easy it is to do this as a regular investor, as this strategy is very common within Wall Street and other big firms.
Here's the plan.
The Setup
I'm deploying $50,000 of capital on @OndoPerps over the coming weeks.
Every position is the same structure:
→ Long the tokenized stock (for example NVDAon), use this as collateral
→ Short the same size on the perpetual future
→ Net delta exposure to the markets: zero
If the stock moves up or down, it doesn't really matter as I'm genuinely only hunting the funding rate.
The Rules
1. I'm not taking directional bets. If I can't hedge it 1:1, I'm not willing to take it.
2. Only assets with enough liquidity (the biggest risk is a liquidity wick that takes out your position).
3. I rotate towards assets with the most consistent funding, so I don't have additional risks of slippages and other fees.
4. Leverage stays low, especially since I'm looking to just spot buy the tokenized stock, there's no reason to loop this.
The Risks
→ Funding can flip negative. When more traders are short than long, you pay instead of collect.
→ The spot token and the perp price can drift apart temporarily, especially around earnings or market open. This does happen during weekend times too, and that's also when funding rates go up or down heavily.
→ Fees and spreads eat into returns. A 10% gross yield isn't a 10% net yield.
→ Platform and smart contract risk. You're trading on-chain, so that comes with the territory. I don't think there's any risk with ONDO, but still, it needs to be mentioned.
What I'll show you
Regular updates with:
→ Which positions I'm in and why I've decided to take those.
→ The funding I've collected and the annualized returns.
→ The fees I've paid.
→ The net annualized return in percentage and actual dollars.
I'm really looking forward to this, as one of my primary goals isn't to be directionally long on #Crypto for an extensive period of time.
Much rather, I'd want to be looking into consistent returns after this cycle and this is the first step towards that level.
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